Insider Buying: CVR Energy, Inc. (NYSE:CVI) Major Shareholder Acquires 878,212 Shares of Stock

CVR Energy, Inc. (NYSE:CVI) major shareholder Carl C. Icahn bought 878,212 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was bought at an average price of $18.25 per share, for a total transaction of $16,027,369.00. Following the completion of the purchase, the insider now owns 67,570,593 shares of the company’s stock, valued at approximately $1,233,163,322.25. The trade was a 1.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

CVR Energy Price Performance

Shares of CVI stock traded up $0.38 during trading hours on Friday, reaching $18.97. The stock had a trading volume of 685,225 shares, compared to its average volume of 962,223. The stock’s fifty day simple moving average is $18.51 and its 200 day simple moving average is $22.42. The firm has a market capitalization of $1.91 billion, a PE ratio of 27.49 and a beta of 1.58. CVR Energy, Inc. has a 12 month low of $15.60 and a 12 month high of $38.07. The company has a current ratio of 1.33, a quick ratio of 0.86 and a debt-to-equity ratio of 1.84.

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

Hedge Funds Weigh In On CVR Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC increased its holdings in shares of CVR Energy by 820.5% in the 2nd quarter. Headlands Technologies LLC now owns 1,482 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,321 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in CVR Energy in the third quarter worth $43,000. Future Financial Wealth Managment LLC bought a new position in CVR Energy in the third quarter valued at $46,000. Larson Financial Group LLC raised its position in CVR Energy by 640.9% during the third quarter. Larson Financial Group LLC now owns 3,119 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 2,698 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in CVR Energy by 47.3% during the second quarter. Quest Partners LLC now owns 3,485 shares of the oil and gas company’s stock worth $93,000 after purchasing an additional 1,119 shares during the last quarter. 98.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. dropped their price target 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. Scotiabank cut their target price on shares of CVR Energy from $25.00 to $21.00 and set a “sector underperform” rating for the company in a research report on Thursday, October 10th. StockNews.com downgraded shares of CVR Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 14th. Mizuho upped their price target on shares of CVR Energy from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, The Goldman Sachs Group reduced their price objective on shares of CVR Energy from $24.00 to $21.00 and set a “sell” rating for the company in a research note on Friday, December 6th. Six investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $23.00.

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.