CVR Energy Shares Drop 25% After Suspending 3Q Dividend

Dow Jones

Oct 29, 2024

By Stephen Nakrosis

Shares of CVR Energy were trading below recent 52-week lows in the after-hours market Monday, following news the company's board decided to suspend its third-quarter dividend.

The stock was down 25% to $23.82 in after-hours trading on Monday, after closing the regular session up less than 1% at $23.82. CVR's shares slid to a 52-week low of $21.05 on Sept. 12, and are down 21% this year.

Chief Executive Dave Lamp said the board's decision reflected concerns on how long the current margin environment will persist in light of the planned turnaround at the company's Coffeyville refinery in the first quarter of next year.

The company on Monday reported a third-quarter loss per share of $1.24, compared earnings per share of $3.51 in the year-ago period.

Lamp said third quarter earnings were impacted by reduced refining throughputs from unplanned downtime at its facilities.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 28, 2024 17:31 ET (21:31 GMT)

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