Scotiabank Forecasts Strong Price Appreciation for CVR Energy (NYSE:CVI) Stock

CVR Energy (NYSE:CVI) had its price target lifted by equities researchers at Scotiabank from $25.00 to $28.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “sector underperform” rating on the oil and gas company’s stock. Scotiabank’s price objective indicates a potential downside of 10.35% from the stock’s previous close.

CVI has been the topic of a number of other research reports. Mizuho upped their target price on shares of CVR Energy from $28.00 to $32.00 and gave the company an “underperform” rating in a research report on Tuesday, March 17th. Raymond James Financial upgraded shares of CVR Energy from an “underperform” rating to a “market perform” rating in a research report on Wednesday, March 25th. Wall Street Zen downgraded shares of CVR Energy from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. The Goldman Sachs Group initiated coverage on shares of CVR Energy in a research report on Friday, April 10th. They set a “sell” rating and a $30.00 price objective for the company. Finally, Weiss Ratings downgraded shares of CVR Energy from a “hold (c)” rating to a “sell (d)” rating in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, CVR Energy has a consensus rating of “Strong Sell” and a consensus target price of $31.75.

CVR Energy Stock Down 0.2%

Shares of CVI opened at $31.23 on Wednesday. CVR Energy has a 52-week low of $17.91 and a 52-week high of $41.67. The company has a market capitalization of $3.14 billion, a PE ratio of 120.14 and a beta of 0.94. The stock has a fifty day simple moving average of $28.81 and a two-hundred day simple moving average of $29.88. The company has a quick ratio of 1.13, a current ratio of 1.79 and a debt-to-equity ratio of 1.95.

CVR Energy (NYSE:CVI) last issued its earnings results on Wednesday, February 18th. The oil and gas company reported ($0.80) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.04. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.70 billion. CVR Energy had a negative return on equity of 14.31% and a net margin of 0.38%.The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period last year, the company earned ($0.13) EPS. As a group, equities analysts forecast that CVR Energy will post 0.99 EPS for the current year.

Insider Activity at CVR Energy

In related news, major shareholder Carl C. Icahn acquired 275,012 shares of the stock in a transaction dated Tuesday, February 24th. The stock was acquired at an average cost of $21.41 per share, with a total value of $5,888,006.92. Following the completion of the transaction, the insider owned 71,201,875 shares in the company, valued at $1,524,432,143.75. This represents a 0.39% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders bought 783,404 shares of company stock worth $16,445,044 over the last three months. Insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On CVR Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of CVR Energy by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 3,705,809 shares of the oil and gas company’s stock worth $94,276,000 after buying an additional 106,906 shares in the last quarter. State Street Corp boosted its holdings in CVR Energy by 2.6% in the fourth quarter. State Street Corp now owns 1,779,701 shares of the oil and gas company’s stock valued at $45,276,000 after purchasing an additional 45,603 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in CVR Energy by 33.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,364,250 shares of the oil and gas company’s stock valued at $49,768,000 after purchasing an additional 345,758 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in CVR Energy by 31.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,167,184 shares of the oil and gas company’s stock valued at $29,693,000 after purchasing an additional 280,300 shares in the last quarter. Finally, UBS Group AG boosted its holdings in CVR Energy by 32.2% in the fourth quarter. UBS Group AG now owns 850,042 shares of the oil and gas company’s stock valued at $21,625,000 after purchasing an additional 206,861 shares in the last quarter. 98.88% of the stock is owned by institutional investors and hedge funds.

CVR Energy Company Profile

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.