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Cvr Energy Inc. (CVI)
NYSE:CVI
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CVR Energy (CVI) AI Stock Analysis

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CVI

CVR Energy

(NYSE:CVI)

Rating:52Neutral
Price Target:
$27.00
▲(2.23% Upside)
CVR Energy's overall score is impacted primarily by its financial challenges, including negative profitability and high leverage. While the earnings call highlighted some positive developments, ongoing operational challenges and negative market sentiment weigh heavily. The technical indicators also suggest potential volatility, and the valuation metrics reflect the company's current financial struggles despite an attractive dividend yield.
Positive Factors
Fertilizer Segment
The Fertilizer segment is expected to see sequentially higher EBITDA due to seasonal strength in ammonia.
Financial Performance
CVI posted a beat against lowered expectations for the fourth quarter, with particularly strong results in the Renewables segment.
Liquidity
CVI added approximately $400 million in liquidity with the recent sale of its 50% interest in Midway Pipeline and a new $325 million term loan.
Negative Factors
Dividend Reinstatement
Management needs to get past the turnarounds and weak refining outlook to reinstate the dividend, which is a key overhang on the stock.
Earnings
The large turnaround at Coffeyville will keep results subdued in the short term.
Refining Outlook
A more front-loaded impact of the Coffeyville turnaround suggests a lower refining volume outlook combined with higher capital expenditures.

CVR Energy (CVI) vs. SPDR S&P 500 ETF (SPY)

CVR Energy Business Overview & Revenue Model

Company DescriptionCVR Energy, Inc., together with its subsidiaries, engages in the petroleum refining and nitrogen fertilizer manufacturing activities in the United States. It operates in two segments, Petroleum and Nitrogen Fertilizer. The Petroleum segment refines and markets gasoline, diesel fuel, and other refined products. It 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 co-operatives, 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). It primarily markets UAN products to agricultural customers; and ammonia products to agricultural and industrial customers. The company was founded in 1906 and is headquartered in Sugar Land, Texas. CVR Energy, Inc. is a subsidiary of Icahn Enterprises L.P.
How the Company Makes MoneyCVR Energy generates revenue through two main business segments: petroleum refining and nitrogen fertilizer manufacturing. The petroleum refining segment involves the production and sale of high-value transportation fuels, such as gasoline and diesel, and other refined products. Key revenue streams include the sale of refined products to wholesale customers, retailers, and directly to consumers through various channels. The nitrogen fertilizer segment involves the production and sale of ammonia and urea ammonium nitrate (UAN), which are essential for agricultural crop production. Sales in this segment are primarily made to agricultural retailers and distributors. CVR Energy's earnings are significantly influenced by factors such as crude oil prices, refining margins, and agricultural demand, as well as strategic partnerships and market conditions.

CVR Energy Earnings Call Summary

Earnings Call Date:Jul 30, 2025
(Q2-2025)
|
% Change Since: -6.58%|
Next Earnings Date:Nov 03, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook for CVR Energy. While there were improvements in crack spreads and a strong performance in the Fertilizer segment, the company faced significant challenges with a consolidated net loss, high RIN prices, and reduced throughput due to planned turnarounds. The call's sentiment is balanced with positive developments and ongoing challenges.
Q2-2025 Updates
Positive Updates
Increase in Crack Spreads
Group 3 2-1-1 benchmark cracks averaged $24.02 per barrel for the second quarter compared to $18.83 per barrel for the same period last year, indicating an improvement in refining market conditions.
Completion of Planned Turnaround at Coffeyville
The planned turnaround at Coffeyville was completed in April, and operations resumed at full rates in July, which is expected to improve throughput in the upcoming quarters.
Strong Performance in Fertilizer Segment
Adjusted EBITDA in the Fertilizer segment was $67 million for the second quarter, driven by higher UAN and ammonia sales pricing and volumes.
Debt Reduction
The company made significant progress in its deleveraging strategy by paying down $90 million on the term loan between the second and third quarters, representing a 28% reduction.
Negative Updates
Consolidated Net Loss and Negative EBITDA
CVR Energy reported a consolidated net loss of $90 million and a loss per share of $1.14. The EBITDA was a loss of $24 million for the second quarter.
Unfavorable RIN Obligation Impact
The quarter included a negative mark-to-market impact of $89 million on the outstanding RFS obligation and higher RIN prices, which negatively impacted the financial results.
Reduced Throughput and Utilization
Reduced throughputs were noted following the completion of the planned turnaround at Coffeyville, with total combined throughput approximately 172,000 barrels per day.
Renewable Diesel Segment Challenges
The Renewable Diesel Unit at Wynnewood faced unplanned downtime in May, and the adjusted EBITDA in the Renewable segment was a loss of $4 million for the second quarter.
Company Guidance
During the CVR Energy Second Quarter 2025 Earnings Conference Call, the company reported a consolidated net loss of $90 million and a loss per share of $1.14, with an EBITDA loss of $24 million. Despite an increase in crack spreads, results were negatively impacted by an $89 million unfavorable RFS obligation mark-to-market impact, a $32 million unfavorable inventory valuation, and unrealized derivative losses of $2 million. Adjusted EBITDA stood at $99 million, while adjusted loss per share was $0.23. The Petroleum segment's adjusted EBITDA was $38 million, with a realized margin of $9.95 per barrel, capturing 41% of the Group 3 2-1-1 benchmark. Direct operating expenses in this segment were $6.45 per barrel. The Renewable segment reported a $4 million adjusted EBITDA loss, while the Fertilizer segment saw adjusted EBITDA of $67 million, driven by higher UAN and ammonia prices. For the third quarter, the company projects total throughputs of 200,000 to 215,000 barrels per day in the Petroleum segment, with direct operating expenses projected between $105 million and $115 million. Total capital spending for 2025 is estimated to be $165 million to $200 million, with turnaround spending around $190 million.

CVR Energy Financial Statement Overview

Summary
CVR Energy faces significant challenges with declining revenues and margins, especially gross profit and net profit margins turning sharply negative or low, impacting its overall profitability. Although the elimination of debt strengthens the balance sheet, reduced cash flows indicate potential operational difficulties.
Income Statement
45
Neutral
The company experienced a significant decline in revenue from $9.25 billion in 2023 to $7.61 billion in TTM, indicating revenue contraction. Gross profit margin turned negative at -18.8% for TTM, a concerning indicator. Net profit margin plummeted to just 0.09% in TTM from 8.3% in 2023, showing profitability challenges. EBIT and EBITDA margins also decreased, highlighting operational inefficiencies.
Balance Sheet
60
Neutral
The balance sheet shows improvement in leverage and liquidity. The company has cleared its total debt, resulting in a debt-to-equity ratio of 0, enhancing financial stability. Stockholders' equity ratio improved to 16.49% from 18.0% in 2023. However, the total assets have decreased, indicating possible asset reduction or write-offs.
Cash Flow
55
Neutral
Operating cash flow decreased significantly from $948 million in 2023 to $306 million in TTM, indicating reduced cash generation from operations. The free cash flow also declined, but the company managed to maintain a positive free cash flow of $168 million. The ratio of operating cash flow to net income is robust but declined compared to previous periods.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue7.19B7.61B9.25B10.90B7.24B3.93B
Gross Profit-3.27B197.00M1.27B1.13B218.00M-189.00M
EBITDA-86.00M394.00M1.44B1.26B369.00M-7.00M
Net Income-333.00M7.00M769.00M644.00M74.00M-320.00M
Balance Sheet
Total Assets3.98B4.26B4.71B4.12B3.91B3.98B
Cash, Cash Equivalents and Short-Term Investments596.00M987.00M581.00M510.00M510.00M667.00M
Total Debt0.001.99B2.20B1.61B1.67B1.71B
Total Liabilities3.32B3.38B3.67B3.59B3.35B2.96B
Stockholders Equity466.00M703.00M847.00M531.00M553.00M1.02B
Cash Flow
Free Cash Flow48.00M172.00M686.00M693.00M-159.00M-193.00M
Operating Cash Flow146.00M404.00M948.00M967.00M90.00M90.00M
Investing Cash Flow-259.00M-121.00M-239.00M-271.00M-423.00M-423.00M
Financing Cash Flow142.00M-482.00M-40.00M-696.00M-315.00M355.00M

CVR Energy Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price26.41
Price Trends
50DMA
27.19
Negative
100DMA
23.65
Positive
200DMA
21.44
Positive
Market Momentum
MACD
-0.46
Positive
RSI
44.18
Neutral
STOCH
42.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVI, the sentiment is Neutral. The current price of 26.41 is below the 20-day moving average (MA) of 28.11, below the 50-day MA of 27.19, and above the 200-day MA of 21.44, indicating a neutral trend. The MACD of -0.46 indicates Positive momentum. The RSI at 44.18 is Neutral, neither overbought nor oversold. The STOCH value of 42.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CVI.

CVR Energy Peers Comparison

Overall Rating
UnderperformOutperform
Sector (66)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
$8.17B9.627.59%6.82%-3.59%22.77%
70
Outperform
$8.11B35.13-0.93%4.59%-14.58%-107.50%
66
Neutral
$15.10B10.407.41%5.56%4.52%-70.52%
60
Neutral
$41.46B55.343.07%3.36%-11.72%-86.21%
52
Neutral
$2.63B268.82-50.65%10.45%-15.98%-160.88%
51
Neutral
$1.28B-200.75%4.92%-29.23%-931.43%
49
Neutral
$2.74B-17.30%4.82%-18.73%-236.79%
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CVI
CVR Energy
26.41
0.98
3.85%
DK
Delek US Holdings
20.74
1.62
8.47%
DINO
HF Sinclair Corporation
43.55
-0.71
-1.60%
VLO
Valero Energy
132.59
-14.20
-9.67%
PBF
PBF Energy
22.30
-13.80
-38.23%
SUN
Sunoco
52.31
2.72
5.48%

CVR Energy Corporate Events

Executive/Board ChangesBusiness Operations and StrategyFinancial Disclosures
CVR Energy Appoints Brett Icahn to Board
Negative
Jul 30, 2025

CVR Energy reported a net loss of $114 million for the second quarter of 2025, a significant decline from the $21 million net income in the same period of 2024. The company’s refining business was adversely affected by an $89 million unfavorable mark-to-market impact on its Renewable Fuel Standard obligation and reduced throughput volumes. Additionally, CVR Energy announced a leadership transition with Mark Pytosh set to become President and CEO in January 2026, following Dave Lamp’s retirement. Brett Icahn was appointed to the Board of Directors effective August 1, 2025.

The most recent analyst rating on (CVI) stock is a Sell with a $25.00 price target. To see the full list of analyst forecasts on CVR Energy stock, see the CVI Stock Forecast page.

Business Operations and Strategy
CVR Energy Releases New Investor Presentation
Neutral
Jun 24, 2025

On June 24, 2025, CVR Energy, Inc. will begin utilizing an Investor Presentation in meetings with investors and analysts. This presentation, which includes forward-looking statements, will be available on the company’s website. The release of this presentation is part of CVR Energy’s strategy to communicate its future plans and expectations, potentially impacting investor perceptions and market positioning.

The most recent analyst rating on (CVI) stock is a Sell with a $16.00 price target. To see the full list of analyst forecasts on CVR Energy stock, see the CVI Stock Forecast page.

Shareholder MeetingsBusiness Operations and Strategy
CVR Energy Approves Amended Long-Term Incentive Plan
Neutral
Jun 6, 2025

On June 5, 2025, CVR Energy, Inc. held its Annual Meeting of Stockholders, where the company’s amended long-term incentive plan was approved. This plan increases the number of shares reserved from 7,500,000 to 10,000,000 and extends the plan’s term until April 21, 2035. It also introduces new award agreements and clarifies conditions related to compensation recovery policies. Additionally, stockholders elected eight directors, approved executive compensation, and ratified Grant Thornton LLP as the independent auditor for 2025.

The most recent analyst rating on (CVI) stock is a Sell with a $21.00 price target. To see the full list of analyst forecasts on CVR Energy stock, see the CVI Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 01, 2025