CVR Energy (NYSE:CVI) Shares Down 5.4% Following Weak Earnings

CVR Energy, Inc. (NYSE:CVI)’s stock price dropped 5.4% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $31.28 and last traded at $31.32. Approximately 294,940 shares traded hands during trading, a decline of 66% from the average daily volume of 876,181 shares. The stock had previously closed at $33.12.

The oil and gas company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.09). The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.96 billion. CVR Energy had a return on equity of 55.17% and a net margin of 8.32%. The firm’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period last year, the company posted $1.44 earnings per share.

CVR Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Monday, March 4th were paid a $0.50 dividend. The ex-dividend date was Friday, March 1st. This represents a $2.00 annualized dividend and a dividend yield of 6.30%. CVR Energy’s payout ratio is 26.14%.

Analysts Set New Price Targets

A number of analysts have recently commented on CVI shares. StockNews.com downgraded CVR Energy from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Scotiabank lifted their price target on shares of CVR Energy from $25.00 to $29.00 and gave the stock a “sector underperform” rating in a research report on Thursday, April 11th.

Institutional Investors Weigh In On CVR Energy

Several hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in CVR Energy in the 3rd quarter worth about $342,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in CVR Energy by 54.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,704 shares of the oil and gas company’s stock valued at $194,000 after purchasing an additional 2,008 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in CVR Energy by 2,984.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 10,025 shares of the oil and gas company’s stock worth $341,000 after buying an additional 9,700 shares in the last quarter. Duality Advisers LP boosted its stake in shares of CVR Energy by 1.5% during the 3rd quarter. Duality Advisers LP now owns 56,987 shares of the oil and gas company’s stock valued at $1,939,000 after buying an additional 865 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of CVR Energy during the 3rd quarter valued at $896,000. Hedge funds and other institutional investors own 98.88% of the company’s stock.

CVR Energy Price Performance

The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 1.52. The stock’s 50 day moving average price is $34.44 and its two-hundred day moving average price is $32.80. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 4.33 and a beta of 1.57.

About CVR Energy

CVR Energy, Inc, together with its subsidiaries, engages in the petroleum refining and marketing, and nitrogen fertilizer manufacturing activities in the United States. It operates in two segments, Petroleum and Nitrogen Fertilizer. The Petroleum segment refines and supplies gasoline, crude oil, distillate, diesel fuel, and other refined products.