CVR Energy (NYSE:CVI) Shares Gap Up to $28.31

Shares of CVR Energy, Inc. (NYSE:CVI – Get Rating) gapped up before the market opened on Thursday . The stock had previously closed at $28.31, but opened at $29.81. CVR Energy shares last traded at $30.55, with a volume of 402,905 shares.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com assumed coverage on CVR Energy in a research report on Thursday. They set a “buy” rating on the stock. UBS Group assumed coverage on CVR Energy in a research report on Wednesday, March 8th. They issued a “neutral” rating and a $36.00 target price on the stock.

CVR Energy Stock Performance

The company has a current ratio of 1.11, a quick ratio of 0.67 and a debt-to-equity ratio of 2.00. The firm has a 50-day moving average of $32.29 and a 200-day moving average of $33.41. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 6.47 and a beta of 1.49.

CVR Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 13th. Investors of record on Monday, March 6th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 6.72%. This is an increase from CVR Energy’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, March 3rd. CVR Energy’s dividend payout ratio is presently 43.48%.

Institutional Investors Weigh In On CVR Energy

Several hedge funds have recently added to or reduced their stakes in CVI. Premier Fund Managers Ltd purchased a new stake in CVR Energy in the fourth quarter valued at $58,431,000. Millennium Management LLC boosted its holdings in CVR Energy by 355.2% in the fourth quarter. Millennium Management LLC now owns 847,879 shares of the oil and gas company’s stock valued at $26,573,000 after purchasing an additional 661,621 shares during the last quarter. Norges Bank purchased a new stake in CVR Energy in the fourth quarter valued at $15,619,000. State Street Corp boosted its holdings in CVR Energy by 25.4% in the third quarter. State Street Corp now owns 2,338,969 shares of the oil and gas company’s stock valued at $67,783,000 after purchasing an additional 474,471 shares during the last quarter. Finally, Hennessy Advisors Inc. purchased a new stake in CVR Energy in the third quarter valued at $10,355,000. 95.51% of the stock is owned by hedge funds and other institutional investors.

About CVR Energy

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CVR Energy, Inc is a holding company. The firm engages in the petroleum refining and marketing business. It operates through the Petroleum and Nitrogen Fertilizer segments. The Petroleum segment refines and markets high value transportation fuels. The Nitrogen Fertilizer segment markets nitrogen fertilizers primarily in the form of UAN and ammonia.