Renaissance Technologies LLC Sells 884,851 Shares of CVR Energy Inc. $CVI

Key Points

• Renaissance Technologies cut its CVR Energy stake by 75.8% in the first quarter, selling 884,851 shares and retaining 282,333 shares valued at approximately $9.5 million.
• Analyst sentiment is largely negative: CVR Energy has an average “Strong Sell” rating, with six Sell ratings and two Holds, and a consensus price target of $30.25.
• CVR Energy reported quarterly EPS of $0.34, exceeding estimates of $0.26, while revenue rose 55.5% year over year to $2.74 billion. The company also declared a quarterly dividend of $0.10 per share, representing a 1.1% yield.

Renaissance Technologies LLC reduced its position in CVR Energy Inc. (NYSE:CVI - Free Report) by 75.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 282,333 shares of the oil and gas company's stock after selling 884,851 shares during the period. Renaissance Technologies LLC owned 0.28% of CVR Energy worth $9,501,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted 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 acquiring an additional 388 shares during the last quarter. Quarry LP acquired a new position in shares of CVR Energy in the 3rd quarter valued at $50,000. Aster Capital Management DIFC Ltd acquired a new position in shares of CVR Energy in the 4th quarter valued at $40,000. Exchange Traded Concepts LLC bought a new position in shares of CVR Energy in the 4th quarter worth $47,000. Finally, Horizon Investments LLC bought a new position in shares of CVR Energy in the 4th quarter worth $47,000. Institutional investors and hedge funds own 98.88% of the company's stock.

Wall Street Analyst Weigh In

CVI has been the topic of a number of recent analyst reports. UBS Group restated a "neutral" rating and set a $35.00 target price on shares of CVR Energy in a report on Monday, June 29th. Zacks Research downgraded shares of CVR Energy from a "hold" rating to a "strong sell" rating in a research note on Monday, July 6th. Tudor Pickering cut shares of CVR Energy from a "hold" rating to a "sell" rating in a research report on Thursday, June 4th. Mizuho lowered their price objective on shares of CVR Energy from $35.00 to $28.00 and set an "underperform" rating for the company in a research report on Tuesday, July 7th. Finally, Wall Street Zen upgraded CVR Energy from a "hold" rating to a "buy" rating in a report on Saturday. Two research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat, CVR Energy has an average rating of "Strong Sell" and a consensus price target of $30.25.

CVR Energy Stock Down 0.3%

Shares of CVI stock opened at $35.51 on Monday. CVR Energy Inc. has a 12-month low of $19.62 and a 12-month high of $41.67. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 2.38. The firm has a fifty day moving average of $31.55 and a 200-day moving average of $29.52. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 52.22 and a beta of 0.83.

CVR Energy (NYSE:CVI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.26 by $0.08. The business had revenue of $2.74 billion for the quarter, compared to analysts' expectations 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 period in the previous year, the firm posted ($0.23) EPS. As a group, equities research analysts predict that CVR Energy Inc. will post -0.21 earnings per share for the current fiscal year.

CVR Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, August 10th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 10th. CVR Energy's dividend payout ratio is currently 58.82%.

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.

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