SUNNY ISLES BEACH, Fla.—Carl C. Icahn, a prominent investor known for his significant market moves, has recently increased his stake in CVR Partners, LP (NYSE:UAN), a company currently trading at $75.12 with a market capitalization of $793 million. According to a recent SEC filing, Icahn acquired a total of 9,024 common units over three transactions between December 13 and December 17, 2024. The purchases were made at prices ranging from $74.82 to $74.97 per unit, amounting to a total investment of approximately $675,610.
The transactions were executed through entities associated with Icahn, including IEP Energy Holding LLC and American Entertainment Properties Corp. Following these acquisitions, Icahn's holdings in CVR Partners stand at 150,868 common units.
These purchases underscore Icahn's continued interest in the agriculture chemicals sector, where CVR Partners operates. The company is known for its production of nitrogen fertilizer products. Icahn, through his various holdings, maintains a significant influence over the company, reflecting his strategic interest in the industry.
In other recent news, CVR Partners, a player in the agriculture chemicals industry, has announced its executive compensation details and third-quarter financial results for 2024. The company disclosed a new employment agreement with executive chairman David L. Lamp, which includes increased base salary, annual cash bonus, and long-term incentive plan awards. The agreement will take effect from January 1, 2025, replacing the existing contract set to expire at the end of December 2024.
CVR Partners reported net sales of $125 million, a net income of $4 million, and EBITDA of $36 million for the third quarter. The company also declared a distribution of $1.19 per common unit, indicating strong operational performance with ammonia plant utilization reaching 97%.
For the fourth quarter of 2024, the company projects an ammonia utilization rate between 92% and 97%, and anticipates direct operating expenses to range from $60 million to $70 million. Total (EPA:TTEF) capital spending for the same period is estimated to be between $19 million and $23 million. Despite some unplanned downtime at upgrading units, CVR Partners saw an increase in ammonia and UAN prices, maintaining optimism amidst geopolitical risks due to strong demand and favorable pricing conditions for its products. These developments underscore the company's commitment to operational efficiency and market responsiveness.
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