Legal & General Group Plc Purchases Shares of 68,208 CVR Energy Inc. $CVI

Key Points

• Legal & General Group Plc acquired 68,208 CVR Energy shares worth approximately $1.88 million, joining other institutional investors that collectively own 98.88% of the company.
• CVR Energy reported quarterly EPS of $0.34, beating estimates of $0.26, while revenue rose 55.5% year over year to $2.74 billion.
• The stock traded near its 52-week high at $44.54, despite analysts’ average rating of “Strong Sell” and an average price target of $30.50; the company also maintains a $0.10 quarterly dividend.

Legal & General Group Plc acquired a new position 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 acquired 68,208 shares of the oil and gas company's stock, valued at approximately $1,878,000. Legal & General Group Plc owned approximately 0.07% of CVR Energy at the end of the most recent quarter.

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

CVR Energy Trading Up 0.1%

CVI opened at $44.54 on Monday. CVR Energy Inc. has a fifty-two week low of $19.62 and a fifty-two week high of $44.65. The firm has a market capitalization of $4.48 billion, a PE ratio of 65.50 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's 50-day moving average is $34.79 and its 200 day moving average is $31.95.

CVR Energy (NYSE:CVI - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.08. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.22 billion. CVR Energy had a negative return on equity of 15.21% and a net margin of 0.81%.The company's quarterly revenue was up 55.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.23) EPS. As a group, research analysts predict that CVR Energy Inc. will post 0.79 earnings per share for the current fiscal year.

CVR Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 10th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. CVR Energy's payout ratio is presently 58.82%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CVI shares. Wall Street Zen upgraded shares of CVR Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. UBS Group restated a "neutral" rating and issued a $35.00 price target on shares of CVR Energy in a report on Monday, June 29th. Mizuho upped their price objective on shares of CVR Energy from $28.00 to $29.00 and gave the company an "underperform" rating in a report on Tuesday, August 4th. Zacks Research raised CVR Energy from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Tudor Pickering downgraded CVR Energy from a "hold" rating to a "sell" rating in a report on Thursday, June 4th. Three analysts have rated the stock with a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Strong Sell" and an average price target of $30.50.

About CVR Energy

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.

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