Scotiabank Issues Positive Forecast for CVR Energy (NYSE:CVI) Stock Price

Key Points

• Scotiabank has raised its price target for CVR Energy from $25.00 to $26.00, despite maintaining a "sector underperform" rating, indicating a potential downside of 28.38% from the current stock price.
• CVR Energy reported a quarterly loss with earnings per share of ($0.23), missing analysts' expectations, alongside a 10.5% drop in revenue compared to the previous year.
• Most research analysts have a negative outlook on CVR Energy, with a consensus rating of "Strong Sell" and an average price target of $27.00.

CVR Energy (NYSE:CVI - Get Free Report) had its price objective lifted by equities researchers at Scotiabank from $25.00 to $26.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "sector underperform" rating on the oil and gas company's stock. Scotiabank's target price suggests a potential downside of 28.38% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of CVR Energy in a research note on Wednesday. Zacks Research raised shares of CVR Energy from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 16th. Raymond James Financial lowered shares of CVR Energy from a "market perform" rating to an "underperform" rating in a research note on Tuesday, July 15th. UBS Group set a $37.00 price target on shares of CVR Energy in a research note on Sunday, September 28th. Finally, Mizuho reiterated an "underperform" rating and issued a $29.00 price objective (up from $27.00) on shares of CVR Energy in a report on Monday, September 15th. One equities research analyst has rated the stock with a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Strong Sell" and a consensus price target of $27.00.

CVR Energy Trading Down 1.2%

CVR Energy stock traded down $0.46 during midday trading on Thursday, hitting $36.31. 50,372 shares of the stock were exchanged, compared to its average volume of 1,295,023. The company has a fifty day simple moving average of $30.99 and a two-hundred day simple moving average of $26.09. CVR Energy has a 52 week low of $15.10 and a 52 week high of $38.30. The stock has a market capitalization of $3.65 billion, a PE ratio of -10.94 and a beta of 1.25. The company has a quick ratio of 0.75, a current ratio of 1.17 and a debt-to-equity ratio of 2.78.

CVR Energy (NYSE:CVI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The oil and gas company reported ($0.23) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.15). CVR Energy had a negative net margin of 4.63% and a negative return on equity of 18.11%. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm posted $0.09 EPS. The business's quarterly revenue was down 10.5% compared to the same quarter last year. Equities research analysts anticipate that CVR Energy will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On CVR Energy

A number of institutional investors have recently added to or reduced their stakes in CVI. GAMMA Investing LLC increased its holdings in CVR Energy by 3,908.1% during the first quarter. GAMMA Investing LLC now owns 41,885 shares of the oil and gas company's stock worth $813,000 after buying an additional 40,840 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in CVR Energy by 65.5% during the first quarter. Harbor Capital Advisors Inc. now owns 1,633 shares of the oil and gas company's stock worth $32,000 after buying an additional 646 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in CVR Energy by 2.5% during the first quarter. SummerHaven Investment Management LLC now owns 31,707 shares of the oil and gas company's stock worth $615,000 after buying an additional 759 shares during the last quarter. Principal Financial Group Inc. increased its holdings in CVR Energy by 2.3% during the first quarter. Principal Financial Group Inc. now owns 170,584 shares of the oil and gas company's stock worth $3,309,000 after buying an additional 3,910 shares during the last quarter. Finally, D.A. Davidson & CO. increased its holdings in CVR Energy by 3.8% during the first quarter. D.A. Davidson & CO. now owns 40,790 shares of the oil and gas company's stock worth $791,000 after buying an additional 1,500 shares during the last quarter. 98.88% of the stock is currently owned by institutional investors and hedge funds.

CVR Energy Company Profile

CVR Energy, Inc, together with its subsidiaries, engages in the petroleum refining and marketing, and nitrogen fertilizer manufacturing activities in the United States. It operates in two segments, Petroleum and Nitrogen Fertilizer. The Petroleum segment refines and supplies gasoline, crude oil, distillate, diesel fuel, and other refined products.

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