CVR Energy Inc. $CVI Stake Boosted by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its CVR Energy stake by 20.7% in the third quarter, bringing its holdings to 110,723 shares valued at approximately $5.65 million.
• CVR Energy reported quarterly EPS of $0.34, exceeding the $0.26 analyst consensus, while revenue rose 55.5% year over year to $2.74 billion.
• Despite the stock trading near its 52-week high at $57.34, analysts remain cautious, with a consensus “Reduce” rating and an average price target of $35.00. The company pays a quarterly dividend of $0.10 per share.

Congress Asset Management Co. raised its position in shares of CVR Energy Inc. (NYSE:CVI - Free Report) by 20.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 110,723 shares of the oil and gas company's stock after acquiring an additional 18,966 shares during the quarter. Congress Asset Management Co. owned approximately 0.11% of CVR Energy worth $5,646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in CVR Energy in the second quarter worth $143,262,000. State Street Corp lifted its position in CVR Energy by 11.0% during the 2nd quarter. State Street Corp now owns 2,153,498 shares of the oil and gas company's stock valued at $59,315,000 after acquiring an additional 213,829 shares during the period. Dimensional Fund Advisors LP boosted its stake in CVR Energy by 16.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,908,062 shares of the oil and gas company's stock worth $64,220,000 after acquiring an additional 265,013 shares in the last quarter. Bank of America Corp DE boosted its stake in CVR Energy by 19.4% during the second quarter. Bank of America Corp DE now owns 671,728 shares of the oil and gas company's stock worth $18,499,000 after acquiring an additional 109,338 shares in the last quarter. Finally, PDT Partners LLC purchased a new stake in CVR Energy in the second quarter worth about $14,502,000. Hedge funds and other institutional investors own 98.88% of the company's stock.

CVR Energy Stock Down 0.1%

Shares of NYSE CVI opened at $57.34 on Thursday. 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 firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 84.32 and a beta of 0.90. The stock has a 50 day moving average price of $43.92 and a 200 day moving average price of $36.18. CVR Energy Inc. has a 52-week low of $19.62 and a 52-week high of $58.92.

CVR Energy (NYSE:CVI - Get Free Report) last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.08. CVR Energy had a negative return on equity of 15.21% and a net margin of 0.81%.The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the company posted ($0.23) EPS. CVR Energy's revenue was up 55.5% on a year-over-year basis. Sell-side analysts expect that CVR Energy Inc. will post 1.56 earnings per share for the current year.

CVR Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 10th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.7%. CVR Energy's dividend payout ratio (DPR) is currently 58.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVI. UBS Group upped their price target on CVR Energy from $35.00 to $53.00 and gave the company a "neutral" rating in a report on Friday, October 2nd. Zacks Research raised CVR Energy from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of CVR Energy from a "sell (d-)" rating to a "hold (c)" rating in a research note on Tuesday, September 22nd. Mizuho upped their price target on CVR Energy from $28.00 to $29.00 and gave the stock 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. Four research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $35.00.

About CVR Energy

CVR Energy, Inc is a diversified energy company engaged primarily in petroleum refining and nitrogen fertilizer production. Headquartered in Sugar Land, Texas, the company operates through subsidiaries that serve customers in the United States, with activities concentrated in the Midcontinent region.

Through its refining operations, CVR Energy processes crude oil into transportation fuels and other refined products, including gasoline, diesel fuel, jet fuel and asphalt. Its refineries are located in Coffeyville, Kansas, and Wynnewood, Oklahoma, and are supported by related logistics, storage and transportation assets.

CVR Energy also owns and operates nitrogen fertilizer facilities through CVR Partners, LP.

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