CVR Refining LP (CVRR): Billionaire Carl Icahn Sells 975,000 Shares

In a newly amended filing with the U.S. Securities and Exchange Commission, Carl Icahn, the manager of Icahn Capital LP, has disclosed reducing its stake in CVR Refining LP (NYSE:CVRR). Following the sale of 975,000 shares back to the company at a price of $25.25 apiece, Mr. Icahn still owns 103.32 million shares, according to the filing. The new position is equal to 70.0% of outstanding common units, and represents a decrease from 104.29 million shares held previously.Carl Icahn - Icahn Capital Lp

At the beginning of this month, Mr. Icahn reported the sale of a total of 6.5 million shares of CVR Refining LP (NYSE:CVRR). The company recently conducted a public offering in which it sold 6.5 million common units representing limited partner interests at a price of $26.07 apiece. The underwriters were granted an option to purchase up to an aggregate additional 975,000 common units at a price of $26.07 per common unit. The company plans to use the proceeds from the offering to acquire from Icahn’s affiliate CVR Refining Holdings.

CVR Refining LP (NYSE:CVRR) is an energy company engaged in holding refining and related logistics assets operating in the mid-continent region. The company’s stock rose by 0.27% to $26.14 on Friday. Analysts have the consensus average target price of $26.40 for the stock, and the consensus average recommendation is ‘hold’. The company pays a dividend of around $0.98 per quarter. It is expected to report EPS of about $1.05 for the current quarter.

Other significant shareholders of the company include Alyeska Investment Group, led by Anand Parekh, which owns 191,680 shares, and Renaissance Technologies, managed by Jim Simons, which disclosed holding 115,000 shares of the company.

The value of Mr. Icahn’s equity portfolio amounted to $32.9 billion as of the end of the first quarter of 2014. Recently, Mr. Icahn reported a new stake in Seventy Seven Energy Inc (NYSE:SSE). The activist position held by Mr. Icahn amounts to 9.98% of the company’s common stock and contains 4.75 million shares.

Disclosure: none

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