FY2024 Earnings Forecast for CVR Energy Issued By Scotiabank

CVR Energy, Inc. (NYSE:CVI) – Equities researchers at Scotiabank decreased 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 forecasts that the oil and gas company will post earnings per share of ($0.55) for the year, down from their prior estimate of $1.05. Scotiabank currently has a “Sector Underperform” rating and a $21.00 price objective 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.

CVI has been the topic of a number of other research reports. Mizuho raised 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. JPMorgan Chase & Co. dropped their price target on CVR Energy from $26.00 to $23.00 and set an “underweight” rating for the company in a research note on Wednesday, October 2nd. The Goldman Sachs Group dropped their price target 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. Finally, StockNews.com cut CVR Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 14th. Six research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $23.00.

CVR Energy Trading Up 0.5 %

Shares of CVI stock opened at $20.51 on Monday. The stock’s fifty day moving average price is $18.65 and its two-hundred day moving average price is $22.26. The company has a market cap of $2.06 billion, a PE ratio of 29.72 and a beta of 1.58. CVR Energy has a fifty-two week low of $15.60 and a fifty-two week high of $38.07. The company has a debt-to-equity ratio of 1.84, a quick ratio of 0.86 and a current ratio of 1.33.

CVR Energy (NYSE:CVI) last issued its earnings results 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). The business had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.91 billion. CVR Energy had a net margin of 0.89% and a return on equity of 2.88%. The company’s revenue for the quarter was down 27.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.89 EPS.

Insider Buying and Selling

In related news, major shareholder Carl C. Icahn bought 878,212 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was acquired at an average cost of $18.25 per share, with a total value of $16,027,369.00. Following the transaction, the insider now directly owns 67,570,593 shares in the company, valued at approximately $1,233,163,322.25. This trade represents a 1.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.01% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in shares of CVR Energy by 14.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 639,138 shares of the oil and gas company’s stock worth $14,719,000 after acquiring an additional 81,590 shares in the last quarter. Barclays PLC raised its position in shares of CVR Energy by 214.3% in the 3rd quarter. Barclays PLC now owns 78,030 shares of the oil and gas company’s stock worth $1,797,000 after acquiring an additional 53,203 shares in the last quarter. Royce & Associates LP raised its position in shares of CVR Energy by 58.1% in the 3rd quarter. Royce & Associates LP now owns 101,043 shares of the oil and gas company’s stock worth $2,327,000 after acquiring an additional 37,130 shares in the last quarter. State Street Corp raised its position 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. Finally, Hotchkis & Wiley Capital Management LLC bought a new position in shares of CVR Energy in the 3rd quarter worth about $5,335,000. 98.88% of the stock is owned by institutional investors.

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.