CRAK - Billionaires dump refining stocks as fundamentals improve

The pandemic-induced downturn in refining (CRAK) saw no shortage of activity from deep-pocketed investors. Carl Icahn, already the controlling shareholder in CVR Energy (CVI), used his influence to push CVR Energy (CVI) to acquire ~15% of Delek (DK). Carlos Slim entered the fray, scooping up ~20% of PBF (PBF) shares outstanding. While Sam Zell maintained his position as the largest shareholder of Par Pacific (PARR).  The pandemic saw refining margins hit all-time lows. However, industry's response to the pandemic and policy measures saw capacity fall by ~2mb/d in the West. With demand inching towards all-time highs, refining margins are soaring and so are the share prices of US refining stocks. But with fundamentals now appearing better than ever, investors are heading for the exits.  CVR Energy (CVI) distributed its shares in Delek (DK) to CVR shareholders. And in March, Delek (DK) announced the repurchase of $64m worth of shares from Icahn. Sam

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Billionaires dump refining stocks as fundamentals improve