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In 2023, energy enterprises grappled with a formidable challenge, a stark departure from the robust rally witnessed in the two preceding years. The Energy Select Sector SPDR Fund (NYSEARCA: XLE ), a vital benchmark, mirrored the plight of the doomed oil stocks with a 2.33% share price decline in the tumultuous past year.
Icahn Enterprises' distribution yield is sky-high, in large part because of its plunging stock price. One Wall Street analyst remains bullish about the beaten-down stock.
The master limited partnership is currently paying out a $1 per unit quarterly distribution. A premium to net asset value of 43% is the cost of the substantial 22.1% distribution rate. Icahn Enterprises recorded a dip in revenue and realized a substantial investment loss for its most recent reported quarter.
Icahn Enterprises L.P.'s stock IEP closed below $17 on Tuesday, sending it back toward recent 19-year lows.
Icahn Enterprises has a high dividend yield of 23.16%, but there are red flags that discourage investment. IEP's financial performance over the past decade has been poor, with negative net income and low/negative return on capital. The current NAV per share is too low compared to the price per share.
Carl Icahn, one of the most powerful players in Wall Street, is in trouble. His net worth has been in a freefall as his company's woes mount following a short-seller report that came out a few months ago.
S&P Global Market Intelligence recently stated that activists launched 850 investor activism campaigns in the first half of 2023. Despite the recent backlash against ESG (environment, social, and corporate governance) investing, 86% of the activist investor stocks targeted by campaigns had an ESG component.
Icahn Enterprises did the first distribution cut on schedule. Q3-2023 financial results were greeted with joy but the dilution is still moving along at a breathtaking speed. The NAV is around $13.00 based on IEP's own calculations and dividend chasers are unlikely to be rewarded over the next 12-15 months.
In an effort to right the ship amid hefty losses this year, conglomerate Icahn Enterprises (NASDAQ: IEP ) — controlled by notorious activist investor Carl Icahn — saw its shares pop higher on Friday. Primarily, the company announced a dividend of $1 per share in the third quarter, representing a yield of around 20%, per The Wall Street Journal.
Icahn Enterprises L.P. (NASDAQ:IEP ) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET Company Participants Jesse Lynn - General Counsel David Willetts - President and CEO Robert Flint - Director of Accounting Conference Call Participants Daniel Fannon - Jefferies Chapin Mechem - Northeast Investors Andrew Berg - Post Advisory Group Operator Good morning, and welcome to the Icahn Enterprises L.P.