Carl Icahn Stock Portfolio: 7 Best Stocks to Buy

5. CVR Partners, LP (NYSE:UAN)

Carl Icahn’s Q2 2024 Stake: $294.47 Million

Number of Hedge Fund Investors as of Q2 2024: 4

CVR Partners, LP (NYSE:UAN) is a basic materials company that produces and sells nitrogen fertilizer products. It is one of the companies well positioned to benefit amid strong demand for nitrogen fertilizer, while prices are much higher than they were in 2023.

The company was under pressure in the second quarter due to weather interruptions affecting the spring planting season. Consequently, CVR Partners, LP (NYSE:UAN) delivered a net income of $26 million or $2.48 per share, down from $60 million last year. Net sales also dropped from $183 million as of Q3 2023 to $133 million.

Nevertheless, it achieved solid operating results with a combined ammonia production rate of 102%, which benefited from higher-than-expected planted acreage and strong nitrogen fertilizer demand. With the company projecting strong demand for nitrogen fertilizer for the remainder of the year, it should generate more earnings.

While trading at a price-to-earnings multiple of 14, CVR Partners, LP (NYSE:UAN) has always stood out as one of Carl Icahn’s best stocks, owing to its consistently returning value to shareholders. The company boasts a solid 10.33% dividend yield.

By the end of this year’s second quarter, four out of the 912 hedge funds in Insider Monkey’s database had invested in CVR Partners, LP (NYSE:UAN). The largest shareholder among them is Carl Icahn’s Icahn Capital LP, holding a $294.47 million stake.