Carl Icahn, a widely known investor, has lately elevated his stake in CVR Companions, LP (NYSE:) by way of a sequence of transactions. In accordance with a latest SEC submitting, Icahn bought a complete of 11,589 frequent items over three days, from December 18 to December 20, 2024. The items had been acquired at costs starting from $73.99 to $74.55 per share, amounting to a complete funding of $860,177. InvestingPro evaluation exhibits the corporate presently gives a considerable 6.5% dividend yield and maintains a “GREAT” general monetary well being rating, with seven key ProTips obtainable to subscribers.
The transactions had been made not directly by way of entities related to Icahn, together with American Leisure Properties Corp. and IEP Power Holding LLC. Following these acquisitions, Icahn’s complete holdings in CVR Companions stand at 162,457 frequent items. This transfer aligns with Icahn’s technique of consolidating his place in firms the place he sees potential for worth creation. In accordance with InvestingPro information, the corporate seems undervalued primarily based on its Truthful Worth evaluation, with sturdy fundamentals together with a wholesome present ratio of two.15 and spectacular YTD returns of twenty-two.58%.
In different latest information, CVR Companions, an agricultural chemical compounds agency, has introduced essential monetary outcomes and govt compensation particulars. The corporate reported third-quarter monetary outcomes with web gross sales of $125 million, a web revenue of $4 million, and EBITDA of $36 million. In addition they declared a distribution of $1.19 per frequent unit, reflecting strong operational efficiency with ammonia plant utilization reaching 97%.
Along with monetary outcomes, CVR Companions disclosed a brand new employment settlement with govt chairman David L. Lamp. The settlement, efficient January 1, 2025, will increase Mr. Lamp’s annual base wage from $1.1 million to $1.2 million and descriptions severance funds and long-term incentive plan awards. This contract is a part of a broader company settlement between CVR Companions and CVR Power (NYSE:), the father or mother firm.
CVR Companions additionally offered an outlook for the fourth quarter of 2024, projecting an ammonia utilization price between 92% and 97%, and estimating direct working bills to vary from $60 million to $70 million. Whole (EPA:) capital spending for a similar interval is anticipated to be between $19 million and $23 million. These latest developments reveal CVR Companions’ dedication to operational effectivity and market responsiveness.
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