CVR Energy Q2 adjusted loss misses estimates

Overview

• Adjusted loss per share 23 cents, missing analyst expectations, per LSEG data

• Co impacted by unfavorable mark-to-market effect on Renewable Fuel Standard obligation

Outlook

• Company does not provide specific financial guidance for future in press release

Result Drivers

• REFINING IMPACT - $89 mln unfavorable mark-to-market impact on Renewable Fuel Standard obligation affected refining results, per CEO Dave Lamp

• THROUGHPUT REDUCTION - Reduced throughput volumes due to processing of intermediate inventories post-Coffeyville refinery turnaround

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 4 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."

• Wall Street's median 12-month price target for CVR Energy Inc is $26.50, about 6.7% below its July 30 closing price of $28.27

• The stock recently traded at 55 times the next 12-month earnings vs. a P/E of 7,262 three months ago

Press Release: ID:nGNX6x0dTB