CVR Refining LP (CVRR) Buys Back 6.5 Mln Shares from Carl Icahn

Billionaire Carl Icahn has reported in a filing with the Securities and Exchange Commission, the sale of a total of 6.5 million shares of CVR Refining LP (NYSE:CVRR). Following the sale of securities that have been disposed at a price of $25.25 apiece, Mr. Icahn still owns over 70% of the company’s outstanding stock, equal to 104.29 million shares.

Carl Icahn as viking

CVR Refining LP (NYSE:CVRR) has recently conducted a public offering in which it sold the same amount of shares, 6.5 million, at a price of $26.07 apiece. According to a filing with the SEC, the company plans to use the proceeds from the offering to acquire from Icahn’s affiliate CVR Refining Holdings. At the same time, under the terms of the offering, the company offered for sale additional 975,000 shares, out of which the first 589,100 units will be sold directly by the company, and the rest will be offered by CVR Refining Holdings, if the over-allotment options exceed the initial amount offered.

CVR Refining LP (NYSE:CVRR) is an energy company engaged in holding refining and related logistics assets operating in the mid-continent region. Its stock has gained almost 12% since the beginning of the year, and it trails a P/E of around 6.30, which is slightly above the third part of the industry average. The company pays a dividend of around $0.98 per quarter, which brings a divided yield of around 15%. For the current quarter, CVR Refining is expected to report EPS of approximately $1.05.

Even though, Mr. Icahn owns a significant amount of CVR Refining LP (NYSE:CVRR), some other hedge funds from our database have also reported holding the company’s shares in the last round of 13F filings. Anand Parekh‘s Alyeska Investment Group has raised its stake by 35% on the quarter to 191,700 shares owned as of the end of March. Jim Simons‘ Renaissance Technologies, on the other hand, has halved its position in the company reporting 115,000 shares in its latest 13F.

Disclosure: none

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