Carl Icahn Stock Portfolio: Top 10 Stock Picks

2. CVR Energy Inc. (NYSE:CVI)

Carl Icahn’s Q4 2024 Stake: $1.24 billion

CVR Energy Inc. (NYSE:CVI) headquartered in Sugar Land, Texas, is a diversified holding company that specializes in renewable fuels, petroleum refining and marketing, and nitrogen fertilizer manufacturing via its stake in CVR Partners, LP.

The petroleum refining and nitrogen fertilizer manufacturing company reported a narrower adjusted loss per share of $0.13, compared to analysts’ forecasts of $0.42. Revenue for the quarter was $1.95 billion, slightly higher than the $1.93 billion expectation. Despite a year-over-year decrease in net income for both the fourth quarter and the full year, CVR Energy’s performance in the fourth quarter demonstrated resilience, with a net income of $28 million, compared to $91 million in the same period the previous year.

Following these findings, Scotiabank analyst Paul Y. Cheng emphasized the company’s robust refining operations and income tax gain, which greatly outweighed pre-tax earnings. However, Cheng said that the first-quarter outlook for refining in 2025 looks to be poorer than predicted, with projected throughput lower than previously estimated.