Scotiabank Trims CVR Energy (NYSE:CVI) Target Price to $24.00

CVR Energy (NYSE:CVI) had its price objective trimmed by Scotiabank from $29.00 to $24.00 in a report released on Friday morning, Benzinga reports. The firm currently has a sector underperform rating on the oil and gas company’s stock.

A number of other analysts have also recently commented on CVI. JPMorgan Chase & Co. cut their price objective on CVR Energy from $30.00 to $26.00 and set an underweight rating for the company in a research report on Tuesday, July 2nd. StockNews.com cut shares of CVR Energy from a buy rating to a hold rating in a research report on Sunday, June 16th. Finally, UBS Group decreased their price objective on shares of CVR Energy from $37.00 to $33.75 and set a neutral rating on the stock in a report on Tuesday, May 14th. Three investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, CVR Energy currently has an average rating of Reduce and a consensus price target of $28.69.

CVR Energy Stock Performance

CVI opened at $24.61 on Friday. The firm has a fifty day moving average price of $27.52 and a 200 day moving average price of $31.29. CVR Energy has a 1 year low of $23.93 and a 1 year high of $39.36. The stock has a market cap of $2.47 billion, a P/E ratio of 3.77 and a beta of 1.54. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.49 and a quick ratio of 0.91.

CVR Energy (NYSE:CVI) last posted its earnings results on Monday, April 29th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.09). CVR Energy had a return on equity of 40.14% and a net margin of 7.44%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same period in the previous year, the company earned $1.44 earnings per share. The company’s revenue was down 18.5% compared to the same quarter last year. Equities research analysts anticipate that CVR Energy will post 0.25 earnings per share for the current year.

CVR Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Investors of record on Monday, May 13th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 8.13%. The ex-dividend date of this dividend was Friday, May 10th. CVR Energy’s dividend payout ratio is currently 30.67%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVI. Denali Advisors LLC grew its holdings in CVR Energy by 76,632.2% in the 4th quarter. Denali Advisors LLC now owns 45,272 shares of the oil and gas company’s stock valued at $1,372,000 after buying an additional 45,213 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of CVR Energy by 12.1% during the 4th quarter. Vanguard Group Inc. now owns 3,934,944 shares of the oil and gas company’s stock worth $119,229,000 after buying an additional 424,348 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of CVR Energy by 3,191.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 32,458 shares of the oil and gas company’s stock valued at $1,105,000 after buying an additional 31,472 shares during the period. Dynamic Technology Lab Private Ltd lifted its holdings in CVR Energy by 282.5% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 104,989 shares of the oil and gas company’s stock valued at $3,181,000 after acquiring an additional 77,539 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in CVR Energy by 29.0% in the fourth quarter. BNP Paribas Financial Markets now owns 123,088 shares of the oil and gas company’s stock worth $3,730,000 after acquiring an additional 27,676 shares during the period. Hedge funds and other institutional investors own 98.88% of the company’s stock.

CVR Energy Company Profile

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.