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CVR Energy, Inc. (NYSE:CVI), a $2.37 billion market cap company currently trading near $23.47, announced the approval of amendments to its 2007 Long-Term Incentive Plan during the annual stockholder meeting held on Thursday. According to InvestingPro data, the company has maintained consistent dividend payments for 12 consecutive years. The amendments, initially approved by the Board of Directors on April 21, 2025, were subject to stockholder approval, which was secured at the meeting.
The approved amendments increase the number of shares reserved under the plan by 2.5 million, raising the total to 10 million shares. The plan’s term is extended to April 21, 2035. Additionally, the amendments stipulate that awards granted under the plan, excluding cash-based awards, will generally vest no earlier than the first anniversary of the grant date. The plan also prohibits the payment of dividends and dividend equivalents on options and stock appreciation rights. Notably, the company currently offers a significant 15.07% dividend yield to shareholders.
The stockholders also voted on several other proposals during the meeting. Eight directors were elected to the Board, with each set to serve until the 2026 annual meeting. In a non-binding advisory vote, stockholders approved the compensation of the company’s named executive officers. Furthermore, the appointment of Grant Thornton LLP as the independent registered public accounting firm for the 2025 fiscal year was ratified.
The meeting’s outcomes were based on information from a press release filed with the Securities and Exchange Commission.
In other recent news, CVR Energy Inc . reported its Q1 2025 earnings, surpassing expectations with an earnings per share (EPS) of -$0.58, compared to the forecasted -$0.85. The company’s revenue also exceeded projections, reaching $1.65 billion against a forecast of $1.41 billion. Despite a consolidated net loss of $105 million, the company’s fertilizer segment showed resilience, contributing positively with an adjusted EBITDA of $53 million. Meanwhile, the petroleum segment faced challenges, posting an adjusted EBITDA of -$30 million, while the renewable segment contributed positively with an adjusted EBITDA of $3 million. CVR Energy is focusing on debt reduction and the potential reinstatement of dividends, contingent upon improved margins. Additionally, the company plans no further refinery turnarounds through 2026. In terms of analyst activity, there were no specific upgrades or downgrades reported for CVR Energy. These developments reflect CVR Energy’s strategic focus and operational resilience amidst challenging market conditions.
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