Carl Icahn, alongside along with his associates IEP Vitality Holding LLC and American Leisure Properties Corp., elevated their stake in CVR Companions, LP (NYSE:), a $794 million market cap firm, with a collection of purchases totaling $535,706. The transactions, disclosed in a latest SEC submitting, occurred over a number of days in December, with unit costs starting from $74.36 to $74.92. In line with InvestProthe corporate maintains an “EXCELLENT” monetary well being rating of three.15 out of 5.
The purchases had been made by means of oblique possession, with the widespread models being owned by American Leisure Properties Corp. This acquisition displays Icahn’s continued curiosity in CVR Companions, an organization engaged within the manufacturing of nitrogen fertilizer merchandise. The corporate presently presents a horny dividend yield of 6.3% and seems undervalued based mostly on InvestProof honest worth evaluation.
On account of these transactions, the whole variety of shares held by the reporting entities elevated, though the particular variety of shares after the transaction was not disclosed on the submitting. The disclosure additionally highlighted the complicated possession construction of the entities concerned, with Icahn Enterprises (NASDAQ:) Holdings LP being a major stakeholder.
These transactions spotlight Carl Icahn’s lively function as a significant investor within the firm, leveraging his appreciable affect by means of numerous holding corporations.
Individually, CVR Companions disclosed particulars of government compensation in a regulatory submitting. The brand new settlement, efficient January 1, 2025, will see Govt Chairman David L. Lamp’s base wage improve from $1.1 million to $1.2 million per yr, with eligibility for an annual bonus in money and a long-term incentive plan. The situations additionally embrace severance pay, besides within the case of dismissal for trigger or resignation with out discover.
This employment settlement is a part of a broader grasp company providers settlement between CVR Companions and its dad or mum firm, CVR Vitality (NYSE:). The corporate additionally launched its third quarter 2024 monetary outcomes, reporting web income of $125 million, web revenue of $4 million and EBITDA of $36 million. A distribution of $1.19 per widespread unit was reported, indicating robust operational efficiency with ammonia plant utilization reaching 97%.
Trying forward, CVR Companions estimates that the ammonia utilization price for the fourth quarter of 2024 shall be between 92% and 97%. Direct working bills are anticipated to be between $60 million and $70 million, and whole capital expenditures are anticipated to be between $19 million and $23 million. Regardless of unplanned upgrader unit downtime impacting UAN gross sales volumes, the corporate has seen a rise in ammonia and UAN costs.
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