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

CVR Energy, Inc. (NYSE:CVI) dropped 5.4% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $31.28 and last traded at $31.32. Approximately 294,940 shares changed 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 (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.09). CVR Energy had a return on equity of 55.17% and a net margin of 8.32%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.96 billion. During the same quarter last year, the company posted $1.44 earnings per share. The firm’s quarterly revenue was down 18.5% on a year-over-year basis.

CVR Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, May 13th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 6.59%. The ex-dividend date is Friday, May 10th. CVR Energy’s payout ratio is presently 26.14%.

Analysts Set New Price Targets

CVI has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of CVR Energy from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. Scotiabank boosted their target price on shares of CVR Energy from $25.00 to $29.00 and gave the company a “sector underperform” rating in a report on Thursday, April 11th.

Hedge Funds Weigh In On CVR Energy

A number of hedge funds have recently added to or reduced their stakes in CVI. Jones Financial Companies Lllp bought a new stake in shares of CVR Energy in the 4th quarter worth $33,000. Future Financial Wealth Managment LLC purchased a new position in CVR Energy during the first quarter worth about $71,000. Scarborough Advisors LLC bought a new stake in CVR Energy in the 4th quarter worth about $89,000. TFO Wealth Partners LLC increased its stake in CVR Energy by 246,550.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,933 shares of the oil and gas company’s stock valued at $149,000 after buying an additional 4,931 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of CVR Energy by 54.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,704 shares of the oil and gas company’s stock worth $194,000 after buying an additional 2,008 shares in the last quarter. Institutional investors and hedge funds own 98.88% of the company’s stock.

CVR Energy Price Performance

The stock has a market cap of $3.05 billion, a PE ratio of 3.96 and a beta of 1.57. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.94 and a current ratio of 1.30. The business has a 50 day moving average price of $34.44 and a two-hundred day moving average price of $32.80.

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.