CVR Energy (NYSE:CVI) Shares Gap Up - Here's Why

CVR Energy, Inc. (NYSE:CVI - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $18.32, but opened at $18.95. CVR Energy shares last traded at $19.02, with a volume of 175,908 shares traded.

Wall Street Analysts Forecast Growth

CVI has been the subject of several recent analyst reports. Scotiabank reduced their target price on CVR Energy from $25.00 to $21.00 and set a "sector underperform" rating for the company in a report on Thursday, October 10th. StockNews.com upgraded shares of CVR Energy from a "sell" rating to a "hold" rating in a report on Friday. The Goldman Sachs Group dropped their target price on shares of CVR Energy from $24.00 to $21.00 and set a "sell" rating on the stock in a research note on Friday. Mizuho decreased their price target on shares of CVR Energy from $27.00 to $25.00 and set a "neutral" rating for the company in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. dropped their price objective on CVR Energy from $26.00 to $23.00 and set an "underweight" rating on the stock in a research note on Wednesday, October 2nd. Five investment analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $24.00.

CVR Energy Stock Performance

The company's fifty day moving average is $20.76 and its 200 day moving average is $23.96. 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 company has a market capitalization of $1.89 billion, a P/E ratio of 27.20 and a beta of 1.57.

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

Hedge Funds Weigh In On CVR Energy

Large investors have recently modified their holdings of the company. Royce & Associates LP grew its position in CVR Energy by 58.1% during the third quarter. Royce & Associates LP now owns 101,043 shares of the oil and gas company's stock worth $2,327,000 after buying an additional 37,130 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of CVR Energy during the second quarter worth about $2,484,000. Millennium Management LLC bought a new position in shares of CVR Energy in the second quarter worth approximately $2,889,000. Advisors Asset Management Inc. raised its stake in CVR Energy by 37.2% in the third quarter. Advisors Asset Management Inc. now owns 352,075 shares of the oil and gas company's stock valued at $8,108,000 after purchasing an additional 95,371 shares in the last quarter. Finally, Quest Partners LLC lifted its position in CVR Energy by 1,034.9% during the third quarter. Quest Partners LLC now owns 39,550 shares of the oil and gas company's stock valued at $911,000 after purchasing an additional 36,065 shares during the last quarter. 98.88% of the stock is currently 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.