PDT Partners LLC Makes New $14.50 Million Investment in CVR Energy Inc. $CVI

Key Points

• PDT Partners acquired 526,592 shares of CVR Energy in the second quarter, worth approximately $14.5 million and representing 0.52% of the company. Institutional investors collectively own 98.88% of CVI.
• CVR Energy reported quarterly EPS of $0.34, beating estimates by $0.08, while revenue rose 55.5% year over year to $2.74 billion. The company also declared a quarterly dividend of $0.10 per share, equivalent to a 1.1% annual yield.
• Despite CVI trading at $38.03, above analysts’ average price target of $30.50, the stock carries a consensus “Strong Sell” rating, with three Hold and five Sell recommendations.

PDT Partners LLC purchased a new stake in CVR Energy Inc. (NYSE:CVI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 526,592 shares of the oil and gas company's stock, valued at approximately $14,502,000. CVR Energy makes up about 0.8% of PDT Partners LLC's investment portfolio, making the stock its 24th largest holding. PDT Partners LLC owned 0.52% of CVR Energy as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of CVR Energy during the 2nd quarter worth about $143,262,000. Vanguard Group Inc. increased its position in CVR Energy by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 3,705,809 shares of the oil and gas company's stock valued at $94,276,000 after buying an additional 106,906 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in CVR Energy by 16.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,908,062 shares of the oil and gas company's stock worth $64,220,000 after buying an additional 265,013 shares during the period. State Street Corp raised its stake in CVR Energy by 2.6% during the 4th quarter. State Street Corp now owns 1,779,701 shares of the oil and gas company's stock worth $45,276,000 after buying an additional 45,603 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in CVR Energy by 33.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,364,250 shares of the oil and gas company's stock worth $49,768,000 after acquiring an additional 345,758 shares in the last quarter. Institutional investors and hedge funds own 98.88% of the company's stock.

CVR Energy Stock Performance

Shares of CVI opened at $38.03 on Wednesday. CVR Energy Inc. has a 12 month low of $19.62 and a 12 month high of $41.67. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of 55.93 and a beta of 0.83. The stock has a 50 day moving average of $32.41 and a 200 day moving average of $30.92. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 2.38.

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

CVR Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 10th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Monday, August 10th. CVR Energy's payout ratio is presently 58.82%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. UBS Group reissued a "neutral" rating and issued a $35.00 price objective on shares of CVR Energy in a research note on Monday, June 29th. Tudor Pickering lowered shares of CVR Energy from a "hold" rating to a "sell" rating in a research note on Thursday, June 4th. Wall Street Zen upgraded shares of CVR Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Zacks Research upgraded shares of CVR Energy from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of CVR Energy in a report on Wednesday, August 12th. Three analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Strong Sell" and an average price target of $30.50.

CVR Energy Company 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.

Want to see what other hedge funds are holding CVI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVR Energy Inc. (NYSE:CVI - Free Report).

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