CVR Energy Inc. $CVI Stock Holdings Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its CVR Energy stake by 19.4% in the second quarter to 671,728 shares valued at approximately $18.5 million. Institutional investors collectively own 98.88% of the company, with several other firms initiating new positions.
• Analyst sentiment remains cautious: CVR Energy has an average rating of “Reduce”, with four Hold and four Sell ratings and an average price target of $30.50.
• CVR Energy exceeded quarterly earnings expectations, reporting $0.34 per share versus a $0.26 consensus estimate, while revenue rose 55.5% year over year to $2.74 billion. The company also paid a quarterly dividend of $0.10 per share, representing a 0.8% annualized yield.

Bank of America Corp DE increased its stake in CVR Energy Inc. (NYSE:CVI - Free Report) by 19.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 671,728 shares of the oil and gas company's stock after acquiring an additional 109,338 shares during the quarter. Bank of America Corp DE owned approximately 0.67% of CVR Energy worth $18,499,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legal & General Group Plc purchased a new position in CVR Energy in the 2nd quarter valued at about $1,878,000. PDT Partners LLC acquired a new position in shares of CVR Energy during the second quarter valued at approximately $14,502,000. NFJ Investment Group LLC purchased a new position in shares of CVR Energy in the second quarter valued at approximately $2,198,000. BlackRock Inc. acquired a new stake in shares of CVR Energy in the second quarter worth approximately $143,262,000. Finally, Deutsche Bank AG purchased a new stake in shares of CVR Energy during the second quarter worth approximately $1,074,000. 98.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CVI. Wall Street Zen upgraded CVR Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of CVR Energy from a "sell (d-)" rating to a "hold (c)" rating in a research report on Tuesday. UBS Group reiterated a "neutral" rating and issued a $35.00 price objective on shares of CVR Energy in a report on Monday, June 29th. Mizuho upped their price target on CVR Energy from $28.00 to $29.00 and gave the company an "underperform" rating in a research report on Tuesday, August 4th. Finally, Tudor Pickering downgraded CVR Energy from a "hold" rating to a "sell" rating in a research report on Thursday, June 4th. Four research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $30.50.

CVR Energy Stock Down 0.9%

Shares of NYSE CVI opened at $51.32 on Friday. The company has a market capitalization of $5.16 billion, a P/E ratio of 75.48 and a beta of 0.85. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.42 and a quick ratio of 0.92. The company has a 50 day simple moving average of $40.43 and a 200-day simple moving average of $34.60. CVR Energy Inc. has a 1 year low of $19.62 and a 1 year high of $55.19.

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 for the quarter, topping the consensus estimate 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 company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the prior year, the business posted ($0.23) earnings per share. The firm's revenue for the quarter was up 55.5% compared to the same quarter last year. On average, equities research analysts predict that CVR Energy Inc. will post 1.56 earnings per share for the current year.

CVR Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 10th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date was Monday, August 10th. CVR Energy's payout ratio is 58.82%.

CVR Energy Company Profile

CVR Energy, Inc NYSE: CVI is a diversified energy company that operates through its petroleum refining and nitrogen fertilizer businesses. The company's operations are primarily located in the Mid-Continent region of the United States.

Through its petroleum segment, CVR Energy owns and operates refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma. These facilities process crude oil into transportation fuels and other refined products, including gasoline, diesel fuel, jet fuel, and asphalt.

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