These transactions were conducted indirectly through entities associated with Icahn, including American Entertainment Properties Corp. and IEP Energy Holding LLC. Following these acquisitions, Icahn’s total ownership in CVR Partners (NYSE:UAN) now stands at 174,192 common units.CVR Partners, LP, based in Sugar Land, Texas, is a key player in the agricultural chemicals sector, specializing in nitrogen fertilizer production. Trading at a P/E ratio of 15.27, the company appears undervalued based on InvestingPro’s Fair Value analysis. The company’s stock is traded on the New York Stock Exchange under the ticker symbol UAN. InvestingPro analysts have identified 7 additional key insights about UAN, available with a subscription.
These transactions were conducted indirectly through entities associated with Icahn, including American Entertainment Properties Corp. and IEP Energy Holding LLC. Following these acquisitions, Icahn’s total ownership in CVR Partners now stands at 174,192 common units.
CVR Partners, LP, based in Sugar Land, Texas, is a key player in the agricultural chemicals sector, specializing in nitrogen fertilizer production. The company’s stock is traded on the New York Stock Exchange under the ticker symbol UAN.
In other recent news, CVR Partners, a key player in the agriculture chemicals industry, has made significant announcements regarding its financial performance and executive compensation. The company recently disclosed an employment agreement with executive chairman David L. Lamp, effective January 1, 2025, replacing the current contract set to expire at the end of December 2024. The new agreement includes an increased annual base salary for Mr. Lamp from $1.1 million to $1.2 million, along with a performance-based bonus plan and long-term incentive plan.
In terms of financial performance, CVR Partners reported third quarter results for 2024 with net sales of $125 million, a net income of $4 million, and EBITDA of $36 million. A distribution of $1.19 per common unit was declared, showcasing the firm’s robust operational performance with ammonia plant utilization reaching 97%. The company also provided its outlook for the fourth quarter of 2024, projecting an ammonia utilization rate between 92% and 97%, and anticipating operating expenses to range from $60 million to $70 million.
These recent developments underline CVR Partners’ commitment to operational efficiency and market responsiveness. Despite experiencing unplanned downtime at the upgrading units, which impacted UAN sales volumes, the company saw an increase in ammonia and UAN prices. The company remains cautious of geopolitical risks but is optimistic due to strong demand and favorable pricing conditions for its products.
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