Icahn Enterprises LP (IEP) Options

ItsMyOpition

Agree IEP owns 69 million shares or almost 70% of common stock of CVR. IF CVR announces a dividend we are golden IMO
8/12/24 they were trading at $28 they announced a .50 dividend

Michael

Short sellers will get the squeeze. IEP = https://finviz.com/quote.ashx?t=IEP&p=d
IEP Will show much better earnings going forward just look at one of their largest holding CVI which IEP purchased another 25 million shares around $18 and CVI is now 26.50. Also shorts sellers have been unsuccessful in taking the pps down much to cover and are now over 12 million shares short. Forward P/E and earnings all look good $12-15by next year, IMO

My guess is short sellers trying to keep pps depressed to cover. Next earning should be big improvement 12-15 in next year$$

CVR is on fire why are we declining ?

Michael

ItsMyOption

Hopefully that is the situation . With CI owning the majority of the outstanding shares you would think he could make the PPS swing either way. That being said hopefully CVR has a blowout quarter with good guidance. We could be set for a major upward move IMO

Michael

hayward, IMO it is short sellers keeping pps down to try to find seller so they can cover. IEP = https://finviz.com/quote.ashx?t=IEP&ty=c&ta=1&p=d
still has 11.5 million shares short which is a lot of shares short to cover. I play the option and today I STO-sold to open Sept. $10 PUT collecting $2.10 ps
so if on Strick date Sept IEP is below $10 I will get assigned but my cost is $7.90

I feel IEP is over sold and should move up fast. There was a new buy analyst from Jefferies with $12.00 target price.

CVI seems to be doing fairly well Any thoughts on why we seem to be lagging ?

Michael

Looks like some the small refinery exemptions might finally come through.

https://www.reuters.com/sustainability/climate-energy/us-epa-sends-biofuel-blending-volume-proposal-white-house-review-2025-05-15/

This would boost the bottomline for CVI. I believe their last earnings call stated they will take a $300M hit because the facility in Oklahoma did not have an exemption as it did during the 2016-2020 timeframe.

Nice move up last few days along with CVI Hopefully this will continue after Friday the last day to be eligible for the dividend !

Michael

For CVI to restate dividend would be big boost for IEP. We could see that in 3rd qt as 2nd Qt looks positive in earning for CVI but still working through last Qt 's of negative losses. The good is - The planned turnaround at Coffeyville refinery was completed, and the refinery is ramping back to full rates over the course of the second quarter.

ItsMyOption

Thanks
IMO we need CVI to pay a dividend that should make a difference in our quarterly profits !

Michael

hayward, I do agree that CI could take company private, but my hope is it gets back to $15.00 or higher. I was happy to see they will continue with .50 dividend and CI and family keeps adding more shares so no hurry for him to make buy offer. I do see earning improving 2nd quarter, but they may need to look at their investment skills and those that manage their investments such as son Brett that seems to lack the skills that dad HAD, but fading lately.

The good is IEP is still heavely shorted and those 11 million short ether need to cover before May 19th or they will be forced to pay back that .50 dividend - so we could see a spike going into next week. IMO

This is current holders = https://www.tipranks.com/stocks/iep/ownership

Does anyone think that CI wants to take the company private so that is why the PPS is so low ? I think he owns 450 million shares out of 523 million so he controls the PPS for sure IMO

Michael

the only good news is IEP is still paying .50 dividend. Not sure what is wrong with Carl and management team as they are struggling turning IEP into a profitable company. We need a change in management! IMO our 2nd quarter should have big improvement as CVI will be back in full production. Management needs to look at their Health care companies as to why they can not make a profit.

It's My Option

Any updated thoughts on quarterly tomorrow morning TIA

Michael

IEP earning 5/7 Forward P/E 10.13 expected earnings = .19 compared to last year was -.09
Still 11 million shares short. I expect this stock will fly on good earnings especially if they also keep .50 dividend

I bought that Friday March 7th just in case buying on the 10th was too late. So got 6,000 shares under 10 and am looking forward to the 3K divi April 16th. I was waiting to add more on a drop to 8 because IEP usually goes down into paying that divi but it went down for a week and climbed right back up over 9.50 which means anyone who bought 10 or lower before 3/7/25 is at least break even or making money. It seems to be slowly creeping back up to 10. I had another play I'm in drop too much so I sold my IEP shares and did a quick day flip (made 1500) but IEP went back up to the high. (basically needing a big chunk of that 1500 to buy back)
So I remembered what I've learned from you and decided to STO (10 dollar) 4/17 puts for .6355 so I got just under 3800 after fees/comm and will either keep that and tell myself it was the next divi.lol Or I get my shares back for 9.37 average which is lower than where I sold them. I'm hoping to get the shares back but keeping that 3800 also works well for me. Being I was just going to sit on the IEP shares the next 4 weeks should be easy for me to sit on that money. Thanks again

Michael, I would call your broker to verify. I show the dividend record date is March 10 today and with the pps down If you could buy today and it is recorded you would get low pps buy and .50 dividend April 16

My guess is because of this move down there is a clearing time to own and you had to own IEP March 7th to get on record of March 10th for the Div.

itsMyOption

If you buy shares today do you get the dividend ? TIA

Michael

today was the weekly option expiration date and as you can see the volume was up due to dividend record date being Monday March 10.
I had lots of STO $10. Puts so with the close at 10 or above they expired with 100% profit. For those short and not purchased or covered their short position by March 10 those shorts will need to pay the company .50 dividend on April 16. With over 11 million short that is as of $$$ the shorts will need to pay. GLAD I AM NOT SHORT!

IEP. Earnings have improved and I expect will continue going forward.

Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Fourth Quarter 2024 Financial Results
February 26, 2025
PDF Version
SUNNY ISLES BEACH, Fla., Feb. 26, 2025 /PRNewswire/ --
Q4 2024 net loss attributable to IEP of $98 million, an improvement of $41 million over Q4 2023
Q4 2024 quarter Adjusted EBITDA attributable to IEP of $12 million, compared to $9 million in Q4 2023
Indicative Net Asset Value was approximately $3.3 billion as of December 31, 2024, a decrease of $223 million compared to September 30, 2024
IEP declares fourth quarter distribution of $0.50 per depositary unit
Financial Summary
(Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified)
For the three months ended December 31, 2024, revenues were $2.6 billion and net loss was $98 million, or $0.19 per depositary unit. For the three months ended December 31, 2023, revenues were $2.7 billion and net loss was $139 million, or a loss of $0.33 per depositary unit. Adjusted EBITDA was $12 million for the three months ended December 31, 2024, compared to an Adjusted EBITDA of $9 million for the three months ended December 31, 2023.
As of December 31, 2024, indicative net asset value decreased $223 million compared to September 30, 2024. The change in indicative net asset value is primarily driven by the decline in CVR Energy of $286 million, the third quarter distribution to holders of our depositary units of $71 million in cash and the decline in Viskase of $57 million, which was offset in part primarily by the change in our Real Estate segment value of $292 million. The Real Estate segment assets increased as a result of an agreement to sell certain properties and the decision to change to a fair-market value estimate of our remaining Real Estate segment assets.
On February 24, 2025, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about April 16, 2025, to depositary unitholders of record at the close of business on March 10, 2024. Depositary unitholders will have until April 4, 2025, to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending April 11, 2025. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.
Icahn Enterprises L.P., a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

Will IEP be paying a dividend this quarter ? TIA

Michael

I have noticed a large amount of CALL option volume for the $10, 10.50 and $11.00 this volume is for Feb and March expiration dates so IMO we will see shorts buy to close their short position before the dividend record date of March 11. If they are still short on record date they will need to pay that dividend to IEP. I also expect IEP to be trading over $11 by march

I am expecting IEP to start moving up soon and possible fast with short squeeze.
I just made another trade STO March 14th $10.00 PUT 100 contracts collected .95 per share
This is 2 days after record date for dividend so if on March 14th IEP trades above $10 I keep 100% of my .95 per share premium.
If below $10.00 I get assigned but my cost would be $9.05 - I feel this is good bet$$$$

Just STO - sold to open 2/28 $10.00 PUT 100 contracts collected .60 per share. NOTE: IEP reports earning 2 days before on Feb. 26 and expected to be positive of .18 per share which is big improvement over last years. Still over 11 million shares shorted and could be a nice squeeze that should move IEP much higher. The Record date to get dividend is March 11th and for those short they need to pay that dividend back to IEP

Shorts will need to cover by March 11th or they will pay that dividend to IEP

Good read. Divvy slashed to .50..but with the stock price decline, is now at ~20%

zilla, Option are not good to day trade unless the stock is vary volatile. The premiums one needs to pay to BTC on a PUT are too expensive as they need time decay and pps movement. The movement of SMCI will depend on next earnings Feb. #3rd. which are expected to be good. What is needed and holding this stock down is certified financials which are close to a year late. I am expecting they will update and certify their financials on release of earnings - if not their management should be fired / replaced. As they have been worry by SEC for late financials and could get delisted if not certified.

Just closed the other SMCI @ 5.90 as I expected a better pop after the take down but the chart looks broken and could go 24 so I'll take my loss now and if it hits 24 I'll STO that put again at a better price. It followed NVDA down but NVDA bounced good where SMCI didn't. I thought it would pop on META earnings and it's up but not as strong as I thought and it may keep going up the rest of the day but I can watch and look to deploy funds towards IEP. Called Merrill yesterday and got my restriction lifted so might move more cash to my Schwab as I told them I wasn't happy I got shares on my IEP divi when it says cash on my settings. The PPS was so low I could have bought more shares had they given me cash. Also thinking of taking 5K and opening a Robin Hood and maybe another 5K to another platform. I loved my TDAmertrade and haven't cared for Schwab and my opening Merrill was because of wanting to try new platforms.

zilla as for SMCI I also do not like the charts as it has been down since the Hindenburg came out with short last year.
Their next earning Feb 3 will be important - most to see if their can certify their financial audits as they are currently late
and have not been updated. The worry is if they can not certify their audits they may get delisted.

As for IEP - I like it and their earnings should be good Feb. 26. IEP still heavily shorted and now without Hindenburg support those shorts
should cover before record date around March 11

Closed this one at 4.60 as I wasn't liking the chart and felt I might get a better price later but kept the March one as it's 23.50 if assigned.
IEP at 9.90 and looking like it's going to break that 10 and keep climbing. =)

Thanks, I just got back from the gym and saw your message so I jumped in for 10 myself to add to my other ones. I bought 1,000 shares when it went down to 18 and flipped it in the low 20's so I'd be happy to get shares that low or keep the premiums. Was looking out to March on the earlier trade but was hoping to get the shares on that one. lol

Thanks, I looked at it and STO SMCI Mar 21 '25 $29 Put and collected 5.50 on 20 contracts
If on Mar 21 it is below 29 my cost would be as assigned = 23.50

Not IEP related but did another STO on SMCI 30 2/14 for 4.04 was up 75% 1.75 so 4.04 is what I got so I'd pay under 26 when the stock was 29.40 just a bit ago. So trying again learning options and happy IEP broke 10 today for a bit.

Yes the ASK was .85 I thought I'd have to go higher because I only saw 10 there but all 60 went quickly but in my 'activity' it's many different blocks in a second.
I got an email the other day from Merrill saying something about day trading and restricting my account so it didn't let me use those funds to do what I wanted too. lol I was able to buy the calls back I had sold in ARWR cheaper than when I sold them earlier in the day but that's going to be a no no according to Merrill. Well if they become difficult I'll move my money to my Schwab for 3 months until that goes back to normal. At 54 I thought I had a handle on my ADHD but stocks really pull me back in. lol Have an excellent weekend.

Zilla so you closed that position out was it at .85? which is the ask - When I STO a PUT I put my order in at Ask or above if I do a BTC I put order in at low price BID. Anyway glad you collect some $$ with it.

I went big doing some STO Feb. 28th $11.00 PUTS collecting between $1.55-$1.60 on 250 contracts in 3 different accounts. I expect next earning Feb 26 will be positive of 3 Billion earnings and .18EPS which is big improvement from past quarter. The short interest has gone up to almost 12 million but the pps has not helped short sellers a squeeze is coming.

Unfortunately I needed to free up that cash as one of my other plays pulled back today so I BTC it .05 better than I got it for. lol
The good news is I tried something new and now have that little experience knowing it was done right because the put now shows 0
Will keep watching and see if it gives me another chance next week if my other play reacts the way I'm expecting.
Thanks again

Excellent and thank you. Was going to put .10 but I like .05 better. That way if it POPS it probably closes. It's why I went with Feb 21st instead of March. Wanted to know how it worked out sooner rather than later. lol Trip is Feb 10th-14th in Florida so even if I make an offer I won't close before that expires. I have other plays popping I could sell but I also want to keep those. BHC/BLCO/ARWR sooo addictive but I like this selling to open STO puts thing as I'd get shares I already want cheaper or keep the premium. Both good IMO.

Zilla, yes just to confirm when you did your STO-sell to open PUT you can close it before expiration date with a BTC-buy to close.
BUT you only want to do that if IEP moves up rapidly past $10 as I have found the premium you would pay to BTC is also vary high
unless it is close to expiration date. I many times just put a BTC of .05 if the pps moves up rapidly, but I normally just let them expire and
keep 100% of that premium or get assigned

Thanks and nice get on the 12.50's
So BTC (buy to close) is how I close that trade. Thanks again as I might be making an offer on a house around that time so if it's super low I might try and close that instead of expire. Thanks again and enjoy that 33K as I'd be very happy being over 12.50 by then because my calls I already had would be looking really good. Those are for ER and any divi announcement. Would love it if Carl announced back up to a buck being we didn't get all the CVI shares but .50 is still good as long as it's not cut. He could burn the shorts with that as we'd be at 15 in no time.

Thanks again. I'm looking forward to seeing how this all plays out. IEP 9.78 and climbing slow and steady.

zilla, good trade and I feel it vary safe. IMO you will keep that .90 per share $5400 on Feb. 21 as IEP should be over $10.00
I just STO March 21st $12.50 PUT and collected $3.30 on 100 contracts. When you STO time decay works on our side and you can always BTC-buy to close that position if IEP makes big run up before expiration date but I am greedy and usually wait for them to expirer as I never do a STO PUT unless I am happy with pps I would need to pay if assigned.

Zilla, I have been doing options a long time. I usually work 2 months out for best perineum's. Now every month I usually collect 25K plus last month over 75K so that is good part time $$$$$ now in my retirement.

I did it.
60 STO 10 puts expire Feb 21st so I either own 6,000 shares at 9.10 or get the .90 premium if over 10 for 5400 minus the trade.
Thank you. I'm good with owning the 6K but still got March calls if it goes over 10 off a short covering rally or good news/ER etc...
This will be interesting because I usually only 'buy' calls and on occasion buy puts on high fliers expecting a pull back but that's rare. More tools in the tool belt so thank you for explaining as I wasn't sure STO/STC etc but now have a better understanding. =)

Zilla, There is still about 12 million shares short on IEP - I see a big pps movement before March 11th which is the next expected record date. IEP earning out Feb. 25th will show a big improvement with positive reported earnings. I still like my STO PUTS as I collect big premium and if assigned I own them at low pps - then can turn around and STO covered Calls

Now that Hindy is no longer putting out and promoting short sellers those that followed him need to cover soon!

There are several downsides to short-selling. You have unlimited loss potential, the market has an inherent positive bias over the long run, you'll probably have to pay a fee for borrowing the shares, and yes, you are responsible for paying any dividends issued by the stock while you're short.

Thanks. I'm still buying the calls. Been tempted to try STO but I don't like sitting on the cash as my ADHD kicks in and I'm constantly buying and selling when I see things I like move up or down. Too addictive. lol
I saw the Hindy news and I'm thinking shorts are stuck between a rock and a hard place especially with the chart looking like it's climbing slow and steady after the Hindy pop/drop. I'm expecting one more shakeout but would be nice to climb up past your 11 puts.
So Carl is invested in BHC/BLCO and BHC traded 16 million in the AH so maybe something is about to happen. POP or drop I've got no idea as I'm in calls for those two too. lol Sooo addictive. lol

Zilla, did you buy calls or STO-sell to open which is a covered call? I usually do not buy unless to close.I will also roll a STO PUT if conditions look positive for IEP. If you feel IEP will go up I always do a STO- PUT yesterday I STO the 2-28 $11.00 PUT and collected $1.88 per share so if on expiration date 2-28 IEP is at or above $11.00 I keep 100% of premium I collected if below I will be assigned but my cost would be $9.12.

I also STO 2-28 $10.00 PUT collecting $1.10 remember if you always sell time decay works for you and you have 60-70% better chance to be in the money. I watch the charts and do my STO PUT when stock is trading below RSI 30and I STO covered Calls when pps is trading above 70-80 in resistance zone.

What I see is there is still a large amount of shorts that need to cover or buy back know that short seller Hindenburg shut its doors yesterday and will no longer promote short selling. IEP will go up! = https://finviz.com/quote.ashx?t=IEP&ty=c&ta=1&p=d
forward P/E at 11.8 looks great they should report earnings Feb 25 which will be positive estimated .18 this is why I used 2-28 as my expiration date as I expect IEP will rise after earnings. They have March 11 record date the date to own to collect dividend which will be .50, but could be higher if CVI restates their dividend.

If you play options correctly you can make big $$$$ but I recommend to .STO sell to open first usually a PUT. Good luck if I had your email I would send you my Option Notes that help explain more about option.

I was watching CVI have a hell of a week and wondered why IEP went the other way...So added

I rolled my calls from tomorrow to March just the other day. Chart was looking like it was about to turn and yesterday it did a small up and slowly back down so I took action in my Merrill account because my Schwab was still drying powder. Merrill gives me shares even though it's set to cash, so I wanted to sell them in that account and add them to my Schwab but after what I saw yesterday I didn't hesitate and added to Merrill. Today was BEAUTIFUL but looks like I'll get stuck with my IEP in Merrill for a few more quarters. lol

Good News - Activist short-seller firm Hindenburg is shutting down out of business.
This should take short seller and make them cover.
Next earnings Feb. 25 look positive and expected EPS .18. time to load up today up 3.75%

IEP is very oversold here at $9.14 and great time to add $$$. IEP is largest holder of CVI which is up 8% today. IEP 4th quarter will come Feb 25th and expected earning 3 billion with EPS plus .18 so IMO IEP will go up a lot in 25

Liking the chart set up and thinking we've bottomed (hopefully)
IEP past pattern of selling from divi date to just before getting the divi in our hands has been a past pattern so we should be heading up soon.
Thought they try and take it down to a 30% divi like they usually do but low 20% is the lowest so far.