CVR Energy (NYSE:CVI) Sets New 1-Year High - Here's Why

Key Points

• CVR Energy shares hit a new 52-week high of $63.31, rising 7.1% from the prior close and significantly exceeding the 50-day and 200-day moving averages.
• Analyst sentiment remains cautious despite higher price targets: the stock has an average “Reduce” rating, with four Holds and four Sells, and an average target price of $45.75.
• CVR Energy beat quarterly expectations with adjusted EPS of $0.34 versus $0.26 expected and revenue of $2.74 billion, up 55.5% year over year; it also pays a $0.10 quarterly dividend.

Shares of CVR Energy Inc. (NYSE:CVI - Get Free Report) reached a new 52-week high on Wednesday. The company traded as high as $63.31 and last traded at $63.0980, with a volume of 811,219 shares. The stock had previously closed at $58.91.

Analyst Ratings Changes

A number of research analysts have issued reports on CVI shares. Mizuho boosted their target price on shares of CVR Energy from $29.00 to $52.00 and gave the company an "underperform" rating in a research note on Thursday, October 8th. Weiss Ratings upgraded shares of CVR Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. The Goldman Sachs Group raised their price target on shares of CVR Energy from $36.00 to $50.00 and gave the company a "sell" rating in a research note on Friday. Zacks Research raised CVR Energy from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Wall Street Zen raised CVR Energy from a "buy" rating to a "strong-buy" rating in a report on Saturday. Four research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $45.75.

CVR Energy Trading Up 7.1%

The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 92.79 and a beta of 0.90. 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's 50 day moving average is $45.91 and its 200 day moving average is $36.94.

CVR Energy (NYSE:CVI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.08. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 55.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) earnings per share. Equities analysts forecast that CVR Energy Inc. will post 1.56 earnings per share for the current year.

CVR Energy Announces Dividend

The business 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 of this dividend was Monday, August 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. CVR Energy's dividend payout ratio (DPR) is currently 58.82%.

Hedge Funds Weigh In On CVR Energy

Hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings in shares of CVR Energy by 197.2% during the third quarter. Farther Finance Advisors LLC now owns 1,153 shares of the oil and gas company's stock valued at $59,000 after purchasing an additional 765 shares during the last quarter. Congress Asset Management Co. increased its stake in CVR Energy by 20.7% in the 3rd quarter. Congress Asset Management Co. now owns 110,723 shares of the oil and gas company's stock worth $5,646,000 after purchasing an additional 18,966 shares in the last quarter. CX Institutional increased its stake in CVR Energy by 5,362.5% in the 3rd quarter. CX Institutional now owns 1,311 shares of the oil and gas company's stock worth $67,000 after purchasing an additional 1,287 shares in the last quarter. State Street Corp increased its stake in CVR Energy by 11.0% in the 2nd quarter. State Street Corp now owns 2,153,498 shares of the oil and gas company's stock worth $59,315,000 after purchasing an additional 213,829 shares in the last quarter. Finally, WINTON GROUP Ltd raised its holdings in CVR Energy by 357.8% during the 2nd quarter. WINTON GROUP Ltd now owns 164,204 shares of the oil and gas company's stock worth $4,522,000 after buying an additional 128,339 shares during the period. 98.88% of the stock is currently owned by institutional investors and hedge funds.

CVR Energy Company Profile

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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