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What Do Institutional Investors Think about CVR Refining?


Dec. 4 2020, Updated 10:53 a.m. ET

Institutions hold less than 10% of CVRR’s float

Nearly 8.7% of CVR Refining’s (CVRR) floating shares are currently held by ~120 institutional investors. The percentage of float held has decreased significantly from nearly 30.2% at the end of 1Q16. The number of new institutional buyers of CVRR shares fell from 26 at the end of 1Q16 to 21 on June 17, 2016. At the same time, the number of sellers fell from 34 to 33 since the end of 1Q16. The number of sell-offs increased from 22 at the end of 1Q16 to 28 on June 17, 2016. These changes indicate institutional investors’ negative sentiments towards CVRR.

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The above table summarizes institutional investors’ activity in CVR Refining’s shares. In the last three weeks, the number of sellers increased from 31 to 33, and the number of sell-offs increased from 27 to 28. The institutional activity over the last three weeks indicates the sustained negative sentiments of institutional investors for CVRR.

In comparison, institutional investors own nearly 21% of Calumet Specialty Products Partners’ (CLMT) floating shares and 35% of Alon USA Partners’ (ALDW) floating shares.

Top institutional holders

Icahn Carl C Institutional Portfolio, Acadian Asset Management, Goldman Sachs, Millennium Management, and Deutsche Bank are the top five institutional holders of CVR Refining stock. Icahn Carl C has the largest holding and owns 4% of CVRR’s outstanding shares. Both Acadian and Millennium have increased their positions since the end of 1Q16 while Goldman Sachs and Deutsche Bank have reduced their CVRR holdings. Icahn Carl C’s position has remained unchanged since the end of 1Q16.


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