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CVR Energy, Inc. (CVI) engages in petroleum refining and nitrogen fertilizer manufacturing activities in the United States.
The company operates in two segments, Petroleum and Nitrogen Fertilizer. The Petroleum segment refines and markets transportation fuels, such as gasoline, diesel fuel, pet coke, natural gas liquids, slurry, sulfur, gas oil, asphalt, jet fuel, and other products. This segment owns and operates a coking medium-sour crude oil refinery in Coffeyville, Kansas; a crude oil refinery in Wynnewood, Oklahoma; and a crude oil gathering system serving Kansas, Nebraska, Oklahoma, Missouri, Colorado, and Texas. It also owns a proprietary pipeline system that transports crude oil from Caney, Kansas to its refinery; and supplies products through tanker trucks directly to customers located in Coffeyville, Kansas, and Wynnewood, Oklahoma, as well as to customers at throughput terminals on Magellan Midstream Partners, L.P. and NuStar Energy, LP's refined products distribution systems. This segment primarily serves retailers, railroads, farm co-operatives, and other refiners/marketers.
The Nitrogen Fertilizer segment operates a nitrogen fertilizer plant in North America that utilizes a pet coke gasification process to produce nitrogen fertilizer products. It markets UAN, an aqueous solution of urea and ammonium nitrate to agricultural customers; and ammonia products to agricultural and industrial customers.
Shares have formed a bullish "wedge" as shown in blue and presently shares are oscillating around their 50-day moving-average (shown in green.). Refiners rose yesterday amid reports that President Donald Trump has been presented a plan from adviser Carl Icahn and the Renewable Fuels Association to shift the point of obligation for renewable credits, known as RINs, away from refiners. According to a report by Bloomberg, special regulatory adviser Carl Icahn, who is majority owner of refiner CVR Energy (CVI), and the leading U.S. biofuel trade group have provided a deal to the Trump administration for revamping the Renewable Fuel Standard. Refiners and importers are obligated under current law to meet annual quotas for using biodiesel and ethanol. The memorandum presented to the White House has draft language that it may use to direct the Environmental Protection Agency to make adjustments, the publication said. Icahn has long pushed to shift the burden for complying with the biofuel quotas from refiners to fuel blenders, the report noted, adding that while the Renewable Fuels Association had filed a notice with the EPA to oppose the move, it has now agreed to it. In return, the latter will get a pledge for a waiver allowing gasoline blends containing 15% ethanol to be sold year. Higher share prices are expected for this stock.
52-Weeks Trading Range: $12.03 - $26.87
Entry Point: $23.25
Stop Loss: $22.00
Target Price: $26.00
CVI closed at $21.00
