Institutional Investors’ Views on CVR Refining



Top institutional investors

CVR Energy (CVI) owns 65.9% of CVR Refining’s (CVRR) outstanding shares. Icahn Associates, Goldman Sachs, and Acadian Asset Management are the three largest institutional investors in CVR Refining, with 3.9%, 2.0%, and 1.1%, respectively, of CVRR’s outstanding shares. The top nine investors, excluding CVR Energy, collectively own ~11% of CVR Refining’s outstanding shares.

The above table shows recent position changes by the top ten institutional investors in CVR Refining. The top ten have collectively added 3 million CVRR shares to their positions. Seven of the top ten added to their CVRR positions in 4Q17, while three made no changes. These position changes suggest bullishness toward CVR Refining.

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Position changes

According to a filing dated December 31, 2017, Goldman Sachs added 0.9 million CVRR shares, the largest position change among the top ten holders. Recently, Artemis Investment Management sold ~0.6 million CVRR shares.

Institutional ownership in CVRR

Institutions and strategic entities hold ~80.5% of CVR Refining’s outstanding shares. CVRR has 147 million outstanding shares, of which 33.9% are free-float shares.

Out of the ~80.5% of CVRR shares held by institutions and strategic entities, 80.3% are held in North America. Europe and the Asia-Pacific account for 0.2% and 0.03%, respectively, of this 80.5% share. Next, we’ll look at recent short interest changes in CVR Refining.


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