CVR Energy Inc. (NYSE:CVI) rose 9.5% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $24.36 and last traded at $23.57, with a volume of 2,178,294 shares traded. The stock had previously closed at $21.53.

The company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.19. CVR Energy had a positive return on equity of 1.81% and a negative net margin of 0.62%. The business earned $1.35 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the firm earned ($0.52) EPS. CVR Energy’s quarterly revenue was up 33.9% compared to the same quarter last year.

Separately, TheStreet lowered CVR Energy from a “hold” rating to a “sell” rating in a research report on Thursday, October 27th.

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of CVR Energy by 400.1% in the third quarter. JPMorgan Chase & Co. now owns 886,282 shares of the company’s stock valued at $12,205,000 after buying an additional 709,061 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new position in shares of CVR Energy during the third quarter valued at about $2,341,000. Advisors Asset Management Inc. raised its position in shares of CVR Energy by 26.1% in the third quarter. Advisors Asset Management Inc. now owns 872,112 shares of the company’s stock valued at $12,009,000 after buying an additional 180,422 shares in the last quarter. Groesbeck Investment Management Corp NJ raised its position in shares of CVR Energy by 70.0% in the third quarter. Groesbeck Investment Management Corp NJ now owns 85,000 shares of the company’s stock valued at $1,170,000 after buying an additional 35,000 shares in the last quarter. Finally, Great Lakes Advisors LLC acquired a new position in shares of CVR Energy during the third quarter valued at about $2,225,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

The firm’s market capitalization is $2.05 billion. The stock’s 50-day moving average is $22.92 and its 200 day moving average is $17.58.

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About CVR Energy

CVR Energy, Inc (CVR Energy) is a holding company. The Company engages in the petroleum refining and nitrogen fertilizer manufacturing through its holdings in CVR Refining LP (CVR Refining or the Refining Partnership) and CVR Partners LP (CVR Partners or the Nitrogen Fertilizer Partnership). It operates under two business segments: petroleum (the petroleum and related businesses operated by the Refining Partnership) and nitrogen fertilizer (the nitrogen fertilizer business operated by the Nitrogen Fertilizer Partnership).

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