Scotiabank Forecasts Strong Price Appreciation for CVR Energy (NYSE:CVI) Stock

Key Points

• Scotiabank raised its price target on CVR Energy to $28 (from $25) but kept a "sector underperform" rating, with the new target implying about a 10.8% downside from the prior close.
• Overall analyst sentiment is negative—two Holds and four Sells—yielding a MarketBeat consensus of "Strong Sell" and a consensus price target of $31.75.
• Major shareholder Carl C. Icahn bought 275,012 shares in February, increasing his stake to 71,201,875 shares, and insiders have acquired 783,404 shares in the past 90 days while the stock traded near $31.40.

CVR Energy (NYSE:CVI - Get Free Report) had its price objective raised by stock analysts at Scotiabank from $25.00 to $28.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "sector underperform" rating on the oil and gas company's stock. Scotiabank's price objective points to a potential downside of 10.81% from the stock's previous close.

Several other research analysts have also recently commented on the stock. Weiss Ratings cut shares of CVR Energy from a "hold (c)" rating to a "sell (d)" rating in a report on Friday, February 20th. Mizuho boosted their price target on shares of CVR Energy from $28.00 to $32.00 and gave the stock an "underperform" rating in a report on Tuesday, March 17th. Wall Street Zen cut shares of CVR Energy from a "hold" rating to a "sell" rating in a report on Saturday, April 4th. The Goldman Sachs Group initiated coverage on shares of CVR Energy in a report on Friday, April 10th. They set a "sell" rating and a $30.00 price target for the company. Finally, Raymond James Financial upgraded shares of CVR Energy from an "underperform" rating to a "market perform" rating in a report on Wednesday, March 25th. Two equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, CVR Energy has a consensus rating of "Strong Sell" and a consensus price target of $31.75.

CVR Energy Stock Up 0.6%

CVI traded up $0.18 during trading hours on Wednesday, hitting $31.40. 184,337 shares of the company's stock were exchanged, compared to its average volume of 1,397,402. CVR Energy has a 12-month low of $17.56 and a 12-month high of $41.67. The firm has a 50 day moving average of $28.50 and a 200 day moving average of $29.86. The firm has a market cap of $3.16 billion, a P/E ratio of 120.75 and a beta of 0.94. The company has a current ratio of 1.79, a quick ratio of 1.13 and a debt-to-equity ratio of 1.95.

CVR Energy (NYSE:CVI - Get Free Report) last announced its earnings results on Wednesday, February 18th. The oil and gas company reported ($0.80) earnings per share for the quarter, topping the consensus estimate of ($0.84) by $0.04. CVR Energy had a net margin of 0.38% and a negative return on equity of 14.31%. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm earned ($0.13) EPS. The firm's revenue for the quarter was down 7.0% on a year-over-year basis. Analysts predict that CVR Energy will post 1.06 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Carl C. Icahn acquired 275,012 shares of the business's stock in a transaction on Tuesday, February 24th. The stock was bought at an average price of $21.41 per share, for a total transaction of $5,888,006.92. Following the transaction, the insider owned 71,201,875 shares in the company, valued at $1,524,432,143.75. This represents a 0.39% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have acquired 783,404 shares of company stock valued at $16,445,044. Corporate insiders own 0.01% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CVI. Quarry LP acquired a new stake in shares of CVR Energy during the third quarter worth approximately $50,000. Aster Capital Management DIFC Ltd acquired a new position in CVR Energy in the fourth quarter worth $40,000. Exchange Traded Concepts LLC acquired a new position in CVR Energy in the fourth quarter worth $47,000. Horizon Investments LLC acquired a new position in CVR Energy in the fourth quarter worth $47,000. Finally, Raymond James Financial Inc. acquired a new position in CVR Energy in the second quarter worth $53,000. 98.88% of the stock is currently owned by hedge funds and other institutional investors.

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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