CVI - More Than a Quarter of Billionaire Carl Icahn's Portfolio Is In These 3 Energy Stocks
2024-04-27 16:06:00 ET
Carl Icahn is known for his big bets. Right now, just three energy stocks comprise more than one quarter of his portfolio. Each stock has very different characteristics, so if you want to follow Icahn, be sure to understand all three.
Icahn may have more than one quarter of his portfolio in just three energy stocks, but most of that quarter is comprised of a single stock: CVR Energy (NYSE: CVI) .
CVR Energy is primarily a petroleum refiner, making products like gasoline and nitrogen fertilizer. This is a very different business than an upstream petroleum company, which produces the raw input that CVR Energy then refines. Whereas an oil and gas producer wants commodity prices to rise, thus raising its profit margins, refiners like CVR Energy are more interested in crack spreads -- the value difference between raw petroleum and its refined byproducts.
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More Than a Quarter of Billionaire Carl Icahn's Portfolio Is In These 3 Energy Stocks