CVR Energy, Inc. (NYSE:CVI) was in 15 hedge funds’ portfolio at the end of March. CVI investors should be aware of a decrease in hedge fund sentiment of late. There were 16 hedge funds in our database with CVI holdings at the end of the previous quarter.
Equally as key, bullish insider trading sentiment is another way to break down the world of equities. Just as you’d expect, there are lots of motivations for an insider to sell shares of his or her company, but just one, very clear reason why they would buy. Various empirical studies have demonstrated the valuable potential of this method if “monkeys” know where to look (learn more here).
With all of this in mind, it’s important to take a glance at the key action surrounding CVR Energy, Inc. (NYSE:CVI).
Hedge fund activity in CVR Energy, Inc. (NYSE:CVI)
Heading into Q2, a total of 15 of the hedge funds we track held long positions in this stock, a change of -6% from the first quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of key hedge fund managers who were upping their holdings meaningfully.
According to our comprehensive database, Carl Icahn’s Icahn Capital LP had the most valuable position in CVR Energy, Inc. (NYSE:CVI), worth close to $3.6753 billion, accounting for 21.7% of its total 13F portfolio. The second largest stake is held by Renaissance Technologies, managed by Jim Simons, which held a $41.4 million position; 0.1% of its 13F portfolio is allocated to the stock. Some other hedgies that hold long positions include D. E. Shaw’s D E Shaw, Cliff Asness’s AQR Capital Management and Ken Griffin’s Citadel Investment Group.
Because CVR Energy, Inc. (NYSE:CVI) has experienced falling interest from the smart money, it’s safe to say that there were a few money managers that slashed their entire stakes at the end of the first quarter. Interestingly, Curtis Macnguyen’s Ivory Capital (Investment Mgmt) sold off the biggest position of the “upper crust” of funds we monitor, valued at an estimated $9.7 million in stock., and Thomas Lenox Kempner of Davidson Kempner was right behind this move, as the fund dumped about $1 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest fell by 1 funds at the end of the first quarter.
What have insiders been doing with CVR Energy, Inc. (NYSE:CVI)?
Insider buying is at its handiest when the company we’re looking at has experienced transactions within the past six months. Over the latest six-month time period, CVR Energy, Inc. (NYSE:CVI) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to CVR Energy, Inc. (NYSE:CVI). These stocks are Access Midstream Partners LP (NYSE:ACMP), Western Refining, Inc. (NYSE:WNR), PBF Energy Inc (NYSE:PBF), and InterOil Corporation (USA) (NYSE:IOC). This group of stocks belong to the oil & gas refining & marketing industry and their market caps match CVI’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Access Midstream Partners LP (NYSE:ACMP) | 7 | 3 | 0 |
| Western Refining, Inc. (NYSE:WNR) | 25 | 0 | 9 |
| PBF Energy Inc (NYSE:PBF) | 22 | 1 | 0 |
| InterOil Corporation (USA) (NYSE:IOC) | 18 | 0 | 0 |
With the results exhibited by the aforementioned strategies, retail investors should always watch hedge fund and insider trading sentiment, and CVR Energy, Inc. (NYSE:CVI) is no exception.
