BlackRock Inc. Acquires Shares of 5,201,944 CVR Energy Inc. $CVI

Key Points

• BlackRock acquired 5.2 million shares of CVR Energy in the second quarter, valued at approximately $143.3 million and representing a 5.17% stake. Institutional investors collectively own 98.88% of the company.
• CVR Energy exceeded quarterly expectations, reporting earnings of $0.34 per share versus the $0.26 consensus estimate and revenue of $2.74 billion, up 55.5% year over year.
• Despite the earnings beat, analysts remain cautious: CVR Energy has a consensus rating of “Strong Sell” and an average price target of $30.50, below its reported market price of $41.77.

BlackRock Inc. bought a new stake in CVR Energy Inc. (NYSE:CVI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,201,944 shares of the oil and gas company's stock, valued at approximately $143,262,000. BlackRock Inc. owned 5.17% of CVR Energy as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVI. EverSource Wealth Advisors LLC raised its holdings in CVR Energy by 44.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,102 shares of the oil and gas company's stock worth $37,000 after purchasing an additional 339 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of CVR Energy by 51.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,142 shares of the oil and gas company's stock valued at $38,000 after purchasing an additional 388 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of CVR Energy in the 4th quarter valued at about $40,000. Horizon Investments LLC acquired a new stake in shares of CVR Energy during the 4th quarter worth approximately $47,000. Finally, Quarry LP acquired a new stake in shares of CVR Energy during the 3rd quarter worth approximately $50,000. Institutional investors own 98.88% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of CVR Energy in a report on Wednesday, August 12th. UBS Group reaffirmed a "neutral" rating and set a $35.00 target price on shares of CVR Energy in a report on Monday, June 29th. Zacks Research upgraded shares of CVR Energy from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. Mizuho increased their price target on CVR Energy from $28.00 to $29.00 and gave the company an "underperform" rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded CVR Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Three research analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Strong Sell" and a consensus price target of $30.50.

CVR Energy Price Performance

NYSE CVI opened at $41.77 on Friday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 0.92 and a current ratio of 1.42. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of 61.43 and a beta of 0.83. The business has a 50 day simple moving average of $33.19 and a 200 day simple moving average of $31.21. CVR Energy Inc. has a 52-week low of $19.62 and a 52-week high of $42.20.

CVR Energy (NYSE:CVI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.08. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.22 billion. CVR Energy had a net margin of 0.81% and a negative return on equity of 15.21%. The firm's revenue was up 55.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. Analysts anticipate that CVR Energy Inc. will post 0.79 earnings per share for the current fiscal year.

CVR Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 10th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, August 10th. CVR Energy's dividend payout ratio is 58.82%.

CVR Energy Profile

CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S.

In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source