Verition Fund Management LLC Makes New Investment in CVR Energy, Inc. (NYSE:CVI)

Verition Fund Management LLC acquired a new stake in shares of CVR Energy, Inc. (NYSE:CVI) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 23,665 shares of the oil and gas company’s stock, valued at approximately $545,000.

A number of other hedge funds have also recently made changes to their positions in CVI. SG Americas Securities LLC bought a new stake in shares of CVR Energy during the second quarter valued at approximately $221,000. Neo Ivy Capital Management purchased a new stake in shares of CVR Energy during the 2nd quarter worth approximately $2,484,000. SummerHaven Investment Management LLC lifted its holdings in shares of CVR Energy by 2.2% in the 2nd quarter. SummerHaven Investment Management LLC now owns 24,511 shares of the oil and gas company’s stock valued at $656,000 after acquiring an additional 530 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of CVR Energy by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 975,323 shares of the oil and gas company’s stock worth $26,109,000 after acquiring an additional 3,134 shares during the last quarter. Finally, TrueMark Investments LLC purchased a new position in CVR Energy during the 2nd quarter valued at $419,000. 98.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Mizuho cut their price target on CVR Energy from $27.00 to $25.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Tudor Pickering raised shares of CVR Energy to a “strong sell” rating in a report on Monday, September 9th. Scotiabank reduced their price objective on shares of CVR Energy from $25.00 to $21.00 and set a “sector underperform” rating for the company in a research note on Thursday, October 10th. JPMorgan Chase & Co. dropped their target price on CVR Energy from $26.00 to $23.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 2nd. Finally, The Goldman Sachs Group reduced their price target on CVR Energy from $24.00 to $21.00 and set a “sell” rating for the company in a research report on Friday, December 6th. Five equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, CVR Energy has a consensus rating of “Reduce” and an average price target of $24.00.

CVR Energy Price Performance

Shares of CVR Energy stock opened at $19.88 on Thursday. The stock has a market capitalization of $2.00 billion, a P/E ratio of 28.81 and a beta of 1.57. The company has a current ratio of 1.33, a quick ratio of 0.86 and a debt-to-equity ratio of 1.84. The business’s fifty day moving average price is $20.53 and its 200 day moving average price is $23.70. CVR Energy, Inc. has a twelve month low of $15.60 and a twelve month high of $38.07.

CVR Energy (NYSE:CVI) last posted its earnings results on Monday, October 28th. The oil and gas company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.41). The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.91 billion. CVR Energy had a return on equity of 2.88% and a net margin of 0.89%. The company’s revenue for the quarter was down 27.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.89 earnings per share. As a group, research analysts anticipate that CVR Energy, Inc. will post -0.12 earnings per share for the current year.

CVR Energy 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.