Icahn Enterprises Stock Tumbles as Dividend Slashed by Half -- Barrons.com

Dow Jones11-08

Karishma Vanjani

Carl Icahn's activist investment company slashed its dividend on Friday, sending the stock tumbling in premarket trading.

Icahn Enterprises, a holding company that invests in a smattering of businesses, will be reducing its dividend to 50 cents a share, down from $1, the company revealed in a press release discussing third-quarter earnings. The cut stems from Icahn's proposal to acquire additional shares of CVR Energy, a renewable fuels and petroleum refining business.

As of June 30, 2024, Icahn owned approximately 66% of the business.

The stock fell more than 10% after The Wall Street Journal reported on the proposal ahead of the official announcement. At last check, shares were down 5.5% in premarket trading Friday.

CVR Energy's stock was up 4.1% to $17.20. It has fallen 46% so far this year.

"I strongly believe that our portfolio -- both for the investment segment and the controlled businesses -- has significant opportunities ahead. Rarely have I seen a stock market with such extreme valuations -- with some companies trading at unjustifiable premiums and others being massively undervalued. These undervalued situations have created great opportunities for activists." Icahn stated in a press release.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 08, 2024 07:58 ET (12:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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These undervalued situations have created great opportunities for activists.\" Icahn stated in a press release. \n\n\n     Write to Karishma Vanjani at  karishma.vanjani@dowjones.com. \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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