SummerHaven Investment Management LLC Purchases 30,948 Shares of CVR Energy Inc. $CVI

SummerHaven Investment Management LLC bought a new position in shares of CVR Energy Inc. (NYSE:CVI) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,948 shares of the oil and gas company’s stock, valued at approximately $1,578,000. CVR Energy accounts for about 1.1% of SummerHaven Investment Management LLC’s holdings, making the stock its 15th largest holding.

Several other hedge funds have also recently modified their holdings of CVI. BlackRock Inc. acquired a new stake in shares of CVR Energy in the 2nd quarter worth $143,262,000. Dimensional Fund Advisors LP boosted its stake in shares of CVR Energy by 16.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,908,062 shares of the oil and gas company’s stock worth $64,220,000 after acquiring an additional 265,013 shares in the last quarter. State Street Corp boosted its position in CVR Energy by 11.0% during the second 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. Bank of America Corp DE boosted its position in shares of CVR Energy by 19.4% in the 2nd quarter. Bank of America Corp DE now owns 671,728 shares of the oil and gas company’s stock worth $18,499,000 after buying an additional 109,338 shares in the last quarter. Finally, PDT Partners LLC purchased a new stake in shares of CVR Energy in the second quarter valued at about $14,502,000. 98.88% of the stock is owned by institutional investors and hedge funds.

CVR Energy Trading Down 0.1%

Shares of CVI opened at $61.61 on Friday. CVR Energy Inc. has a one year low of $19.62 and a one year high of $63.51. The stock has a 50-day moving average price of $47.74 and a 200 day moving average price of $37.49. The company has a debt-to-equity ratio of 2.38, a quick ratio of 0.92 and a current ratio of 1.42. The company has a market capitalization of $6.19 billion, a P/E ratio of 90.60 and a beta of 0.90.

CVR Energy (NYSE:CVI) last posted its quarterly earnings data 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. CVR Energy had a negative return on equity of 15.21% and a net margin of 0.81%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the business earned ($0.23) EPS. CVR Energy’s revenue for the quarter was up 55.5% compared to the same quarter last year. Sell-side analysts forecast that CVR Energy Inc. will post 3.20 EPS for the current fiscal year.

CVR Energy Dividend Announcement

The firm also recently announced 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. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, August 10th. CVR Energy’s dividend payout ratio is 58.82%.

Analysts Set New Price Targets

Several analysts have recently issued reports on CVI shares. Zacks Research upgraded CVR Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Mizuho boosted their price objective 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 raised CVR Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Wall Street Zen raised shares of CVR Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Finally, The Goldman Sachs Group upped their price target on CVR Energy from $36.00 to $50.00 and gave the stock a “sell” rating in a report on Friday, October 9th. Four equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $45.75.

About CVR Energy

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.