Home Top Movers Here is why CVR Energy Inc (CVI) stock turnaround in the after-hours...

Here is why CVR Energy Inc (CVI) stock turnaround in the after-hours on Tuesday?

CVR Energy Inc (CVI) stock lost 4.03% in the normal trading session on Tuesday, May 11, 2021, to close at 20.98 per share. but in the after-market session, CVI stock gained 11.53% to close the day at $23.40 per share.

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CVI shares have fallen only 0.85% over the last 12 months, and they have moved down 4.94% in the past week. Over the past three months, the stock has gained 13.90%, while over the past six months, it has surged 101.54%.

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Let’s see what are the latest developments about CVR Energy.

Advancement of renewable diesel initiatives

On May 11, 2021, CVR Energy Inc. said that it is no longer interested in acquiring another crude oil refinery and the company’s board of directors approved expenditures of up to $10 million to progress its renewable diesel initiatives.

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Special dividend announcement

The Board also approved a special dividend of $492 million, to be payable in a combination of cash and the outstanding stock of Delek US Holdings, Inc. (Delek) currently held by the Company. This special dividend will be paid on June 10, 2021, to stockholders of record as of the close of the market on May 26, 2021.

Renewable fuel startup at Wynnewood refinery delayed

OnMay 4, 2021, CVR Energy said that the renewable diesel unit at CVR Energy’s Wynnewood, Oklahoma, refinery will not be in service until the end of the third quarter due to severe weather in February and delays in equipment deliveries.

The unit was expected to start processing renewable diesel this July.

Financial results announcement

On May 3, 2021, CVR Energy released its financial results for the first quarter of 2021, which ended on March 31, 2021.

Q1 2021 key highlights

  • CVI suffered a net loss of$39 million, or 39 cents per diluted share in Q1 2021 compared to a net loss of $87 million, or 87 cents per diluted share in Q1 2020.
  • It reported a net sale of $1.5 billion for the first quarter of 2021 compared to net sales of $1.1 billion for the first quarter of 2020.
  • First-quarter 2021 EBITDA was less than $1 million, compared to an EBITDA loss of $38 million in Q1 2020.
  • On March 31, 2021, CVR energy had consolidated cash and cash equivalents of $707 million compared to $40 million on December 31, 2020.

Q4 & FY2020 financial results

On February 22, 2021, CVR Energy, Inc reported its fourth-quarter and full-year financial results which ended on December 31, 2020. 

Q4 2020 financial highlights

  • CVR Energy suffered a net loss of $67 million, or 67 cents per diluted share in the fourth quarter of 2020 compared to net income of $44 million, or 44 cents per diluted share in Q4 2019.
  • CVR energy had net sales of $1.1 billion in Q4 2020, compared to net sales of $1.6 billion for the fourth quarter of 2019.
  • Fourth-quarter 2020 EBITDA was $1 million, compared to fourth quarter 2019 EBITDA of $142 million.

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Conclusion

The divided announcement could be the reason behind CVI shares turnaround on Tuesday as there is no other news at the moment. We are unable to predict how CVI stock will perform in the coming days.

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