BUZZ - CVR Energy, owned by Icahn, shares fall after stock issuance to launch the Marathon refinery deal

November 3 - **CVR Energy (CVI.N) shares fell 2.5% to $54.50 in premarket trading on Tuesday after the company announced a stock offering plan related to an acquisition

** CVR launches (link) a $750 million stock offering; of which $500 million worth of shares will be issued by the company, and the remaining $250 million will be sold by an indirect subsidiary of Icahn Enterprises LP IEP.O

(link) ** The company plans to use the net proceeds from the fundraising to help finance the $4.2 billion acquisition from Marathon Petroleum of refineries located in Saint Paul Park, Minnesota and Mandan, North Dakota MPC.N

** If the acquisition is not completed, CVR plans to use the net proceeds for general corporate purposes

** Barclays and Jefferies are acting as joint bookrunners

** According to data from London Stock Exchange Group (LSEG), Texas-based CVR currently has 100.53 million shares outstanding; Icahn Capital holds 71.2 million shares

** As of Monday's close, the stock has surged 120% so far this year; on October 14, 2026, the intraday price reached a record high of $63.51

** Of the 7 analysts covering the stock, recommendations are 3 “hold”, 3 “sell” and 1 “strong sell”; the median price target is $47, up from $33.50 a month ago — LSEG data

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