Goldman Sachs Group Downgrades CVR Energy (CVI) to Neutral

Goldman Sachs Group cut shares of CVR Energy (NYSE:CVI) from a buy rating to a neutral rating in a report published on Tuesday, MarketBeat Ratings reports. They currently have $45.00 target price on the oil and gas company’s stock, down from their prior target price of $47.00.

Other research analysts have also issued reports about the company. ValuEngine raised CVR Energy from a hold rating to a buy rating in a research report on Saturday, July 28th. Citigroup initiated coverage on CVR Energy in a research report on Wednesday, October 31st. They set a buy rating and a $48.00 price target on the stock.

NYSE:CVI traded down $0.49 during trading hours on Tuesday, hitting $39.98. 501,703 shares of the company’s stock traded hands, compared to its average volume of 794,766. The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of 19.54 and a beta of 1.34. CVR Energy has a twelve month low of $28.14 and a twelve month high of $47.67. The company has a current ratio of 2.30, a quick ratio of 1.59 and a debt-to-equity ratio of 0.63.

CVR Energy (NYSE:CVI) last posted its quarterly earnings results on Wednesday, October 24th. The oil and gas company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.11. The firm had revenue of $1.94 billion for the quarter. CVR Energy had a return on equity of 11.10% and a net margin of 5.84%.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 12th. Shareholders of record on Monday, November 5th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 7.50%. The ex-dividend date is Friday, November 2nd.

A number of hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale increased its position in CVR Energy by 200.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,644 shares of the oil and gas company’s stock worth $101,000 after purchasing an additional 1,764 shares during the last quarter. BlackRock Inc. increased its position in CVR Energy by 25.3% in the 3rd quarter. BlackRock Inc. now owns 1,427,502 shares of the oil and gas company’s stock worth $57,413,000 after purchasing an additional 288,591 shares during the last quarter. Bank of New York Mellon Corp increased its position in CVR Energy by 6.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,007,629 shares of the oil and gas company’s stock worth $40,527,000 after purchasing an additional 61,941 shares during the last quarter. Jennison Associates LLC acquired a new position in CVR Energy in the 3rd quarter worth about $565,000. Finally, Swiss National Bank increased its position in CVR Energy by 72.6% in the 3rd quarter. Swiss National Bank now owns 52,300 shares of the oil and gas company’s stock worth $2,104,000 after purchasing an additional 22,000 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

About CVR Energy

CVR Energy, Inc, through its subsidiaries, engages in petroleum refining and nitrogen fertilizer manufacturing activities in the United States. The company operates through, Petroleum and Nitrogen Fertilizer segments. The Petroleum segment refines and markets transportation fuels, such as gasoline, diesel fuel, pet coke, natural gas liquids, slurry, sulfur, gas oil, asphalt, jet fuel, and other products.

Recommended Story: Retained Earnings

Receive News & Ratings for CVR Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVR Energy and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply