Short Interest in CVR Energy Inc. (NYSE:CVI) Grows By 49.1%

Key Points

• Short interest in CVR Energy Inc. increased by 49.1%, totaling 4,340,000 shares as of August 31st, indicating heightened bearish sentiment among investors.
• The company received several analyst downgrades, with a consensus rating of "Strong Sell" and a price target averaging $23.25.
• CVR Energy reported a net loss of ($0.23) EPS for the last quarter, missing estimates and showing a 10.5% decline in revenue year-over-year.

CVR Energy Inc. (NYSE:CVI - Get Free Report) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 4,340,000 shares, an increase of 49.1% from the August 15th total of 2,910,000 shares. Approximately 14.4% of the shares of the stock are sold short. Based on an average trading volume of 1,510,000 shares, the days-to-cover ratio is presently 2.9 days. Based on an average trading volume of 1,510,000 shares, the days-to-cover ratio is presently 2.9 days. Approximately 14.4% of the shares of the stock are sold short.

Hedge Funds Weigh In On CVR Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. increased its holdings in CVR Energy by 65.5% in the 1st quarter. Harbor Capital Advisors Inc. now owns 1,633 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 646 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in CVR Energy by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,443 shares of the oil and gas company's stock worth $364,000 after purchasing an additional 683 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in CVR Energy by 2.4% in the 2nd quarter. SummerHaven Investment Management LLC now owns 32,465 shares of the oil and gas company's stock worth $872,000 after purchasing an additional 758 shares in the last quarter. Bank of Montreal Can increased its stake in shares of CVR Energy by 9.2% in the second quarter. Bank of Montreal Can now owns 11,147 shares of the oil and gas company's stock valued at $299,000 after buying an additional 941 shares during the period. Finally, Matrix Trust Co acquired a new stake in shares of CVR Energy in the second quarter valued at about $26,000. Institutional investors and hedge funds own 98.88% of the company's stock.

CVR Energy Price Performance

CVI traded up $0.33 on Friday, reaching $34.20. The stock had a trading volume of 3,690,000 shares, compared to its average volume of 2,316,963. CVR Energy has a fifty-two week low of $15.10 and a fifty-two week high of $34.32. The firm has a 50-day moving average of $29.03 and a 200-day moving average of $24.58. The company has a current ratio of 1.17, a quick ratio of 0.75 and a debt-to-equity ratio of 2.78. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of -10.30 and a beta of 1.32.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CVI. Raymond James Financial downgraded CVR Energy from a "market perform" rating to an "underperform" rating in a research report on Tuesday, July 15th. Scotiabank boosted their price target on CVR Energy from $21.00 to $25.00 and gave the stock a "sector underperform" rating in a report on Friday, July 11th. Mizuho reissued an "underperform" rating and set a $29.00 price target (up previously from $27.00) on shares of CVR Energy in a report on Monday, September 15th. Finally, Zacks Research raised CVR Energy from a "strong sell" rating to a "hold" rating in a report on Tuesday. One equities research analyst has rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, CVR Energy presently has an average rating of "Strong Sell" and a consensus price target of $23.25.

About CVR Energy

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.