Key Highlights

  • CVR Energy (NYSE:CVI) traded at USD 60.36, up 3.78%, on October 26, 2026, with a USD 6.07 billion market value, P/E of 87.91, trailing EPS of USD 0.69 and a 0.34% yield, after closing down 0.80% on October 23.
  • Second quarter adjusted EBITDA was USD 209 million against USD 99 million a year earlier, with petroleum crude utilization of 98.4% and an adjusted refining margin of USD 12.43 per barrel.
  • The nitrogen fertilizer segment earned adjusted EBITDA of USD 107 million, with ammonia at USD 791 per ton against USD 593 and UAN at USD 392 per ton against USD 317, said CVR Energy (NYSE:CVI).
  • Third quarter guidance is petroleum throughput of 205,000 to 220,000 barrels per day, and results are due before the market opens on November 3, 2026.

The October 26 Move

CVR Energy closed at USD 58.16 on October 23, down 0.80%, and rose 3.78% on October 26 to USD 60.36, a gain of USD 2.20 per share by simple arithmetic, near its 52-week high of USD 63.51 and far above the low of USD 19.62. No company release dated October 26 explained the move, so it looks like sector strength. The consensus rating is Sell with an average target near USD 48, about 17% below the price on a price page, while Mizuho holds Underperform at USD 52 and Goldman Sachs holds Sell at USD 50. The 87.91 multiple reflects very low trailing earnings of USD 0.69 per share.

Margins and Fertilizer

Second quarter petroleum throughput was 212,965 barrels per day, and the refining margin was USD 9.94 per barrel, or USD 12.43 adjusted. Petroleum adjusted EBITDA was USD 106 million against USD 38 million a year earlier, and direct operating costs fell to USD 5.93 per barrel. The company reported a net loss attributable to stockholders of USD 3 million, or USD 0.03 per share, because unfavorable changes in its renewable fuel obligation cost USD 73 million, or USD 0.55 per share. Nitrogen fertilizer net income was USD 78 million with 99% ammonia utilization. Crude is the refiner's main cost, so higher oil helps only if product prices and spreads rise with it, a different setup from a producer.

Risks and Dates

The key risks are renewable fuel credit costs, derivative losses and a squeeze if crude rises faster than fuel prices. The company expects crude utilization of 95% to 100% and ammonia utilization of 75% to 80% in the third quarter, with capital spending of USD 85 million to USD 105 million. Dane Neumann became CEO in June 2026. The quarterly dividend is USD 0.10. Ammonia at USD 791 per ton was about 33% above a year earlier, simple arithmetic on company figures, which supports fertilizer margins but depends on farm demand. Third quarter results on November 3 will show whether the strong second quarter margins held.

Where Things Stand

CVR rose with the energy tape and refining sentiment, as no company news appeared, which answers the headline. CVR Energy (NYSE:CVI) is a refiner and fertilizer maker, so oil near USD 102 is mainly a cost, while fertilizer prices and refining spreads drive profit. The balance of evidence is mixed: margins and ammonia prices are strong, but renewable fuel costs and a Sell consensus argue caution. The next catalyst is the November 3 report.