10 Worst Performing Energy Stocks in 2024

7. CVR Energy, Inc. (NYSE:CVI)

1-Year Performance as of January 21: -29.10%

Market Cap as of January 21: $2.12 Billion

Number of Hedge Fund Investors: 16

CVR Energy, Inc. (NYSE:CVI) is an independent refiner and marketer of petroleum products in the United States. The company operates two refineries, one in Coffeyville, Kansas, and the other in Wynnewood, Oklahoma. CVR Energy, Inc. (NYSE:CVI) is also a significant producer of nitrogen fertilizers, with two manufacturing facilities in the United States.

CVR Energy, Inc. (NYSE:CVI) is focusing on strengthening its balance sheet, improving its ability to navigate market conditions, and executing its upcoming turnaround safely, on time, and on budget. To achieve this, CVR Energy, Inc. (NYSE:CVI) is exploring access to capital markets, which could include non-core asset sales, and is suspending its dividend to preserve cash. The company is prioritizing internal cost-cutting initiatives, reducing hiring, and focusing its capital spend on projects that are critical to safe and reliable operations. CVR Energy, Inc. (NYSE:CVI) is also exploring ways to optimize its business and identify accretive opportunities. The company is considering the potential conversion of its Wynnewood renewable diesel unit to 100% sustainable aviation fuel (SAF), which could provide a new source of revenue and growth.

CVR Energy, Inc. (NYSE:CVI) is confident in its ability to navigate the current challenging environment and emerge stronger and more competitive. The company’s refineries are well-positioned to benefit from the expected recovery in refining margins, driven by improving demand fundamentals and the potential for additional refining capacity rationalization in the US and globally.