SUGAR LAND, Texas--(BUSINESS WIRE)--CVR Energy, Inc. (NYSE: CVI) plans to release its third quarter 2026 earnings results on Tuesday, November 3, before the opening of trading on the New York Stock Exchange. The Company also will host a teleconference call on Tuesday, November 3, at 1 p.m. Eastern to discuss these results.
This call, which will contain forward-looking information, will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (833) 461-5787, conference ID 855547097. A repeat of the call can be accessed for seven days by dialing (833) 309-1852, conference ID 855547097. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.
CVR Energy’s third quarter 2026 earnings news release will be distributed via Business Wire and posted at www.CVREnergy.com.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners, LP.
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at CVR Energy (CVI - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. CVR Energy currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if CVI is a promising momentum pick, let's examine some Momentum Style elements to see if this diversified holding company holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For CVI, shares are up 5.86% over the past week while the Zacks Oil and Gas - Refining and Marketing industry is up 2.84% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 14.4% compares favorably with the industry's 6.23% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of CVR Energy have increased 83.62% over the past quarter, and have gained 79.07% in the last year. On the other hand, the S&P 500 has only moved 1.92% and 16.73%, respectively.
Investors should also pay attention to CVI's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. CVI is currently averaging 906,868 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with CVI.
Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost CVI's consensus estimate, increasing from $0.79 to $3.21 in the past 60 days. Looking at the next fiscal year, 2 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineTaking into account all of these elements, it should come as no surprise that CVI is a #1 (Strong Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep CVR Energy on your short list.
As of Oct. 14, 2026, three stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
CVR Energy, Inc. (NYSE:CVI)
On Oct. 9, Goldman Sachs analyst Carly Davenport maintained CVR Energy with a Sell and raised the price target from $36 to $50. The company’s stock gained around 30% over the past month and has a 52-week high of $63.31.
RSI Value: 81.2
CVI Price Action: Shares of CVR Energy gained 7.2% to close at $63.12 on Tuesday.
Edge Stock Ratings: 97.66 Momentum score with Value at 43.95.
HF Sinclair Corp (NYSE:DINO)
On Oct. 9, Goldman Sachs analyst Neil Mehta maintained HF Sinclair with a Buy and raised the price target from $114 to $142. The company’s stock gained around 20% over the past month and has a 52-week high of $128.56.
RSI Value: 80.4
DINO Price Action: Shares of HF Sinclair gained 4.3% to close at $128.23 on Tuesday.
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Phillips 66 (NYSE:PSX)
On Oct. 13, Citigroup analyst Vikram Bagri maintained Phillips 66 with a Neutral and raised the price target from $217 to $297. The company’s stock gained around 14% over the past month and has a 52-week high of $292.88.
RSI Value: 77.2
PSX Price Action: Shares of Phillips 66 rose 4% to close at $292.73 on Tuesday.
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Investors might want to bet on CVR Energy (CVI - Free Report) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.
The upward trend in estimate revisions for this diversified holding company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
Consensus earnings estimates for the next quarter and full year have moved considerably higher for CVR Energy, as there has been strong agreement among the covering analysts in raising estimates.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $1.59 per share, which is a change of +297.5% from the year-ago reported number.
Over the last 30 days, one estimate has moved higher for CVR compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 33.58%.
Current-Year Estimate RevisionsFor the full year, the earnings estimate of $1.57 per share represents a change of +228.7% from the year-ago number.
The revisions trend for the current year also appears quite promising for CVR, with one estimate moving higher over the past month compared to no negative revisions. The consensus estimate has also received a boost over this time frame, increasing 98.1%.
Favorable Zacks RankOur research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineWhile strong estimate revisions for CVR have attracted decent investments and pushed the stock 21.1% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. CVR Energy (CVI - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
CVR Energy is one of 254 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. CVR Energy is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CVI's full-year earnings has moved 827.9% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CVI has gained about 131.6% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 38.8% on a year-to-date basis. As we can see, CVR Energy is performing better than its sector in the calendar year.
Forum Energy Technologies (FET - Free Report) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 132%.
Over the past three months, Forum Energy Technologies' consensus EPS estimate for the current year has increased 85.6%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, CVR Energy belongs to the Oil and Gas - Refining and Marketing industry, which includes 15 individual stocks and currently sits at #4 in the Zacks Industry Rank. On average, this group has gained an average of 149.5% so far this year, meaning that CVI is slightly underperforming its industry in terms of year-to-date returns.
In contrast, Forum Energy Technologies falls under the Oil and Gas - Mechanical and and Equipment industry. Currently, this industry has 13 stocks and is ranked #83. Since the beginning of the year, the industry has moved +35.8%.
Investors interested in the Oils-Energy sector may want to keep a close eye on CVR Energy and Forum Energy Technologies as they attempt to continue their solid performance.
CVR Energy (CVI) has delivered outsized returns, up 372.7% since March 2021, significantly outperforming the S&P 500. Favorable crack spreads, tight inventories, and geopolitical disruptions have driven strong revenue and margin expansion for CVI's petroleum and fertilizer segments. Despite recent strength, I maintain a soft ‘buy' rating, noting that forward valuation is reasonable but caution is warranted ahead of potentially mixed Q3 2026 results.
CVR Energy (NYSE:CVI – Get Free Report) and Alvopetro Energy (OTCMKTS:ALVOF – Get Free Report) are both energy companies, but which is the better investment? We will contrast the two companies based on the strength of their analyst recommendations, risk, institutional ownership, dividends, profitability, earnings and valuation.
Institutional and Insider Ownership 98.9% of CVR Energy shares are owned by institutional investors. 70.8% of CVR Energy shares are owned by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock will outperform the market over the long term.
Dividends CVR Energy pays an annual dividend of $0.40 per share and has a dividend yield of 0.7%. Alvopetro Energy pays an annual dividend of $0.48 per share and has a dividend yield of 7.5%. CVR Energy pays out 58.8% of its earnings in the form of a dividend. Alvopetro Energy pays out 64.9% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. CVR Energy has raised its dividend for 1 consecutive years.
Profitability This table compares CVR Energy and Alvopetro Energy’s net margins, return on equity and return on assets. Net Margins Return on Equity Return on Assets CVR Energy 0.81% -15.21% -3.33% Alvopetro Energy 42.13% 27.90% 19.95% Analyst Ratings This is a summary of recent ratings and target prices for CVR Energy and Alvopetro Energy, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score CVR Energy 4 4 0 0 1.50 Alvopetro Energy 0 1 0 0 2.00 CVR Energy presently has a consensus price target of $45.75, indicating a potential downside of 21.13%. Given CVR Energy’s higher probable upside, equities analysts clearly believe CVR Energy is more favorable than Alvopetro Energy.
Volatility and Risk CVR Energy has a beta of 0.9, meaning that its stock price is 10% less volatile than the S&P 500. Comparatively, Alvopetro Energy has a beta of 0.01, meaning that its stock price is 99% less volatile than the S&P 500.
Valuation & Earnings This table compares CVR Energy and Alvopetro Energy”s revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio CVR Energy $7.16 billion 0.81 $27.00 million $0.68 85.30 Alvopetro Energy $57.95 million 4.14 $23.10 million $0.74 8.68 CVR Energy has higher revenue and earnings than Alvopetro Energy. Alvopetro Energy is trading at a lower price-to-earnings ratio than CVR Energy, indicating that it is currently the more affordable of the two stocks.
Summary CVR Energy beats Alvopetro Energy on 9 of the 16 factors compared between the two stocks.
About CVR Energy (Get Free Report)
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. This segment also owns and operates a coking medium-sour crude oil refinery in southeast Kansas; and a crude oil refinery in Wynnewood, Oklahoma, as well as supporting logistics assets. This segment primarily serves retailers, railroads, farm cooperatives, and other refiners/marketers. The Nitrogen Fertilizer segment owns and operates a nitrogen fertilizer plant in North America that utilizes a pet coke gasification process to produce nitrogen fertilizer products; and a nitrogen fertilizer facility in East Dubuque, Illinois that produces nitrogen fertilizers in the form of ammonia and urea ammonium nitrate (UAN), nitric acid, and liquid and granulated urea. This segment primarily markets UAN products to agricultural customers; and ammonia products to agricultural and industrial customers. The company was founded in 1906 and is based in Sugar Land, Texas. CVR Energy, Inc. is a subsidiary of Icahn Enterprises L.P.
(Get Free Report)
Alvopetro Energy Ltd. operates as an independent upstream and midstream operator. It engages in the acquisition, exploration, development, and production of hydrocarbons. The company holds interests in the Caburé and Murucututu natural gas assets, Block 182 and 183 exploration assets, and Bom Lugar and Mãe-da-lua oil fields, which covers an area of approximately 22,166 acres in the Recôncavo basin onshore Brazil. Alvopetro Energy Ltd. was incorporated in 2013 and is headquartered in Calgary, Canada.
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CVR Energy Inc. (NYSE:CVI – Get Free Report) shares hit a new 52-week high on Thursday. The stock traded as high as $58.92 and last traded at $57.3380, with a volume of 623318 shares. The stock had previously closed at $57.42.
Analyst Ratings Changes Several brokerages recently issued reports on CVI. Wall Street Zen upgraded CVR Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. UBS Group increased their price objective on CVR Energy from $35.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, October 2nd. Weiss Ratings upgraded CVR Energy from a “sell (d-)” rating to a “hold (c)” rating in a research note on Tuesday, September 22nd. Zacks Research raised CVR Energy from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Mizuho upped their price target on CVR Energy from $28.00 to $29.00 and gave the stock an “underperform” rating in a research note on Tuesday, August 4th. Four equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $35.00.
Check Out Our Latest Report on CVR Energy
CVR Energy Price Performance The company has a debt-to-equity ratio of 2.38, a quick ratio of 0.92 and a current ratio of 1.42. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 84.32 and a beta of 0.90. The company has a 50-day simple moving average of $43.92 and a 200-day simple moving average of $36.18. CVR Energy (NYSE:CVI – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.08. CVR Energy had a negative return on equity of 15.21% and a net margin of 0.81%.The firm had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the prior year, the business posted ($0.23) earnings per share. CVR Energy’s revenue was up 55.5% compared to the same quarter last year. As a group, research analysts predict that CVR Energy Inc. will post 1.56 earnings per share for the current year.
CVR Energy Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 10th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, August 10th. CVR Energy’s dividend payout ratio (DPR) is currently 58.82%.
Institutional Trading of CVR Energy A number of institutional investors have recently added to or reduced their stakes in the stock. Congress Asset Management Co. increased its holdings in CVR Energy by 20.7% in the third quarter. Congress Asset Management Co. now owns 110,723 shares of the oil and gas company’s stock valued at $5,646,000 after buying an additional 18,966 shares in the last quarter. CX Institutional boosted its stake in shares of CVR Energy by 5,362.5% during the 3rd quarter. CX Institutional now owns 1,311 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,287 shares in the last quarter. State Street Corp boosted its stake in shares of CVR Energy by 11.0% during the 2nd quarter. State Street Corp now owns 2,153,498 shares of the oil and gas company’s stock worth $59,315,000 after acquiring an additional 213,829 shares in the last quarter. WINTON GROUP Ltd grew its holdings in shares of CVR Energy by 357.8% in the 2nd quarter. WINTON GROUP Ltd now owns 164,204 shares of the oil and gas company’s stock worth $4,522,000 after acquiring an additional 128,339 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in shares of CVR Energy in the 2nd quarter worth approximately $903,000. Hedge funds and other institutional investors own 98.88% of the company’s stock.
CVR Energy Company Profile (Get Free Report)
CVR Energy, Inc is a diversified energy company engaged primarily in petroleum refining and nitrogen fertilizer production. Headquartered in Sugar Land, Texas, the company operates through subsidiaries that serve customers in the United States, with activities concentrated in the Midcontinent region.
Through its refining operations, CVR Energy processes crude oil into transportation fuels and other refined products, including gasoline, diesel fuel, jet fuel and asphalt. Its refineries are located in Coffeyville, Kansas, and Wynnewood, Oklahoma, and are supported by related logistics, storage and transportation assets.
CVR Energy also owns and operates nitrogen fertilizer facilities through CVR Partners, LP.
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KNOT Offshore Partners (NYSE:KNOP – Get Free Report) and CVR Energy (NYSE:CVI – Get Free Report) are both energy companies, but which is the better stock? We will contrast the two businesses based on the strength of their dividends, valuation, risk, earnings, profitability, institutional ownership and analyst recommendations.
Profitability This table compares KNOT Offshore Partners and CVR Energy’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets KNOT Offshore Partners 3.90% 5.73% 1.84% CVR Energy 0.81% -15.21% -3.33% Earnings & Valuation This table compares KNOT Offshore Partners and CVR Energy”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio KNOT Offshore Partners $382.14 million 0.93 $22.96 million $0.44 24.00 CVR Energy $7.16 billion 0.77 $27.00 million $0.68 80.44 CVR Energy has higher revenue and earnings than KNOT Offshore Partners. KNOT Offshore Partners is trading at a lower price-to-earnings ratio than CVR Energy, indicating that it is currently the more affordable of the two stocks.
Dividends KNOT Offshore Partners pays an annual dividend of $0.40 per share and has a dividend yield of 3.8%. CVR Energy pays an annual dividend of $0.40 per share and has a dividend yield of 0.7%. KNOT Offshore Partners pays out 90.9% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. CVR Energy pays out 58.8% of its earnings in the form of a dividend. CVR Energy has increased its dividend for 1 consecutive years.
Institutional and Insider Ownership 26.8% of KNOT Offshore Partners shares are owned by institutional investors. Comparatively, 98.9% of CVR Energy shares are owned by institutional investors. 70.8% of CVR Energy shares are owned by company insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a company will outperform the market over the long term.
Analyst Ratings This is a summary of current ratings for KNOT Offshore Partners and CVR Energy, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score KNOT Offshore Partners 0 3 1 1 2.60 CVR Energy 4 4 0 0 1.50 KNOT Offshore Partners presently has a consensus target price of $14.00, suggesting a potential upside of 32.60%. CVR Energy has a consensus target price of $35.00, suggesting a potential downside of 36.01%. Given KNOT Offshore Partners’ stronger consensus rating and higher possible upside, equities research analysts plainly believe KNOT Offshore Partners is more favorable than CVR Energy.
Risk and Volatility KNOT Offshore Partners has a beta of -0.02, meaning that its share price is 102% less volatile than the S&P 500. Comparatively, CVR Energy has a beta of 0.9, meaning that its share price is 10% less volatile than the S&P 500.
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KNOT Offshore Partners LP acquires, owns, and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides loading, transportation, and discharge of crude oil under time charters and bareboat charters. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.
About CVR Energy (Get Free Report)
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. This segment also owns and operates a coking medium-sour crude oil refinery in southeast Kansas; and a crude oil refinery in Wynnewood, Oklahoma, as well as supporting logistics assets. This segment primarily serves retailers, railroads, farm cooperatives, and other refiners/marketers. The Nitrogen Fertilizer segment owns and operates a nitrogen fertilizer plant in North America that utilizes a pet coke gasification process to produce nitrogen fertilizer products; and a nitrogen fertilizer facility in East Dubuque, Illinois that produces nitrogen fertilizers in the form of ammonia and urea ammonium nitrate (UAN), nitric acid, and liquid and granulated urea. This segment primarily markets UAN products to agricultural customers; and ammonia products to agricultural and industrial customers. The company was founded in 1906 and is based in Sugar Land, Texas. CVR Energy, Inc. is a subsidiary of Icahn Enterprises L.P.
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State Street Corp raised its stake in CVR Energy Inc. (NYSE:CVI – Free Report) by 11.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,153,498 shares of the oil and gas company’s stock after acquiring an additional 213,829 shares during the quarter. State Street Corp owned about 2.14% of CVR Energy worth $59,315,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently modified their holdings of CVI. BlackRock Inc. bought a new stake in shares of CVR Energy during the second quarter valued at approximately $143,262,000. Dimensional Fund Advisors LP boosted its position in CVR Energy by 16.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,908,062 shares of the oil and gas company’s stock valued at $64,220,000 after buying an additional 265,013 shares during the last quarter. Bank of America Corp DE increased its stake in shares of CVR Energy by 19.4% in the 2nd quarter. Bank of America Corp DE now owns 671,728 shares of the oil and gas company’s stock valued at $18,499,000 after buying an additional 109,338 shares during the period. PDT Partners LLC acquired a new stake in shares of CVR Energy in the 2nd quarter valued at $14,502,000. Finally, First Trust Advisors LP raised its position in shares of CVR Energy by 687.6% during the first quarter. First Trust Advisors LP now owns 263,448 shares of the oil and gas company’s stock worth $8,865,000 after acquiring an additional 229,998 shares during the last quarter. 98.88% of the stock is owned by institutional investors.
CVR Energy Stock Down 0.9% CVR Energy stock opened at $51.32 on Friday. The company’s 50 day simple moving average is $40.43 and its 200 day simple moving average is $34.60. CVR Energy Inc. has a fifty-two week low of $19.62 and a fifty-two week high of $55.19. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 75.48 and a beta of 0.85. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.42 and a quick ratio of 0.92.
CVR Energy (NYSE:CVI – Get Free Report) last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.26 by $0.08. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.22 billion. CVR Energy had a net margin of 0.81% and a negative return on equity of 15.21%. The business’s quarterly revenue was up 55.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. As a group, sell-side analysts anticipate that CVR Energy Inc. will post 1.56 EPS for the current year. CVR Energy Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 10th were given a $0.10 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.8%. CVR Energy’s dividend payout ratio is currently 58.82%.
Wall Street Analysts Forecast Growth Several equities analysts have recently issued reports on the company. Wall Street Zen raised CVR Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. UBS Group reissued a “neutral” rating and set a $35.00 price objective on shares of CVR Energy in a report on Monday, June 29th. Zacks Research upgraded shares of CVR Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Mizuho raised their target price on shares of CVR Energy from $28.00 to $29.00 and gave the company an “underperform” rating in a research note on Tuesday, August 4th. Finally, Tudor Pickering cut shares of CVR Energy from a “hold” rating to a “sell” rating in a research report on Thursday, June 4th. Four equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, CVR Energy has an average rating of “Reduce” and an average price target of $30.50.
Get Our Latest Research Report on CVR Energy
CVR Energy Company Profile (Free Report)
CVR Energy, Inc (NYSE:CVI) is a diversified energy company that operates through its petroleum refining and nitrogen fertilizer businesses. The company’s operations are primarily located in the Mid-Continent region of the United States.
Through its petroleum segment, CVR Energy owns and operates refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma. These facilities process crude oil into transportation fuels and other refined products, including gasoline, diesel fuel, jet fuel, and asphalt.
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On September 15, 2026, CVR Energy Inc CVI shares rose 7.3% to a current price of $52.17. This move reflects a significant increase in price performance, with the stock ranging from a 52-week low of $19.62 to a high of $52.55.
GF Value™ verdict: Current price is $52.17, which is 84.6% above the GF Value™ estimate of $28.26, indicating the stock is overvalued.GF Score™ of 58/100 suggests an average investment quality.Insider activity shows a bullish signal, with insiders purchasing $16.4 million worth of shares over the past 12 months and no selling activity.Is CVI Overvalued or Undervalued?The current price of CVR Energy Inc CVI at $52.17 is significantly above the GF Value™ estimate of $28.26. This indicates that the stock is overvalued by approximately 84.6%. The GF Valuation label categorizes CVI as "Significantly Overvalued," suggesting that the market price is well above its intrinsic value derived from historical trading multiples, past business growth, and future performance estimates.
Investors looking at CVI should be aware of the risks associated with buying a stock at such a premium to its intrinsic value. The high valuation could lead to a correction if the company's performance does not meet market expectations, or if broader market conditions shift unfavorably. Therefore, the margin of safety is minimal for new investors entering at this price point.
How Does CVI's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)76.7x10.0xForward P/E21.1xN/ACVI's current P/E ratio of 76.7x is a staggering 667% above its 5-year median P/E of 10.0x. This stark contrast reinforces the GF Value™ assessment of the stock being overvalued, as it trades significantly above its historical valuation metrics. The forward P/E of 21.1x, while lower than the current P/E, still reflects a premium valuation compared to historical averages.
What Does CVI's GF Score™ Tell Us?The GF Score™ is an overall measure of a stock's quality that takes into account various factors including financial strength, profitability, growth potential, valuation, and momentum. CVI's score of 58/100 indicates an average investment quality, with some strengths and notable weaknesses across different sub-ranks.
MetricRatingGF Score™58Financial Strength5/10Profitability8/10Growth1/10Valuation1/10Momentum6/10CVI's strongest area is its profitability rank of 8/10, indicating good earnings margins and operational performance. However, the stock's growth rank of 1/10 and valuation rank of 1/10 highlight significant weaknesses, particularly in terms of expected future growth and current valuation metrics. This disparity suggests that while the company may be performing well operationally, its growth prospects and current price may not support a favorable investment thesis.
What Are Gurus and Insiders Doing with CVI?Currently, five gurus hold positions in CVR Energy Inc CVI, with one guru adding to their position while four have trimmed theirs in recent quarters. This mixed activity from gurus suggests some level of caution among institutional investors regarding the stock's valuation.
Insider activity has shown a strong bullish signal, with insiders purchasing $16.4 million worth of shares over the past year and no selling activity reported. This insider buying could indicate confidence in the company's future prospects, providing a counterbalance to the concerns raised by the stock's high valuation. Such patterns often signal a belief that the stock may perform better than market expectations, despite the current overvaluation.
What This Means for InvestorsBased on the GF Value™ assessment, CVR Energy Inc CVI is currently overvalued at a price of $52.17, significantly exceeding the intrinsic value estimate of $28.26. The substantial premium over historical valuations further complicates the investment decision. While insider buying may indicate confidence in the company's future, the high valuation poses risks for potential investors. For more insights on CVR Energy Inc (CVI), visit the CVR Energy Inc (CVI) stock page.
Frequently Asked QuestionsWhat is CVI's GF Score™?
CVI's GF Score™ is 58/100, indicating an average investment quality based on a combination of financial metrics and market behavior.
Is CVI overvalued or undervalued?
CVI is currently overvalued, with a GF Value™ estimate of $28.26 compared to the current price of $52.17.
What is CVI's P/E ratio?
CVI's P/E ratio is 76.7x, which is significantly higher than its 5-year median P/E of 10.0x, further emphasizing its overvaluation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
Investors in CVR Energy, Inc. (CVI - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $50.00 Put had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for CVR Energy shares, but what is the fundamental picture for the company? Currently, CVR Energy is a Zacks Rank #3 (Hold) in the Oil and Gas - Refining and Marketing industry that ranks in the Top 11% of our Zacks Industry Rank. Over the last 60 days, our Zacks Consensus Estimate for the current quarter has moved from 81 cents per share to 72 cents in that period.
Given the way analysts feel about CVR Energy right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
This Energy Stock Has Quietly Soared 130% in a YearCVR Energy NYSE: CVI reported strong operating performance in the second quarter of 2026, supported by high refinery and ammonia plant utilization, elevated refining margins and favorable fertilizer-market conditions. The company said it generated consolidated net income of $46 million, while reporting a loss per share of $0.03, EBITDA of $161 million and adjusted EBITDA of $209 million.
Chief Executive Officer Dane Neumann said the company’s asset base benefited from tight energy and fertilizer markets linked to ongoing global conflicts. CVR Energy declared a second-quarter dividend of $0.10 per share and said current market conditions could create opportunities to reduce leverage and add shareholder value.
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Refining Results Improve on Higher Crack Spreads As Energy Surges on Crack Spreads, Consider Taking Gains on 2 Small Cap Oil StocksCVR Energy’s petroleum segment generated adjusted EBITDA of $106 million in the second quarter, up from $38 million a year earlier. The company attributed the improvement primarily to higher Group 3 crack spreads and increased throughput volumes, partly offset by higher Brent expenses, WTI backwardation and realized derivative losses.
Combined refinery throughput totaled approximately 213,000 barrels per day, representing crude utilization of about 98% of nameplate capacity. Light-product yield was 92% of total throughput.
The Group 3 2-1-1 crack spread averaged $44.91 per barrel during the quarter, compared with $24.02 per barrel in the second quarter of 2025. CVR Energy’s realized margin, adjusted for renewable fuel standard, inventory valuation and unrealized derivative impacts, was $12.43 per barrel, or a 28% capture rate on the Group 3 benchmark.
Renewable Identification Number, or RIN, costs remained a major drag on results. Net RIN expense, excluding the change in the company’s RFS liability, was $216 million, or $11.16 per barrel. Richard Roberts, interim chief financial officer and vice president of FP&A and investor relations, said the expense reduced the company’s capture rate by approximately 25%.
CVR Energy had an estimated accrued RFS obligation of $408 million as of June 30, representing 169 million RINs marked at an average price of $2.41. The Environmental Protection Agency had not ruled on Wynnewood Refining Company’s pending 2025 small-refinery-exemption petition, Roberts said. The company continues to recognize 100% of Wynnewood’s RIN obligation in its financial statements, which was approximately $77 million for the quarter.
Roberts said a 100% exemption for Wynnewood would have improved the company’s consolidated capture rate by roughly 9% during the quarter. CVR Energy said it is purchasing 50% of Wynnewood’s expected 2026 obligation while maintaining that the refinery qualifies for a full waiver under the Department of Energy scoring methodology.
Hedge Losses and Third-Quarter Exposure Second-quarter results included derivative losses of $75 million, comprising an $81 million realized loss and a $6 million unrealized gain. The realized loss stemmed from crack-spread swaps, with approximately 4.4 million barrels of positions settled during the quarter.
Roberts said the realized loss equated to about $4.16 per barrel and reduced capture by roughly 9%. The company had open crack-spread swap positions totaling approximately 8.2 million barrels at quarter-end.
For the remainder of 2026, CVR Energy had approximately 4.6 million barrels of diesel hedged and 400,000 barrels of gasoline hedged. Third-quarter crack-spread swap exposure totaled about 2.7 million barrels, with a notional value of approximately $102 million. For 2027, the company had roughly 3.2 million barrels of diesel hedged, distributed relatively evenly across the year. Neumann said CVR Energy historically sought board authorization to hedge around 30% of production for roughly a calendar year. Going forward, he said the company may seek lower authorization levels and take a more cautious approach to layering in hedges.
Fertilizer Segment Posts Higher EBITDA The fertilizer segment reported adjusted EBITDA of $107 million, compared with $67 million in the prior-year period. Ammonia utilization reached 99% as both plants operated with minimal downtime.
CVR Partners’ general partner declared a second-quarter distribution of $6.08 per common unit. Because CVR Energy owns approximately 37% of CVR Partners’ common units, it expects to receive a proportionate cash distribution of about $24 million.
Neumann said nitrogen demand was strong during the spring planting season, while summer fill and fall prepay activity produced a “solid book of business” for the second half of 2026 at what he called attractive pricing. Prompt third-quarter fertilizer prices were cited at $650 to $700 per ton for ammonia and $325 to $350 per ton for UAN.
The company expects to begin a planned turnaround at its East Dubuque facility in late August. During that work, CVR Energy intends to complete a brownfield expansion that it believes will increase ammonia production capacity by approximately 5%. It also expects to finalize a detailed design and construction plan this year for using natural gas as an alternative feedstock to third-party petroleum coke.
Cash Flow, Deleveraging and Outlook CVR Energy generated $307 million of operating cash flow and $264 million of free cash flow in the second quarter. Cash spending included $43 million of capital expenditures, $27 million for the non-controlling interest portion of CVR Partners’ first-quarter distribution, $20 million of cash interest and $10 million in dividends.
The company ended the quarter with $737 million in consolidated cash, including $137 million in the fertilizer segment. Liquidity excluding CVR Partners was approximately $1.1 billion, including about $600 million of cash and $540 million of availability under its asset-based lending facility.
Management reiterated its goal of reducing gross leverage to $1 billion, excluding CVR Partners debt. Neumann said debt reduction remains a priority, though the company could consider a sustainable increase in its dividend if it makes meaningful progress toward that target. He also said CVR Energy continues to seek accretive growth opportunities, including potential refining and logistics investments, but would look to funding sources other than cash on the balance sheet for meaningful acquisitions.
For the third quarter, CVR Energy expects petroleum-segment throughput of 205,000 to 220,000 barrels per day. Fertilizer ammonia utilization is projected at 75% to 80%, reflecting the East Dubuque turnaround. Neumann said the company remains optimistic that refining and fertilizer conditions could stay above mid-cycle levels well into 2027.
About CVR Energy (NYSE:CVI)CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S.
In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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CVR Energy (CVI - Free Report) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to a loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +88.89%. A quarter ago, it was expected that this diversified holding company would post a loss of $0.54 per share when it actually produced a loss of $1.24, delivering a surprise of -129.63%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
CVR, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $2.74 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 26.33%. This compares to year-ago revenues of $1.76 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CVR shares have added about 32.6% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for CVR?While CVR has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CVR was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.61 on $2.02 billion in revenues for the coming quarter and -$0.22 on $8.06 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Phillips 66 (PSX - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This oil refiner is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +222.7%. The consensus EPS estimate for the quarter has been revised 25.5% higher over the last 30 days to the current level.
Phillips 66's revenues are expected to be $36.17 billion, up 7.9% from the year-ago quarter.
SUGAR LAND, Texas--(BUSINESS WIRE)--CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its second quarter 2026 results including a net loss attributable to CVR Energy stockholders of $3 million, or 3 cents per diluted share, and an adjusted earnings per diluted share of 34 cents, compared to net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, and an adjusted loss per diluted share of 23 cents for the second quarter of 2025. Net.
The market expects CVR Energy (CVI - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis diversified holding company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +178.3%.
Revenues are expected to be $2.17 billion, up 23.1% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 24.85% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CVR?For CVR, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that CVR will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CVR would post a loss of$0.54 per share when it actually produced a loss of -$1.24, delivering a surprise of -129.63%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CVR doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAmong the stocks in the Zacks Oil and Gas - Refining and Marketing industry, HF Sinclair (DINO - Free Report) , is soon expected to post earnings of $4.39 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +158.2%. This quarter's revenue is expected to be $7.5 billion, up 10.5% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for HF Sinclair has been revised 22.6% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.
When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that HF Sinclair will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
SUGAR LAND, Texas--(BUSINESS WIRE)--CVR Energy, Inc. (NYSE: CVI) plans to release its second quarter 2026 earnings results on Wednesday, July 29, after the close of trading on the New York Stock Exchange. The Company also will host a teleconference call on Thursday, July 30, at 1 p.m. Eastern to discuss these results. This call, which will contain forward-looking information, will be webcast live and can be accessed on the Investor Relations section of CVR Energy's website at www.CVREnergy.com.
CVR Energy remains undervalued despite sector tailwinds, with shares offering 25% upside and a 'Buy' rating reaffirmed. Crack spreads are exceptionally wide, driving windfall profits, but CVI's hedging strategy has limited near-term upside versus peers. Balance sheet repair is progressing, with gross debt expected to reach the $1 billion target by year-end and a cautious dividend reinstated.
SUGAR LAND, Texas--(BUSINESS WIRE)--CVR Energy, Inc. (NYSE: CVI or “CVR Energy”) and CVR Partners, LP (NYSE: UAN or “CVR Partners”) are pleased to announce that Dane Neumann, Executive Vice President and Chief Financial Officer, has been promoted to the position of President and Chief Executive Officer of CVI and the general partner of UAN (collectively, the “CVR Entities”), as well as to their Boards of Directors, effective June 18, 2026, following Mark Pytosh’s resignation from the CVR Entities for personal reasons.
“On behalf of our Boards of Directors, I am pleased to welcome Dane to the helm of our companies,” said Robert Flint, Chairman of the Boards of Directors of each of the CVR Entities. “Since joining CVR, Dane’s exceptional leadership, financial discipline and deep expertise in all aspects of our businesses, combined with his unwavering commitment to our Mission and Values, have enabled him to serve as a critical catalyst for process improvements, setting the stage for the growth and value creation that remain primary priorities for our companies. These unprecedented times demand unprecedented focus, and we are confident Dane is the right person to lead us into the future.”
“We have an exceptional and dedicated team that has been laser focused on maintaining our operational excellence and optimizing our business,” said Mr. Neumann. “Looking ahead, we intend to carry our philosophy of Continuous Improvement into all aspects of our businesses, seeking to maintain safe, reliable operations while driving meaningful growth and shareholder returns.”
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding process improvements, growth, value creation, operational excellence, business optimization, our ability to continuously improve, safe and reliable operations, meaningful growth and shareholder returns. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” “upcoming,” “before,” “future,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others), future actions of the EPA, the outcome of related court proceedings and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual performance or achievements to differ materially from any future performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy and CVR Partners disclaim any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.
About CVR Partners, LP
Headquartered in Sugar Land, Texas, CVR Partners is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per day ammonia unit and a 950 ton-per-day UAN unit.
Investors and others should note that CVR Energy and CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations pages of their websites. CVR Energy and CVR Partners may use these channels to distribute material information about CVR Energy and/or CVR Partners, as applicable, and to communicate important information about CVR Energy, CVR Partners, corporate initiatives and other matters. Information that CVR Energy or CVR Partners post on their websites could be deemed material; therefore, CVR Energy and CVR Partners encourage investors, the media, their customers, business partners and others interested in CVR Energy and/or CVR Partners to review the information posted on their websites.
More News From CVR Energy, Inc. and CVR Partners, LP
CVR Energy is rated a Strong Buy, driven by its resilient refining business and valuable stake in CVR Partners. CVI's upside hinges on potential EPA waivers that could eliminate $204 million in RIN obligations, unlocking 7–49% equity value. Petroleum segment benefits from mid-continent location, access to discounted WCS feedstock, and high facility complexity for margin resilience.
Before the opening bell on Monday, a member of our Discord community – Greg (.odd.1.) – spotted something unusual in the options market.
Institutional traders had been quietly accumulating options on the Invesco QQQ Trust over the past few weeks. And the flow suggested that something bigger might be brewing beneath the surface.
Once he discovered the signal, he realized there was one big catch…
Between rising geopolitical tensions involving the U.S. and Iran, shifting liquidity conditions, and sharp swings in tech stocks , the QQQ could easily break in either direction.
So instead of trying to guess the market’s next move, he took a page right out of the Masters in Trading playbook: He hedged the trade.
Specifically, he built a strangle. That’s when you buy a call and a put with different strike prices but the same expiration date.
That strategy lets you position for a large move without needing to predict which direction the stock will go.
That large move Greg was looking for hit much faster than he expected.
Greg bought contracts Monday morning. By the end of the trading day, he was up over 536%!
Strangles are just one of the tools we use here at Masters in Trading. [You can watch my full lesson on strangles and straddles right here.]
We also use straddles, spreads, and other setups designed to profit from volatility itself — not just market direction.
Right now, this kind of flexibility matters more than ever.
Markets are in panic mode amid the escalating Iran-U.S. war. Crude futures are spiking.
Major indexes like the S&P 500 and Nasdaq are taking massive hits, with both down roughly 7% this week.
Bonds bottomed out with their largest sell-off in nine months throughout February and early March.
In other words, the market that looked “stable” only days ago suddenly feels very different.
And this is exactly the environment where traditional long-term portfolios struggle the most — when volatility expands overnight.
But remember something important.
There is always a bull market somewhere.
Where the New Bull Market Lives
Right now, the bull market isn’t broad — it’s just concentrated in key assets like energy stocks, crude, and industrial metals.
When volatility spikes across these asset classes at the same time, it tells you something important: institutional capital is repositioning away from risk in droves.
We saw it last year with the endless tariff shock headlines and AI-driven sell-offs. We’re seeing the same exact thing happen right now.
But here at Masters in Trading, the goal isn’t to eliminate risk completely.
The goal is to control it.
We look for moments when institutional positioning and probability signals start to diverge from what the broader markets are pricing in. Then we structure trades around that gap.
That means positioning ourselves so we can capture significant upside while limiting our exposure to risk — no matter which direction the market ultimately breaks.
This is the strategy that keeps our capital at work even when markets melt down.
Whether you’re taking my recommendations or applying the Masters in Trading playbook to your own trades like Greg did…
Now is the time to lean into our options trading fundamentals.
The next place to look for profitable setups is in volatility itself. That’s our edge.
And just like I taught Greg and all the other members of the Masters in Trading community, it all comes down to the key charts showing us where volatility is building next.
For the last month, I’ve been highlighting our five alarm, early warning system of volatility indicators to figure out exactly where the next volatility-based plays are emerging.
And I’ve been repeating one thing over and over:
The market cannot rally until the front end of the yield curve turns.
Last week, it finally did.
Short-dated yields started falling faster than longer-dated yields — something investors call a bull steepening of the yield curve. That shift typically signals expectations for easier monetary policy, future rate cuts, and increased liquidity in financial markets.
So that’s one out of five charts shifting in the right direction. But just because one chart is turning doesn’t mean we can breathe a sigh of relief just yet.
Next, we watch the VVIX.
Think of the VVIX as volatility of volatility — a measure of how aggressively traders are buying protection in the options market.
Right now, it’s still elevated around 120.
Until that comes down, broad stock market rallies will likely struggle to gain momentum.
Now we zoom out to the yen carry trade.
This global strategy involves borrowing cheap yen and investing the money into higher-yielding assets like U.S. stocks or bonds.
When the yen weakens, the carry trade strengthens — which usually supports U.S. equities. Lately, the yen has been moving fast again.
The last time we saw a move like this was August 2024, when global markets sold off sharply. That’s a key level for us from here. A weakening yen keeps the carry trade in play.
Finally, we monitor one of the most important signals in the energy market: The 3-2-1 crack spread.
This measures the profit margin oil refiners earn by turning crude oil into gasoline and diesel.
When the crack spread rises, refinery stocks tend to follow. And right now? It’s ripping higher.
That’s not surprising when you consider that roughly 20% of global oil and natural-gas flows move through the Strait of Hormuz.
Any threat to that supply instantly pushes energy prices higher.
And when margins expand, refiners outperform. That’s why names like DK, DINO, and PSX are strong.
Each of these charts is flashing alarms through the global financial system. They’re broadly signaling a shift away from risk. Commodities and other safe havens are soaring amid a major repricing moment in the broader market.
Markets aren’t collapsing — but they aren’t fully confident either. They’re hovering right on the edge of a larger move.
That uncertainty causes most investors to panic. But for traders like us who understand volatility, it creates opportunity.
Because our strategy doesn’t rely on predicting the market perfectly.
Instead, we stay proactive — not reactive.
If markets drop? We position with puts.
If momentum builds higher? We ride the breakout. That’s how we captured:
30% gains on a uranium trade this week 330% gains on an AI trade in Fastly (FSLY) — even during one of the worst tech selloffs so far this year And a massive triple on CVR Energy (CVI) in just under two months Each of these trades is based on the same volatility signals I highlight every day. The same system I’ve perfected over 28+ years. Consistent, repeatable, and profitable in any market.
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All of this is factoring into the new Unusual Options Activity (UOA) Scanner I’m building. This is no mere face lift.
I’m making a lot of tweaks to how we visualize options flow. For example, we can now get date ranges over the last one-day to seven-day range in total. I’m even able to fine tune the criteria for how stocks get tapped for the list.
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This latest iteration of the model is generated by a machine learning model trained on 80,000 historical options flow events spread across a trailing 111 trading day window. That covers roughly 1,500 stocks.
This model looks for patterns in options activity that predict significant stock moves and options finishing in the money.
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Now, I’m not ready to release everything just yet. I want to make sure the system meets the same standard as the other tools I’ve built for our community.
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Shares of CVR Energy Inc. (NYSE: CVI - Get Free Report) have received an average rating of "Strong Sell" from the six brokerages that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a sell rating and one has issued a hold rating on the company. The average 1 year
CVR (CVI) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
The cycle in oil refining crack spreads bottomed in Q4 2025 and has been moving up ever since. Valuation of CVR Energy is well below peers due to previous management errors, which have now been corrected. Wars in Ukraine and Iran have damaged or destroyed multiple oil refineries, which will take years to repair or replace.
CVR Energy Inc. (NYSE:CVI – Get Free Report) has earned an average rating of “Strong Sell” from the six research firms that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a sell recommendation and two have issued a hold recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $30.00.
CVI has been the topic of a number of recent research reports. Scotiabank upgraded CVR Energy to a “strong sell” rating in a research note on Friday, March 27th. Mizuho raised their price objective on CVR Energy from $28.00 to $32.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 17th. Raymond James Financial upgraded CVR Energy from an “underperform” rating to a “market perform” rating in a research note on Wednesday, March 25th. Wall Street Zen lowered CVR Energy from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings downgraded CVR Energy from a “hold (c)” rating to a “sell (d)” rating in a report on Friday, February 20th.
View Our Latest Analysis on CVI
CVR Energy Price Performance CVR Energy stock opened at $32.48 on Tuesday. The stock’s fifty day moving average price is $26.74 and its two-hundred day moving average price is $30.22. CVR Energy has a one year low of $15.10 and a one year high of $41.67. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.79 and a quick ratio of 1.13. The firm has a market cap of $3.26 billion, a PE ratio of 124.91 and a beta of 0.94.
CVR Energy (NYSE:CVI – Get Free Report) last posted its quarterly earnings data on Wednesday, February 18th. The oil and gas company reported ($0.80) EPS for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.04. CVR Energy had a negative return on equity of 14.31% and a net margin of 0.38%.The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned ($0.13) EPS. The company’s revenue was down 7.0% on a year-over-year basis. As a group, research analysts expect that CVR Energy will post -0.12 EPS for the current fiscal year.
CVR Energy Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, March 2nd were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Monday, March 2nd.
Insider Buying and Selling at CVR Energy In other CVR Energy news, major shareholder Carl C. Icahn bought 275,012 shares of CVR Energy stock in a transaction on Tuesday, February 24th. The shares were purchased at an average price of $21.41 per share, with a total value of $5,888,006.92. Following the acquisition, the insider owned 71,201,875 shares in the company, valued at $1,524,432,143.75. This trade represents a 0.39% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders acquired 783,404 shares of company stock valued at $16,445,044. Company insiders own 0.01% of the company’s stock.
Institutional Investors Weigh In On CVR Energy A number of large investors have recently modified their holdings of CVI. Royal Bank of Canada boosted its holdings in shares of CVR Energy by 67.2% in the 1st quarter. Royal Bank of Canada now owns 14,904 shares of the oil and gas company’s stock valued at $289,000 after purchasing an additional 5,992 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of CVR Energy in the 1st quarter valued at $611,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CVR Energy by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,301 shares of the oil and gas company’s stock valued at $394,000 after purchasing an additional 858 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of CVR Energy by 14.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 496,650 shares of the oil and gas company’s stock valued at $9,635,000 after purchasing an additional 63,909 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of CVR Energy by 34.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 273,777 shares of the oil and gas company’s stock valued at $7,351,000 after purchasing an additional 69,726 shares in the last quarter. Institutional investors and hedge funds own 98.88% of the company’s stock.
About CVR Energy (Get Free Report)
CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S.
In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products.
Further Reading Five stocks we like better than CVR Energy
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The Undercovered Dozen series spotlights 12 lesser-covered stocks from the past week on Seeking Alpha. This week's edition covers articles published between March 27 and April 2, offering fresh investment ideas. The focus is on stocks that may offer unique opportunities due to limited analyst coverage.
Pre-Market Stock Futures: The futures are trading mixed as we approach the end of one of the most volatile and wild trading weeks in recent memory. After starting the day lower on Thursday as mixed reports on the success of the ships passing through the Strait of Hormuz rolled in, stocks gained momentum as the day progressed, and by the close, all of the major indices finished the day higher. That may change as we finish the week, but Thursday was a positive day for stocks, with the Nasdaq leading the way higher, closing at 22,822, up 0.83%, while the S&P 500 was last seen at 6,824, up 0.62%. The small-cap Russell 2000 closed at 2,636, up 0.60%, and the Dow Jones Industrials were last seen on Thursday at 48,185, up 0.58%.
Treasury Bonds: Yields were mixed across the Treasury curve as confusion over the Iran war and the passage of oil tankers continues to cloud the investment waters. The sellers returned for the shorter maturities, but for the third straight session, buyers were grabbing the belly of the curve and the longer-dated maturities. The 30-year bond closed at 4.89%, while the 10-year note was last at 4.28%.
Oil and Gas: After a massive sell-off on Wednesday, oil prices traded higher on Thursday. Still, volatility and volume cooled somewhat as Wall Street analysts weighed the current state of the war and the outlook for oil supply. Brent crude closed the day at $95.92, up 1.23%, while West Texas Intermediate was last seen at $98.40, up 0.54%. Natural gas closed unchanged at $2.67.
Gold: The precious metals arena was mostly quiet after a wild week that saw some big moves in the major metals. Gold closed trading at $4,756, down 0.20%, while Silver closed slightly higher, up 0.20%, at $75.64.
Crypto: Crypto markets experienced a mixed, volatile day on Thursday, struggling to maintain early-week gains as initial enthusiasm over a potential Middle East ceasefire began to fade. While Bitcoin held key support levels above $70,000 and traded in a tight range, several crypto-linked equities saw significant declines. At 8 AM EDT, Bitcoin was trading at $71,990, while Ethereum was trading at $2,202.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Friday, April 10, 2026.
Upgrades: Delek US Holdings Inc. (NYSE: DK) was assumed with a Buy rating at Goldman Sachs, with a $55 target price for the shares. Madison Square Garden Sports Corp. (NYSE: MSGS) | MSGS Price Prediction was upgraded to Buy from Neutral at Seaport Research with a $430 target price. Nextstar Media Group Inc. (NASDAQ: NXST) was raised to Buy from Neutral at Citigroup, which trimmed the price target for the broadcasting giant to $220 from $252. Shake Shack Inc. (NYSE: SHAK) was upgraded to Outperform from Neutral at Mizuho, which raised the target price for the fast-food favorite to $120 from $100. Southern Copper Corp. (NYSE: SCCO) was upgraded to Neutral from Sell at Goldman Sachs, which lifted the target price to $178 from $142.79. Downgrades: Autodesk Inc. (NASDAQ: ADSK) was downgraded to Neutral from Buy at CitiGroup, which slashed the target price for the shares to $246 from $331. Nike Inc (NYSE: NKE) was downgraded to Neutral from Overweight at Piper Sandler, which cut the price target for the athletic shoe and apparel giant to $50 from $60. Nutanix Inc. (NASDAQ: NTNX) was cut to Neutral from Overweight at JPMorgan, which lowered the target price for the stock to $44 from $55. ServiceNow Inc. (NYSE: NOW) was downgraded to Neutral from Buy at UBS, which cut the target price to $100 from $170. Veeva Systems Inc. (NYSE: VEEV) was cut to Neutral from Buy at Citigroup, which shredded the target price to $176 from $291. Initiations: Ameriprise Financial Inc. (NYSE: AMP) was initiated with a Market Perform rating at Keefe Bruyette, which has a $515 target price objective for the shares.
CVR Energy Inc. (NYSE: CVI) was assumed with a Sell rating at Goldman Sachs, with a $30 target price. Insmed Inc. (NASDAQ: INSM) was initiated with an Outperform rating at Raymond James, with a $200 target price objective. MACOM Technology Solutions Holdings Inc. (NASDAQ: MTSI) was started with a Buy rating at Loop Capital, which has set a $300 target price. United Therapeutics Corp. (NASDAQ: UTHR) was initiated with an Outperform rating at Raymond James, which has set a $700 target price for the stock.
On April 15, 2026, CVR Energy Inc CVI shares rose 5.0% today, closing at $31.64. The stock has experienced a 52-week range of $17.56 to $41.67, highlighting significant volatility over the past year.
GF Value™ verdict: Currently priced at $31.64, which is 40.6% above the GF Value™ of $22.51, indicating the stock is overvalued.GF Score™: 75/100, suggesting the stock ranks above average in terms of potential long-term returns.Most notable signal: Insiders have purchased $16.4 million in stock over the last three months, indicating confidence in the company's future. Is CVI Overvalued or Undervalued? CVR Energy Inc CVI is currently trading at $31.64, which is significantly higher than its GF Value™ estimate of $22.51. This represents a 40.6% premium over the intrinsic value calculated by GuruFocus. The GF Valuation label indicates that CVI is significantly overvalued at present levels, suggesting that current investors may face increased risk if market corrections occur. While the GF Value™ is grounded in historical trading multiples, past business growth, and future performance estimates, the current valuation raises concerns about the sustainability of the stock price in the context of its intrinsic value.
Given the substantial gap between the market price and the GF Value™, investors must consider the potential for a price correction. The current valuation does not provide a margin of safety, which is crucial for minimizing risk in equity investments. Therefore, the risk of overvaluation could outweigh the potential for short-term gains, especially if market sentiment shifts.
How Does CVI's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 121.7x 9.5x Forward P/E 22.6x N/A The current P/E (TTM) of 121.7x is dramatically above its 5-year median P/E of 9.5x, indicating that CVI is trading at a premium compared to its historical valuation metrics. This analysis aligns with the GF Value™ verdict, reinforcing the conclusion that CVI is overvalued at its current price level.
What Does CVI's GF Score™ Tell Us? Metric Rating GF Score™ 75 Financial Strength 5/10 Profitability 7/10 Growth 3/10 Valuation 5/10 Momentum 10/10 The GF Score™ of 75/100 indicates that CVI is positioned above average in terms of potential long-term returns. The strongest aspect of the score is the Momentum Rank, which stands at 10/10, suggesting positive short-term performance. However, the weakest area is Growth, rated at 3/10, indicating challenges in sustaining growth levels. This mixed score reflects a company that may have solid short-term performance but lacks strong fundamentals in growth and financial strength.
What Are Insiders Doing with CVI Stock? In the past three months, insiders have shown strong confidence in CVI by purchasing $16.4 million worth of shares with no selling activity. This pattern suggests that the individuals with the most intimate knowledge of the company's operations believe in its future potential. Insider buying can be a positive signal, indicating that those closest to the company expect its value to increase.
Such insider activity can often serve as a supporting indicator, albeit it does not eliminate the risks associated with the stock's current overvaluation.
What This Means for Investors Based on the analysis of the GF Value™, CVR Energy Inc CVI is currently overvalued. With a significant premium over its intrinsic value and concerning P/E ratios, caution is advised for potential investors considering this stock.
For the complete analysis, visit the CVR Energy Inc CVI stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is CVI's GF Score™?
CVI has a GF Score™ of 75/100, indicating that it ranks above average in terms of potential long-term returns based on GuruFocus' proprietary metrics.
Is CVI overvalued or undervalued?
CVI is currently overvalued, trading at 40.6% above its GF Value™ of $22.51.
What is CVI's P/E ratio?
The P/E (TTM) ratio for CVI is 121.7x, which is significantly higher than its 5-year median P/E of 9.5x, indicating that the stock is trading at a premium compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
SUGAR LAND, Texas--(BUSINESS WIRE)--CVR Energy, Inc. (NYSE: CVI) plans to release its first quarter 2026 earnings results on Wednesday, April 29, after the close of trading on the New York Stock Exchange. The Company also will host a teleconference call on Thursday, April 30, at 1 p.m. Eastern to discuss these results.
This call, which will contain forward-looking information, will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.
CVR Energy’s first quarter 2026 earnings news release will be distributed via Business Wire and posted at www.CVREnergy.com.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners, LP.
The market expects CVR Energy (CVI - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on April 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis diversified holding company is expected to post quarterly loss of $0.44 per share in its upcoming report, which represents a year-over-year change of +24.1%.
Revenues are expected to be $1.68 billion, up 1.8% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 221.67% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CVR?For CVR, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination makes it difficult to conclusively predict that CVR will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CVR would post a loss of$0.84 per share when it actually produced a loss of -$0.80, delivering a surprise of +4.76%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CVR doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAmong the stocks in the Zacks Oil and Gas - Refining and Marketing industry, Delek US Holdings (DK - Free Report) , is soon expected to post loss of $1.24 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +46.6%. This quarter's revenue is expected to be $2.09 billion, down 20.9% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Delek US Holdings has been revised 136.8% up to the current level. Nevertheless, the company now has an Earnings ESP of -6.97%, reflecting a lower Most Accurate Estimate.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Delek US Holdings will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
SUGAR LAND, Texas--(BUSINESS WIRE)--CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its first quarter 2026 results including a net loss attributable to CVR Energy stockholders of $192 million, or $1.91 per diluted share, and an adjusted loss per diluted share of $1.24, compared to net loss attributable to CVR Energy stockholders of $123 million, or $1.22 per diluted share, and an adjusted loss per diluted share of 58 cents for the first quarter of 2025. Net loss for the first quarter of 2026 was $160 million compared to net loss of $105 million for the first quarter of 2025. First quarter 2026 losses do not include locked in value from the sale of NYMEX crack spread swaps during the quarter totaling $447 million expected to be realized through 2027. Adjusted EBITDA for the first quarter of 2026 was $37 million, compared to adjusted EBITDA of $24 million for the first quarter of 2025.
“CVR Energy’s first quarter operations were solid, with crude utilization of 97 percent and ammonia plant utilization of 103 percent,” said Mark Pytosh, CVR Energy’s Chief Executive Officer. “The major geopolitical events of the past few months have created significant volatility in energy and fertilizer markets. However, as a result of our expected locked in value of $447 million from the sale of NYMEX crack spread swaps we expect to realize through 2027, among other matters, we believe our assets are well-positioned to increase in value. We are therefore pleased to announce a first quarter cash dividend of 10 cents per share and while there can be no guarantees, we are hopeful to be able to raise the dividend in the future.
“CVR Partners posted strong operating results for the first quarter of 2026, and demand was robust for the spring planting season,” Pytosh said. “In addition to the solid operating results, CVR Partners was pleased to declare a first quarter distribution of $4.00 per common unit.”
Segment Highlights
Due to the reversion of the renewable diesel unit at the Wynnewood refinery back to hydrocarbon processing and based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer meets the requirements to be disclosed as a separate reportable segment. Effective beginning with the first quarter of 2026, all prior period Renewables activity is consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation.
Below are financial and operational highlights of each of the Company’s reportable segments:
Three Months Ended
March 31,
2026
2025
Petroleum Segment
Petroleum Segment net loss (in millions)
$
(193
)
$
(160
)
Petroleum Segment EBITDA* (in millions)
(139
)
(119
)
Petroleum Segment Adjusted EBITDA* (in millions)
(50
)
(30
)
Total throughput barrels per day
214,268
120,377
Refining margin* ($ per throughput barrel)
$
0.12
$
(0.42
)
Adjusted refining margin* ($ per throughput barrel)
4.72
7.72
Direct operating expenses* ($ per throughput barrel)
6.10
8.58
Nitrogen Fertilizer Segment
Nitrogen Fertilizer Segment net income (in millions)
$
50
$
27
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA* (in millions)
78
53
Ammonia utilization rate (percent of capacity utilization)
103
%
101
%
Ammonia sales volumes (thousands of tons)
73
60
UAN sales volumes (thousands of tons)
310
336
Ammonia pricing at gate ($ per ton)
$
687
$
554
UAN pricing at gate ($ per ton)
343
256
Corporate and Other
The Company reported an income tax benefit of $29 million, or 15.2 percent of loss before income taxes, for the three months ended March 31, 2026, compared to an income tax benefit of $49 million, or 31.8 percent of loss before income taxes, for the three months ended March 31, 2025. The change in income tax benefit was primarily due to an increase in overall pretax earnings. In addition, the change in the effective tax rate from the three months ended March 31, 2025 to the three months ended March 31, 2026 was primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings.
Cash, Debt and Dividend
Consolidated cash and cash equivalents were $512 million at March 31, 2026. Consolidated total debt and finance lease obligations were $1.8 billion at March 31, 2026, including $570 million held by the Nitrogen Fertilizer Segment.
On February 12, 2026, CVR Energy completed the issuance of $600 million in aggregate principal amount of 7.500% Senior Notes due 2031 (the “2031 Notes”) and $400 million in aggregate principal amount of 7.875% Senior Notes due 2034 (the “2034 Notes”, and together with the 2031 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. The 2031 Notes will mature on February 15, 2031, unless earlier redeemed or purchased. The 2034 Notes will mature on February 15, 2034, unless earlier redeemed or purchased.
In February 2026, CVR Energy used the net proceeds from the Notes to redeem all of its outstanding 8.500% Senior Notes, due 2029 (the “2029 Notes”), $217 million aggregate principal amount of the outstanding 5.750% Senior Secured Notes, due 2028, and repay all of the aggregate principal balance of the senior secured term loan facility, plus accrued and unpaid interest. As a result of these transactions, the Company recognized a $32 million loss on extinguishment of debt in the first quarter of 2026, which consists of the call premium on the 2029 Notes and the write-off of unamortized deferred financing costs.
CVR Energy announced a first quarter 2026 cash dividend of 10 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on May 18, 2026, to stockholders of record as of May 11, 2026.
CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2026 cash distribution of $4.00 per common unit, which will be paid on May 18, 2026, to common unitholders of record as of May 11, 2026.
First Quarter 2026 Earnings Conference Call
CVR Energy previously announced that it will host its first quarter 2026 Earnings Conference Call on Thursday, April 30, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.
The first quarter 2026 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our results; prospects for the refining industry; impact of costs to comply with the Renewable Fuel Standard (“RFS”) and revaluation of our RFS liability; ability to secure RFS waivers; reportable segments; supply and demand trends; refining supply additions; RIN and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof and any potential increase to future dividends; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; the realization of value from the sale of NYMEX crack spread swaps through 2026 or 2027 or at all; increase in value of our assets; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay or increase cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; the risk that we will not old our NYMEX crack spread swaps through expiration and settlement or will otherwise fail to realize the benefits related to such arrangements; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; the health and economic effects of any pandemic, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.
Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.
Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
The following are non-GAAP measures we present for the periods ended March 31, 2026 and 2025:
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.
Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.
Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Refining Margin and Adjusted Refining Margin, per Throughput Barrel - Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.
Adjusted EBITDA, Petroleum Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.
We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Factors Affecting Comparability of Our Financial Results
Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.
Petroleum Segment
Major Scheduled Turnaround Activities - Total capitalized turnaround expenditures as part of planned turnarounds were less than $1 million and $166 million during the three months ended March 31, 2026 and 2025, respectively.
CVR Energy, Inc.
(all information in this release is unaudited)
Consolidated Statement of Operations Data
Three Months Ended
March 31,
(in millions, except per share data)
2026
2025
Net sales
$
1,980
$
1,646
Operating costs and expenses:
Cost of materials and other
1,825
1,517
Direct operating expenses (exclusive of depreciation and amortization)
181
154
Depreciation and amortization
77
66
Cost of sales
2,083
1,737
Selling, general and administrative expenses (exclusive of depreciation and amortization)
39
37
Depreciation and amortization
2
2
Other operating expenses, net
1
1
Operating loss
(145
)
(131
)
Other (expense) income:
Interest expense, net
(58
)
(25
)
Other income, net
14
2
Loss before income taxes
(189
)
(154
)
Income tax benefit
(29
)
(49
)
Net loss
(160
)
(105
)
Less: Net income attributable to noncontrolling interest
32
18
Net loss attributable to CVR Energy stockholders
$
(192
)
$
(123
)
Basic and diluted loss per share
$
(1.91
)
$
(1.22
)
Adjusted loss per share *
$
(1.24
)
$
(0.58
)
EBITDA *
(52
)
(61
)
Adjusted EBITDA *
37
24
Weighted-average common shares outstanding - basic and diluted
100.5
100.5
Selected Consolidated Balance Sheet Data
(in millions)
March 31, 2026
December 31, 2025
Cash and cash equivalents
$
512
$
511
Working capital (inclusive of cash and cash equivalents)
445
561
Total assets
3,861
3,706
Total debt and finance lease obligations, including current portion
1,784
1,765
Total liabilities
3,126
2,808
Total CVR stockholders’ equity
538
730
Selected Consolidated Cash Flow Data
Three Months Ended
March 31,
(in millions)
2026
2025
Net cash provided by (used in):
Operating activities
$
64
$
(195
)
Investing activities
(43
)
(82
)
Financing activities
(20
)
(15
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
$
1
$
(292
)
Free cash flow *
$
21
$
(285
)
Selected Segment Data
Three Months Ended March 31,
2026
2025
(in millions)
Petroleum
Nitrogen
Fertilizer
Consolidated
Petroleum
Nitrogen
Fertilizer
Consolidated
Net sales
$
1,803
$
180
$
1,980
$
1,477
$
143
$
1,646
Operating (loss) income
(193
)
58
(145
)
(161
)
35
(131
)
Net (loss) income
(193
)
50
(160
)
(160
)
27
(105
)
EBITDA *
(139
)
78
(52
)
(119
)
53
(61
)
Capital expenditures (1)
Maintenance
$
19
$
8
$
28
$
41
$
4
$
45
Growth
10
6
16
8
2
10
Total capital expenditures
$
29
$
14
$
44
$
49
$
6
$
55
March 31, 2026
December 31, 2025
(in millions)
Petroleum
Nitrogen
Fertilizer
Consolidated
Petroleum
Nitrogen
Fertilizer
Consolidated
Cash and cash equivalents (1)
$
265
$
128
$
512
$
253
$
69
$
511
Total assets
3,111
1,018
3,861
2,987
969
3,706
Total debt and finance lease obligations, including current portion (2)
40
570
1,784
195
570
1,765
Petroleum Segment
Refining Throughput and Production Data by Refinery
Throughput Data
Three Months Ended
March 31,
(in bpd)
2026
2025
Coffeyville
Gathered crude
50,723
26,728
Other domestic
62,045
12,348
Canadian
17,384
640
Other feedstocks and blendstocks
11,243
6,330
Wynnewood
Gathered crude
58,154
68,572
Other domestic
11,556
573
Other feedstocks and blendstocks
3,163
5,186
Total throughput
214,268
120,377
Production Data
Three Months Ended
March 31,
(in bpd)
2026
2025
Coffeyville
Gasoline
74,789
18,940
Distillate
57,138
20,233
Other liquid products
4,439
6,324
Solids
5,981
1,321
Wynnewood
Gasoline
36,699
39,740
Distillate
30,343
24,948
Other liquid products
2,413
5,058
Solids
10
11
Total production
211,812
116,575
Crude utilization (1)
96.8
%
52.7
%
Distillate yield (as % of crude throughput) (2)
43.8
%
41.5
%
Light product yield (as % of crude throughput) (3)
99.6
%
95.4
%
Liquid volume yield (as % of total throughput) (4)
96.1
%
95.7
%
Key Market Indicators
Three Months Ended
March 31,
(dollars per barrel)
2026
2025
West Texas Intermediate (WTI) NYMEX
$
72.67
$
71.42
Crude Oil Differentials to WTI:
Brent
5.70
3.56
WCS (heavy sour)
(13.91
)
(12.45
)
Midland Cushing
1.09
1.10
NYMEX Crack Spreads:
Gasoline
22.52
16.83
Heating Oil
51.16
28.46
NYMEX 2-1-1 Crack Spread
36.84
22.64
PADD II Group 3 Product Basis:
Gasoline
(13.66
)
(2.81
)
Ultra-Low Sulfur Diesel
(16.86
)
(7.19
)
PADD II Group 3 Product Crack Spread:
Gasoline
8.86
14.02
Ultra-Low Sulfur Diesel
34.30
21.27
PADD II Group 3 2-1-1
21.58
17.65
Nitrogen Fertilizer Segment
Production Data
Three Months Ended
March 31,
2026
2025
Consolidated production volume (thousands of tons):
Ammonia (gross produced) (1)
220
216
Ammonia (net available for sale) (1)
70
64
UAN
335
348
Feedstock:
Petroleum coke used in production (thousands of tons)
138
131
Petroleum coke used in production (dollars per ton)
$
33.94
$
42.43
Natural gas used in production (thousands of MMBtus) (2)
2,115
2,159
Natural gas used in production (dollars per MMBtu) (2)
$
5.40
$
4.62
Key Market Indicators
Three Months Ended
March 31,
2026
2025
Ammonia — Southern plains (dollars per ton)
$
729
$
562
Ammonia — Corn belt (dollars per ton)
771
618
UAN — Corn belt (dollars per ton)
410
324
Natural gas NYMEX (dollars per MMBtu)
$
4.74
$
3.87
Q2 2026 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2026. See “Forward-Looking Statements” above.
Q2 2026
Low
High
Petroleum Segment
Total throughput (bpd)
200,000
215,000
Crude utilization (1)
92
%
99
%
Direct operating expenses (in millions) (2)
$
110
$
120
Nitrogen Fertilizer Segment
Ammonia utilization rate
95
%
100
%
Direct operating expenses (in millions) (2)
$
57
$
62
Capital Expenditures (in millions) (3)
Petroleum Segment
$
35
$
40
Nitrogen Fertilizer Segment
28
32
Other
2
5
Total capital expenditures
$
65
$
77
Non-GAAP Reconciliations
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Three Months Ended
March 31,
(in millions)
2026
2025
Net loss
$
(160
)
$
(105
)
Interest expense, net
58
25
Income tax benefit
(29
)
(49
)
Depreciation and amortization
79
68
EBITDA
(52
)
(61
)
Adjustments:
Changes in RFS obligation, unfavorable
51
112
Unrealized loss (gain) on derivatives, net
158
(3
)
Inventory valuation impacts, favorable
(120
)
(24
)
Adjusted EBITDA
$
37
$
24
Reconciliation of Basic and Diluted Loss per Share to Adjusted Loss per Share
Three Months Ended
March 31,
2026
2025
Basic and diluted loss per share
$
(1.91
)
$
(1.22
)
Adjustments: (1)
Changes in RFS obligation, unfavorable
0.38
0.84
Unrealized loss (gain) on derivatives, net
1.19
(0.03
)
Inventory valuation impacts, favorable
(0.90
)
(0.17
)
Adjusted loss per share
$
(1.24
)
$
(0.58
)
Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow
Three Months Ended
March 31,
(in millions)
2026
2025
Net cash provided by (used in) operating activities
$
64
$
(195
)
Less:
Capital expenditures
(47
)
(51
)
Capitalized turnaround expenditures
—
(43
)
Return of equity method investment
4
4
Free cash flow
$
21
$
(285
)
Reconciliation of Petroleum Segment Net Loss to EBITDA and Adjusted EBITDA
Three Months Ended
March 31,
(in millions)
2026
2025
Petroleum net loss
$
(193
)
$
(160
)
Interest expense, net
2
—
Depreciation and amortization
52
41
Petroleum EBITDA
(139
)
(119
)
Adjustments:
Changes in RFS obligation, unfavorable
51
112
Unrealized loss (gain) on derivatives, net
158
(3
)
Inventory valuation impacts, favorable (1)
(120
)
(20
)
Petroleum Adjusted EBITDA
$
(50
)
$
(30
)
Reconciliation of Petroleum Segment Gross Loss to Refining Margin and Adjusted Refining Margin
Three Months Ended
March 31,
(in millions)
2026
2025
Net sales
$
1,803
$
1,477
Less:
Cost of materials and other
(1,801
)
(1,482
)
Direct operating expenses (exclusive of depreciation and amortization)
(118
)
(93
)
Depreciation and amortization
(52
)
(41
)
Gross loss
(168
)
(139
)
Add:
Direct operating expenses (exclusive of depreciation and amortization)
118
93
Depreciation and amortization
52
41
Refining margin
2
(5
)
Adjustments:
Changes in RFS obligation, unfavorable
51
112
Unrealized loss (gain) on derivatives, net
158
(3
)
Inventory valuation impacts, favorable (2)
(120
)
(20
)
Adjusted refining margin
$
91
$
84
Total throughput barrels per day
214,268
120,377
Days in the period
90
90
Total throughput barrels
19,284,129
10,833,969
Refining margin per total throughput barrel
$
0.12
$
(0.42
)
Adjusted refining margin per total throughput barrel
4.72
7.72
Direct operating expenses per total throughput barrel
6.10
8.58
Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA
CVR Energy (CVI - Free Report) came out with a quarterly loss of $1.24 per share versus the Zacks Consensus Estimate of a loss of $0.54. This compares to a loss of $0.58 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -131.78%. A quarter ago, it was expected that this diversified holding company would post a loss of $0.84 per share when it actually produced a loss of $0.8, delivering a surprise of +4.76%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
CVR, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $1.98 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 17.99%. This compares to year-ago revenues of $1.65 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CVR shares have added about 28.3% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for CVR?While CVR has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CVR was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.97 on $1.85 billion in revenues for the coming quarter and $1.16 on $7.13 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 4% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Valero Energy (VLO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.
This oil refiner is expected to post quarterly earnings of $3.07 per share in its upcoming report, which represents a year-over-year change of +244.9%. The consensus EPS estimate for the quarter has been revised 43.1% higher over the last 30 days to the current level.
Valero Energy's revenues are expected to be $30.88 billion, up 2.1% from the year-ago quarter.
Investors in CVR Energy, Inc. (CVI - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the May 15, 2026 $25 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for CVR Energy shares, but what is the fundamental picture for the company? Currently, CVR Energy is a Zacks Rank #3 (Hold) in the Oil and Gas - Refining and Marketing industry that ranks in the Top 4% of our Zacks Industry Rank. Over the last 30 days, one analyst has increased the earnings estimate for the current quarter, while none have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from 69 cents per share to 97 cents in that period.
Given the way analysts feel about CVR Energy right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
CVR Energy, Inc. is benefiting from surging Mid-Continent refining margins, but weak capture rates limit the upside. RIN costs have jumped sharply, exposing CVI's modest renewable blending capacity and regulatory burden. Governance complexity, underinvestment, a mixed track record, and capital-heavy maintenance needs keep CVI stock at Hold.
Listen to the audio version of this article (generated by AI).
Editor’s Note: The global energy market is starting to crack again.
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In today’s issue, Jonathan explains how he reads an oil market under stress — including the two specific indicators he says tend to show up before the biggest moves in refinery and energy stocks.
He’ll share more during a free event with analyst Marc Chaikin on May 28 at 8 p.m. Eastern, where the two will unveil a new system designed to track volatility and institutional money flow together. You can reserve your seat here.
In October 1973, the world learned just how fragile the global oil order really was.
A coalition of Arab states attacked Israel on Yom Kippur. The U.S. responded by sending aid. And within days, OPEC issued an oil embargo against the United States.
The result was immediate and brutal. Oil went from $2.90 a barrel to $11.65 in three months. At the pump, Americans watched prices jump 36% practically overnight. Drivers sat in gas lines for hours, and some stations ran dry before noon. Rationing kicked in.
Americans watched gas prices explode almost overnight while Washington imposed a national speed limit of 55 miles per hour and urged citizens to conserve fuel as a patriotic duty.
The shock eventually eased. But before the decade was out, the Iranian Revolution triggered a second supply disruption that sent prices even higher. By 1981, oil had hit $35 a barrel — nearly 12 times what it cost before the OPEC embargo.
What those two crises revealed wasn’t just how much the world ran on oil. They also revealed how fast the entire system could crack when the geopolitical order shifted underneath it.
Fifty years later, it’s shifting again.
And this time, the cracks are deeper.
In this piece, I want to give you something more useful than a prediction.
I want to show you exactly how I read an oil market under stress — the two specific signals I watch, how they work together, and how they already handed us one of our best trades of the year.
If you understand these signals, you’ll never look at an oil headline the same way again. And you’ll know what to do with your money – and make a profit – before Wall Street figures it out.
Why This Oil Shock Could Rival the 1970s Earlier this year, the U.S. entered a conflict with Iran that put a lockdown on the Strait of Hormuz – the narrow waterway through which roughly 20% of the world’s oil supply passes every single day.
When it’s under pressure, we all feel it.
Oil responded immediately. West Texas Intermediate crude ran from $66 a barrel to over $100. Brent — the global benchmark — climbed from $71 to $119. In three months, crude prices nearly doubled.
But the bigger story wasn’t the price move. It was what happened inside OPEC.
After nearly 60 years, the United Arab Emirates announced it was leaving the cartel.
This is not a minor development.
The UAE is one of the world’s top five oil producers. Its exit isn’t a diplomatic footnote — it’s a fracture in the architecture that has governed global oil supply since 1960.
The timing made it worse. The announcement came right before a scheduled OPEC meeting, in the middle of an active regional conflict, with the Strait of Hormuz already under pressure.
In 1973, the crisis came from outside OPEC — Arab states using oil as a weapon against the West. What we’re watching now is that alliance coming apart. That instability may end up being deeper and harder to reverse than in 1973.
The question isn’t whether energy market volatility will stay elevated. It will.
The question is how to position yourself to profit from the volatility that is becoming a long-term feature of the energy markets.
That starts with understanding two signals.
The Two Oil Trading Signals I Watch Most Closely I’ve been trading energy markets for nearly 30 years — from the futures pits in Chicago to the options floor at the CBOE. And in all that time, I’ve found that the most reliable way to profit from oil volatility isn’t to predict where prices are going. It’s to read what the market is already telling you.
Two signals do most of that work. These aren’t predictions. They’re instruments that help the pros profit.
Signal 1: The Crack Spread The first is the crack spread. That’s basically the profit margin for oil refiners. Think of it like owning a bakery. Your input cost is flour — that’s crude oil. Your output is bread — that’s gasoline and diesel. The spread is the difference between what you paid for the ingredients and what you sold the finished product for. That difference is your profit margin.
When the crack spread expands — meaning refiners are making more money per barrel they process — refiner stocks tend to follow. When it compresses, they struggle.
Right now, the crack spread is expanding. Refiners bought crude weeks ago at lower prices. They’re selling gasoline and diesel today at prices implied by $106 crude. That gap — old crude, new prices — is pure margin. And it’s showing up directly in refiner earnings.
That’s Signal 1.
Signal 2: Oil Backwardation The second signal is backwardation in the futures. This one sounds technical. It isn’t. Here’s all you need to know.
When the oil futures curve is in backwardation, it means near-term contracts are trading above longer-dated ones. In plain English, buyers are paying a premium to get oil now rather than later. That tells you immediately that the market believes supply is too tight to absorb a shock.
That’s exactly what the WTI futures is showing us today. Front-month contracts have surged as refiners, hedgers, and institutions pay up for prompt delivery. Contracts further out into late 2026 flatten considerably.
In short, the market sees near-term supply strain but expects conditions to ease over time.
That distinction matters because it tells us where capital is flowing right now — into assets tied to near-term scarcity and pricing power. Refiners. Select producers. Names with direct exposure to U.S. domestic supply chains.
When the crack spread is expanding and the futures curve is in backwardation at the same time, the market is sending a clear two-part message: refiners are making serious money right now, and institutional energy traders are paying a premium to secure supply immediately.
That combination — margin expansion plus supply urgency — is historically when refiner stocks and energy names make their biggest moves to the upside.
It’s the setup for a bullish trade on oil and refiner stocks.
Here’s how that trade looked in practice earlier this year.
How These Oil Signals Led to an 80% Trade Back in April, both signals fired at the same time.
The crack spread was expanding. The WTI futures curve was moving into backwardation. And one name kept showing up on my radar: CVR Energy Inc. (CVI). It’s a midsized independent refiner with direct exposure to exactly the kind of margin environment the signals were pointing to.
On April 20, I got my members into a bullish position on CVR at the beginning of the month. The setup was clean. The signals were clear. The risk was defined.
In just a single week, we locked in an 80% return on the lagging refiner.
That’s not luck. That’s what happens when you stop trying to predict where oil is going and start reading what the market is already telling you. The crack spread said refiners were making serious money. Backwardation said supply was too tight to absorb a shock. CVR was the most direct way to express that opinion with defined risk.
Catalyst. Signal. Trade. That’s the whole model.
And right now, both signals are firing again.
The crack spread is expanding faster than it has in months. The WTI futures curve is deep in backwardation. The UAE’s exit from OPEC has added a layer of structural uncertainty that isn’t going away quickly. And the Strait of Hormuz remains under pressure.
The setup that handed us CVR is back. The names that benefit most from this environment are the same ones I’ve been watching since the conflict began — refiners, select producers, and companies with direct exposure to U.S. domestic supply chains.
The question now isn’t whether the opportunity is there. It’s whether you have the tools to find it before Wall Street does.
How to Trade Oil Volatility Without Guessing Direction Here’s something I tell my members all the time: Know what you’re good at… and know where you need help.
I’m good at reading volatility. Finding the setup. Identifying the signal before the crowd sees it. What’s harder — for every floor trader I’ve ever known — and for me is direction. Not whether volatility is coming. But whether the next big move breaks up or breaks down.
That’s where Marc Chaikin comes in. Marc spent decades building the quantitative tools Wall Street’s biggest institutions use to forecast market direction. He designed his Money Flow system to answer a different question than mine. I focus on where volatility is building. Marc focuses on whether institutional money flow confirms the direction.
My expertise is finding where volatility creates opportunity.
Marc’s expertise is in knowing which way it breaks.
Together, we’ve built something that combines both. We’re calling it The Convergence, and on May 28 at 8 p.m. Eastern, we’re going live with it for the first time. (You can reserve a seat for that free event right now.)
The global oil order is cracking. The two signals I’ve shown you today are already firing simultaneously. And the window to position before Wall Street catches up is, as always, shorter than it looks.
This event is free. And it’s the first time we’re combining these two systems in front of an audience.
CVR Energy's refining setup improved materially as Group 3 crack spreads strengthened sharply and 2026 should be a much cleaner operational year. The main problem is not weak refining benchmarks, but weak margin capture, as elevated RIN costs absorbed much of the benefit from stronger cracks in 1Q26. Despite the recent re-rating, CVI still lagged refining peers, suggesting the market remains skeptical that better refining economics will fully translate into EBITDA and free cash flow.
