CVR Energy (NYSE:CVI) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of CVR Energy (NYSE:CVI) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on CVI. Weiss Ratings cut CVR Energy from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Friday, May 15th. Mizuho upped their price target on CVR Energy from $28.00 to $29.00 and gave the company an “underperform” rating in a research report on Tuesday. UBS Group reiterated a “neutral” rating and issued a $35.00 price objective on shares of CVR Energy in a report on Monday, June 29th. Scotiabank lifted their price objective on CVR Energy from $25.00 to $28.00 and gave the stock a “sector underperform” rating in a research report on Wednesday, April 22nd. Finally, The Goldman Sachs Group started coverage on CVR Energy in a research report on Friday, April 10th. They issued a “sell” rating and a $30.00 price objective on the stock. Three investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Strong Sell” and a consensus price target of $30.50.

CVR Energy Trading Down 6.4%

NYSE:CVI opened at $31.21 on Tuesday. The firm has a market capitalization of $3.14 billion, a P/E ratio of 45.89 and a beta of 0.83. 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 company has a fifty day moving average of $31.57 and a 200 day moving average of $29.71. CVR Energy has a 52 week low of $19.62 and a 52 week high of $41.67.

CVR Energy (NYSE:CVI) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.08. CVR Energy had a net margin of 0.81% and a negative return on equity of 15.21%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter last year, the firm earned ($0.23) EPS. The company’s revenue was up 55.5% on a year-over-year basis. On average, research analysts predict that CVR Energy will post 0.16 earnings per share for the current year.

CVR Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. CVR Energy’s payout ratio is presently 58.82%.

Hedge Funds Weigh In On CVR Energy

Several hedge funds and other institutional investors have recently modified their holdings of CVI. Royal Bank of Canada boosted its position in CVR Energy by 67.2% during the 1st quarter. Royal Bank of Canada now owns 14,904 shares of the oil and gas company’s stock valued at $289,000 after acquiring an additional 5,992 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of CVR Energy during the 1st quarter worth approximately $611,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of CVR Energy by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,301 shares of the oil and gas company’s stock worth $394,000 after acquiring an additional 858 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of CVR Energy by 14.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 496,650 shares of the oil and gas company’s stock worth $9,635,000 after acquiring an additional 63,909 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of CVR Energy by 34.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 273,777 shares of the oil and gas company’s stock valued at $7,351,000 after purchasing an additional 69,726 shares during the period. Hedge funds and other institutional investors own 98.88% of the company’s stock.

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.