Carl Icahn increases stake in CVR Energy with $9.47 million purchase

SUNNY ISLES BEACH, FL—Carl C. Icahn, a prominent investor and ten percent owner, has expanded his holdings in CVR Energy Inc . (NYSE:CVI) through a series of recent stock acquisitions, despite the stock's significant decline of over 54% in the past year. According to a Form 4 filing with the Securities and Exchange Commission, Icahn purchased a total of 572,908 shares of CVR Energy's common stock. InvestingPro data shows the stock currently trades in oversold territory, suggesting potential value opportunity.

The transactions, executed under a Rule 10b5-1 trading plan, occurred over three days in early April. On April 3rd, Icahn acquired 61,108 shares at a price of $18.12 per share. This was followed by a larger purchase of 267,600 shares on April 4th at $16.55 per share. The buying spree continued on April 7th, with Icahn adding another 244,200 shares at a price of $16.11 per share.

These transactions collectively amounted to approximately $9.47 million, with the price per share ranging from $16.11 to $18.12. The purchases have increased Icahn's total ownership in CVR Energy to 69,107,178 shares. The company, currently valued at $1.64 billion, maintains a notable 21.41% dividend yield and has sustained dividend payments for 12 consecutive years, according to InvestingPro analysis.

The acquisitions were made through various entities controlled by Icahn, including Icahn Enterprises (NASDAQ:IEP) Holdings L.P. and Icahn Enterprises G.P. Inc., as detailed in the filing. The move reflects Icahn's continued confidence in CVR Energy, a company engaged in petroleum refining and marketing. For deeper insights into CVR Energy's valuation and comprehensive analysis, investors can access detailed financial health scores and 13 additional ProTips through InvestingPro's exclusive research reports.

In other recent news, CVR Energy Inc. reported fourth-quarter earnings that exceeded consensus estimates, with a narrower adjusted loss per share of $0.13 compared to the expected $0.42. Revenue for the quarter reached $1.95 billion, slightly surpassing the anticipated $1.93 billion. Despite a year-over-year decline in net income, the company showed resilience with a net income of $28 million for the quarter. Mizuho (NYSE:MFG) Securities adjusted its price target for CVR Energy stock from $20 to $21, reflecting a cautious outlook due to anticipated first-quarter earnings falling short of consensus estimates. UBS also maintained a Neutral rating with a $21 price target, citing the impact of planned maintenance at the Coffeyville Refinery on expected financial performance.

Additionally, CVR Energy announced changes to its Board of Directors, with Robert E. Flint and Colin Kwak joining, both associated with Icahn Enterprises, which holds a significant stake in the company. The board expansion follows the resignation of Ted Papapostolou due to personal reasons. The company's ongoing strategic alignment with its majority shareholder, Icahn Enterprises, is evident in these appointments. These developments come as CVR Energy navigates operational challenges and prepares for anticipated improvements in the energy market.

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