CVR Energy (NYSE:CVI) Shares Gap Down – Here’s What Happened

CVR Energy Inc. (NYSE:CVI)’s share price gapped down prior to trading on Friday . The stock had previously closed at $32.86, but opened at $30.71. CVR Energy shares last traded at $29.0080, with a volume of 112,215 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CVI shares. Wall Street Zen lowered shares of CVR Energy from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. The Goldman Sachs Group initiated coverage on shares of CVR Energy in a report on Friday, April 10th. They issued a “sell” rating and a $30.00 price target on the stock. Scotiabank raised shares of CVR Energy to a “strong sell” rating in a report on Friday, March 27th. Mizuho upped their target price on shares of CVR Energy from $28.00 to $32.00 and gave the stock an “underperform” rating in a report on Tuesday, March 17th. Finally, Raymond James Financial raised shares of CVR Energy from an “underperform” rating to a “market perform” rating in a report on Wednesday, March 25th. Two analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, CVR Energy has an average rating of “Strong Sell” and a consensus price target of $31.25.

CVR Energy Trading Down 10.0%

The company’s 50-day moving average is $28.25 and its 200-day moving average is $29.99. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 113.73 and a beta of 0.94. The company has a debt-to-equity ratio of 1.95, a quick ratio of 1.13 and a current ratio of 1.79.

CVR Energy (NYSE:CVI) last issued its quarterly earnings results on Wednesday, February 18th. The oil and gas company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.04. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.70 billion. CVR Energy had a net margin of 0.38% and a negative return on equity of 14.31%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.13) EPS. On average, research analysts predict that CVR Energy Inc. will post -0.12 earnings per share for the current year.

Insider Transactions at CVR Energy

In other CVR Energy news, major shareholder Carl C. Icahn bought 275,012 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were bought at an average cost of $21.41 per share, for a total transaction of $5,888,006.92. Following the transaction, the insider owned 71,201,875 shares in the company, valued at approximately $1,524,432,143.75. This trade represents a 0.39% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have bought 783,404 shares of company stock worth $16,445,044. 0.01% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its position in CVR Energy by 2.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 17,081 shares of the oil and gas company’s stock valued at $623,000 after purchasing an additional 363 shares during the period. Victory Capital Management Inc. lifted its position in CVR Energy by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 21,329 shares of the oil and gas company’s stock valued at $778,000 after purchasing an additional 596 shares during the period. Congress Asset Management Co. lifted its position in CVR Energy by 0.7% during the 3rd quarter. Congress Asset Management Co. now owns 85,083 shares of the oil and gas company’s stock valued at $3,104,000 after purchasing an additional 604 shares during the period. Alliancebernstein L.P. lifted its position in CVR Energy by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 48,943 shares of the oil and gas company’s stock valued at $1,785,000 after purchasing an additional 700 shares during the period. Finally, NewEdge Advisors LLC lifted its position in CVR Energy by 5.6% during the 4th quarter. NewEdge Advisors LLC now owns 13,394 shares of the oil and gas company’s stock valued at $341,000 after purchasing an additional 709 shares during the period. 98.88% of the stock is currently owned by institutional investors and hedge funds.

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.