SCHEDULE: Icahn Boosts CVR Energy Stake to 70.8%

Carl Icahn and affiliates increased their beneficial ownership in CVR Energy, Inc. to 70.8% through recent open market purchases.

Summary

• Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., and Carl C. Icahn collectively beneficially own 71,201,875 shares of CVR Energy, Inc. common stock.
• This represents 70.8% of the outstanding shares, based on 100,530,599 shares as of February 13, 2026.
• The reporting persons made open market purchases totaling 783,404 shares between February 20, 2026, and February 24, 2026.
• Purchase prices for these transactions ranged from $20.75 to $21.41 per share.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant increase in ownership by a prominent activist investor like Carl Icahn typically indicates confidence in the company's long-term value and potential for strategic enhancements.

Positives

• Increased stake by Carl Icahn and affiliates signals continued confidence in CVR Energy's value and future prospects.
• Open market purchases demonstrate a direct investment by a significant activist investor.

Negatives

• No explicit negatives are detailed in this filing; however, increased control by a single entity could potentially reduce liquidity for minority shareholders.

Risks

• No specific risks are detailed in this Schedule 13D amendment, which primarily reports ownership changes.

Future Outlook

No forward-looking statements or guidance are provided in this Schedule 13D amendment.

Industry Context

StockSavvy.ai notes that increased stakes by activist investors like Carl Icahn often signal a belief in undervalued assets or potential for strategic changes within the company, which is common in the energy and refining sectors where operational efficiencies and capital allocation are critical.

Related Party Transactions

• Purchases by American Entertainment Properties Corp., an affiliate of the reporting persons, were made in the open market.

Stakeholder Impact

• Shareholders: Increased control by Icahn could lead to more focused strategic direction, potentially benefiting long-term shareholders, but also potentially reducing liquidity for minority shareholders.
• Management: Icahn's increased stake could lead to greater influence over management decisions and corporate strategy.

Key Dates

Recommendation

The increased beneficial ownership by Carl Icahn and his affiliates to 70.8% of CVR Energy, Inc. signals strong conviction from a prominent activist investor. This move suggests a belief in the company's underlying value or potential for strategic improvements. While not a direct indicator of immediate operational performance, such a significant stake increase by a known value investor typically reinforces a 'hold' position for existing investors and warrants close monitoring for potential strategic shifts.

Keywords

CVR Energy, Icahn Enterprises, Carl Icahn, Schedule 13D, Beneficial Ownership, Activist Investor, Stock Purchase, Refining, Fertilizer