Key Points
- Carl Icahn purchased 244,940 CVR Energy shares at $20.75 each on Feb. 23 for $5,082,505, increasing his stake to 70,926,863 shares (a 0.35% rise) worth roughly $1.472 billion.
- CVR declared a quarterly dividend of $0.37 ($1.48 annualized) implying a 6.8% yield
- Analyst sentiment is broadly negative — MarketBeat shows a consensus "Strong Sell" with an average target of $29.25, even as the company beat Q results with EPS of ($0.80) and revenue of $1.81 billion.
CVR Energy Inc. (NYSE:CVI - Get Free Report) major shareholder Carl Icahn purchased 244,940 shares of the stock in a transaction dated Monday, February 23rd. The stock was purchased at an average cost of $20.75 per share, for a total transaction of $5,082,505.00. Following the completion of the acquisition, the insider owned 70,926,863 shares of the company's stock, valued at approximately $1,471,732,407.25. This represents a 0.35% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
CVR Energy Price Performance
Shares of NYSE:CVI opened at $21.70 on Wednesday. The company has a current ratio of 1.79, a quick ratio of 1.13 and a debt-to-equity ratio of 1.95. CVR Energy Inc. has a 12 month low of $15.10 and a 12 month high of $41.67. The stock has a market cap of $2.18 billion, a P/E ratio of 83.47 and a beta of 1.16. The company has a 50 day moving average of $24.05 and a 200 day moving average of $30.25.
CVR Energy (NYSE:CVI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The oil and gas company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.84) by $0.04. The firm had revenue of $1.81 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts forecast that CVR Energy Inc. will post -0.12 EPS for the current fiscal year.
CVR Energy Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.48 dividend on an annualized basis and a yield of 6.8%. CVR Energy's dividend payout ratio is presently 569.23%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its holdings in shares of CVR Energy by 21,261.8% during the third quarter. BNP Paribas Financial Markets now owns 776,073 shares of the oil and gas company's stock valued at $28,311,000 after buying an additional 772,440 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in CVR Energy in the 3rd quarter worth approximately $22,217,000. Squarepoint Ops LLC bought a new position in CVR Energy in the 4th quarter valued at approximately $9,616,000. Bank of America Corp DE boosted its stake in CVR Energy by 101.2% during the 3rd quarter. Bank of America Corp DE now owns 706,504 shares of the oil and gas company's stock valued at $25,773,000 after purchasing an additional 355,412 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of CVR Energy by 33.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,364,250 shares of the oil and gas company's stock worth $49,768,000 after purchasing an additional 345,758 shares in the last quarter. Institutional investors own 98.88% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. Wall Street Zen cut CVR Energy from a "hold" rating to a "sell" rating in a research note on Saturday. Weiss Ratings lowered CVR Energy from a "hold (c)" rating to a "sell (d)" rating in a research note on Friday. One analyst has rated the stock with a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Sell" and an average target price of $29.25.
Get Our Latest Analysis on CVR Energy
CVR Energy Company Profile
(
Get Free Report)
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.
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