Renaissance Technologies LLC Sells 884,851 Shares of CVR Energy Inc. $CVI

Renaissance Technologies LLC cut its holdings in CVR Energy Inc. (NYSE:CVI) by 75.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 282,333 shares of the oil and gas company’s stock after selling 884,851 shares during the period. Renaissance Technologies LLC’s holdings in CVR Energy were worth $9,501,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its holdings in CVR Energy by 51.5% during the first quarter. PNC Financial Services Group Inc. now owns 1,142 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 388 shares during the last quarter. Quarry LP acquired a new stake in CVR Energy in the 3rd quarter valued at $50,000. Aster Capital Management DIFC Ltd bought a new stake in CVR Energy during the 4th quarter worth about $40,000. Exchange Traded Concepts LLC bought a new stake in CVR Energy during the 4th quarter worth about $47,000. Finally, Horizon Investments LLC acquired a new stake in shares of CVR Energy in the fourth quarter valued at about $47,000. Institutional investors own 98.88% of the company’s stock.

CVR Energy Price Performance

NYSE:CVI opened at $35.51 on Monday. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 2.38. CVR Energy Inc. has a 12-month low of $19.62 and a 12-month high of $41.67. The stock’s 50 day moving average price is $31.55 and its two-hundred day moving average price is $29.52. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 52.22 and a beta of 0.83.

CVR Energy (NYSE:CVI) last posted its earnings results on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.08. CVR Energy had a negative return on equity of 15.21% and a net margin of 0.81%.The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the firm earned ($0.23) EPS. The firm’s revenue was up 55.5% compared to the same quarter last year. On average, analysts anticipate that CVR Energy Inc. will post -0.21 earnings per share for the current year.

CVR Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, August 10th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, August 10th. CVR Energy’s payout ratio is currently 58.82%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CVI shares. UBS Group reissued a “neutral” rating and set a $35.00 price target on shares of CVR Energy in a research report on Monday, June 29th. Tudor Pickering cut CVR Energy from a “hold” rating to a “sell” rating in a research note on Thursday, June 4th. Weiss Ratings cut shares of CVR Energy from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Friday, May 15th. Wall Street Zen upgraded shares of CVR Energy from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Mizuho dropped their price target on shares of CVR Energy from $35.00 to $28.00 and set an “underperform” rating on the stock in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, CVR Energy has an average rating of “Strong Sell” and an average target price of $30.25.

CVR Energy Profile

CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S.

In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products.