Scotiabank Estimates CVR Energy’s FY2024 Earnings (NYSE:CVI)

CVR Energy, Inc. (NYSE:CVI) – Analysts at Scotiabank dropped their FY2024 earnings per share estimates for shares of CVR Energy in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the oil and gas company will earn ($0.55) per share for the year, down from their prior estimate of $1.05. Scotiabank currently has a “Sector Underperform” rating and a $21.00 target price on the stock. The consensus estimate for CVR Energy’s current full-year earnings is ($0.16) per share. Scotiabank also issued estimates for CVR Energy’s FY2025 earnings at ($0.10) EPS and FY2026 earnings at $0.40 EPS.

Other equities research analysts have also recently issued reports about the company. Mizuho increased their target price on CVR Energy from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Monday, December 16th. The Goldman Sachs Group dropped their price objective on CVR Energy from $24.00 to $21.00 and set a “sell” rating for the company in a research note on Friday, December 6th. JPMorgan Chase & Co. decreased their target price on shares of CVR Energy from $26.00 to $23.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, StockNews.com cut shares of CVR Energy from a “hold” rating to a “sell” rating in a research report on Saturday, December 14th. Six research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $23.00.

CVR Energy Stock Performance

NYSE CVI opened at $20.39 on Monday. The company has a 50-day simple moving average of $18.65 and a two-hundred day simple moving average of $22.26. CVR Energy has a 12-month low of $15.60 and a 12-month high of $38.07. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 29.55 and a beta of 1.57. The company has a quick ratio of 0.86, a current ratio of 1.33 and a debt-to-equity ratio of 1.84.

CVR Energy (NYSE:CVI) last announced its quarterly earnings data on Monday, October 28th. The oil and gas company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.41). CVR Energy had a return on equity of 2.88% and a net margin of 0.89%. The business had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the previous year, the firm posted $1.89 earnings per share. The company’s revenue was down 27.3% compared to the same quarter last year.

Institutional Investors Weigh In On CVR Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVI. State Street Corp increased its stake in shares of CVR Energy by 18.1% in the 3rd quarter. State Street Corp now owns 2,075,058 shares of the oil and gas company’s stock worth $47,789,000 after acquiring an additional 317,475 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of CVR Energy during the third quarter valued at approximately $5,335,000. American Century Companies Inc. increased its stake in shares of CVR Energy by 60.3% during the second quarter. American Century Companies Inc. now owns 407,819 shares of the oil and gas company’s stock valued at $10,917,000 after purchasing an additional 153,396 shares in the last quarter. Denali Advisors LLC lifted its holdings in shares of CVR Energy by 323.6% during the second quarter. Denali Advisors LLC now owns 159,162 shares of the oil and gas company’s stock valued at $4,261,000 after purchasing an additional 121,590 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of CVR Energy in the 2nd quarter worth approximately $2,889,000. 98.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Carl C. Icahn bought 878,212 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was purchased at an average price of $18.25 per share, with a total value of $16,027,369.00. Following the transaction, the insider now owns 67,570,593 shares of the company’s stock, valued at approximately $1,233,163,322.25. The trade was a 1.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.01% 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.