Scotiabank Issues Pessimistic Forecast for CVR Energy (NYSE:CVI) Stock Price

CVR Energy (NYSE:CVI) had its price target lowered by Scotiabank from $22.00 to $16.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector underperform” rating on the oil and gas company’s stock. Scotiabank’s price target would indicate a potential downside of 9.71% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of CVR Energy from $19.00 to $16.00 and set a “sell” rating for the company in a report on Thursday, March 27th. StockNews.com raised shares of CVR Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, February 19th. Finally, Mizuho upped their price target on CVR Energy from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Tuesday, April 1st. Five equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, CVR Energy currently has an average rating of “Reduce” and an average price target of $21.20.

CVR Energy Price Performance

CVR Energy stock traded up $0.93 during mid-day trading on Friday, reaching $17.72. The company had a trading volume of 1,441,477 shares, compared to its average volume of 1,231,003. The business has a fifty day simple moving average of $18.96 and a 200 day simple moving average of $19.78. The company has a market cap of $1.78 billion, a P/E ratio of 295.40 and a beta of 1.26. The company has a current ratio of 1.66, a quick ratio of 0.86 and a debt-to-equity ratio of 2.15. CVR Energy has a fifty-two week low of $15.10 and a fifty-two week high of $36.06.

CVR Energy (NYSE:CVI) last released its quarterly earnings data on Tuesday, February 18th. The oil and gas company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.12). The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.85 billion. CVR Energy had a net margin of 0.09% and a negative return on equity of 5.12%. On average, equities research analysts predict that CVR Energy will post -0.12 earnings per share for the current year.

Insider Activity

In related news, major shareholder Carl C. Icahn bought 206,571 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average price of $17.79 per share, for a total transaction of $3,674,898.09. Following the transaction, the insider now directly owns 67,780,774 shares of the company’s stock, valued at approximately $1,205,819,969.46. The trade was a 0.31 % 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 this hyperlink. Insiders have acquired 1,123,018 shares of company stock valued at $19,444,107 in the last ninety days. 0.01% of the stock is owned by company insiders.

Hedge Funds Weigh In On CVR Energy

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of CVR Energy by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 4,135,315 shares of the oil and gas company’s stock valued at $77,496,000 after purchasing an additional 154,125 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in CVR Energy by 12.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,181,295 shares of the oil and gas company’s stock worth $40,876,000 after acquiring an additional 238,081 shares during the last quarter. State Street Corp lifted its position in shares of CVR Energy by 18.1% during the third quarter. State Street Corp now owns 2,075,058 shares of the oil and gas company’s stock valued at $47,789,000 after purchasing an additional 317,475 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in CVR Energy by 22.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 783,079 shares of the oil and gas company’s stock worth $14,675,000 after purchasing an additional 143,941 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in CVR Energy by 36.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 776,313 shares of the oil and gas company’s stock valued at $14,548,000 after buying an additional 207,872 shares during the last quarter. Institutional investors and hedge funds 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.