JPMorgan Chase & Co. Cuts Stake in CVR Energy, Inc. (NYSE:CVI)

JPMorgan Chase & Co. cut its holdings in CVR Energy, Inc. (NYSE:CVI) by 9.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 280,073 shares of the oil and gas company’s stock after selling 27,611 shares during the period. JPMorgan Chase & Co. owned 0.28% of CVR Energy worth $6,450,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other CVR Energy news, major shareholder Carl C. Icahn acquired 878,212 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were bought at an average price 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 of the company’s stock, valued at $1,233,163,322.25. The trade was a 1.32 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.01% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CVI. Scotiabank reduced their target price on CVR Energy from $25.00 to $21.00 and set a “sector underperform” rating on the stock in a report on Thursday, October 10th. The Goldman Sachs Group decreased their price objective on CVR Energy from $24.00 to $21.00 and set a “sell” rating on the stock in a report on Friday, December 6th. Mizuho raised their target price on shares of 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. reduced their price target on shares of 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, StockNews.com lowered shares of CVR Energy from a “hold” rating to a “sell” rating in a research report on Saturday, December 14th. Six investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to data from MarketBeat.com, CVR Energy presently has a consensus rating of “Reduce” and an average target price of $23.00.

CVR Energy Stock Performance

NYSE:CVI opened at $21.29 on Thursday. The firm has a market capitalization of $2.14 billion, a PE ratio of 30.86 and a beta of 1.58. The stock’s fifty day moving average is $18.73 and its 200 day moving average is $22.22. CVR Energy, Inc. 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 announced its earnings results on Monday, October 28th. The oil and gas company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.41). CVR Energy had a net margin of 0.89% and a return on equity of 2.88%. The firm had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the prior year, the company posted $1.89 EPS. The company’s revenue was down 27.3% compared to the same quarter last year. On average, sell-side analysts anticipate that CVR Energy, Inc. will post -0.16 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.