Icahn Enterprises LP provides diversified business services in the United States... Show more
Icahn Enterprises L.P. is a diversified holding company controlled by activist investor Carl Icahn and his affiliates, who own approximately 87% of its outstanding depositary units. The partnership operates across several distinct businesses, including investment funds, energy, automotive, food packaging, real estate, home fashion, and pharmaceuticals. Its energy segment is conducted primarily through a majority stake in CVR Energy, which operates petroleum refining and nitrogen fertilizer businesses, while its food packaging unit runs through Viskase Companies.
Investors follow IEP both for its exposure to Icahn's proprietary investment activity and for its sizable quarterly distribution. That distribution has been reduced multiple times in recent years, and the partnership's performance is heavily influenced by the results of its investment funds and the value of its publicly traded energy holdings.
Over the last 30 days, IEP units declined approximately 24%, falling from a closing level near $6.61 in mid-October to roughly $5.01 in mid-November. The decline was not a single-day event but a steady slide punctuated by several sharp down days as the units approached and then broke below prior 52-week lows.
The quarterly trend has been similarly weak. Measured over roughly the last three months, the units have dropped about 34%, down from the $7.58 area in mid-August. This extended downtrend reflects a combination of widening investment-fund losses, a credit rating downgrade, and investor concerns about the durability of the partnership's distribution.
The primary catalyst in the recent period was the release of third-quarter results, which showed that the partnership's investment funds continued to lose money. The funds posted a negative 31.3% return for the quarter, driven largely by losses on refining hedges; excluding those hedges, returns were still a negative 5.5%. The Investment segment recorded a loss of about $610 million, a sharp deterioration from a $16 million loss in the prior-year quarter.
Those losses pushed the partnership to a consolidated net loss of $225 million for the quarter, reversing net income of $287 million a year earlier. Revenue of roughly $3.2 billion beat analyst forecasts by a wide margin, but the top-line strength was insufficient to offset investor concern over the fund losses and negative adjusted EBITDA of $214 million.
The weakness in October and early November also followed an earlier credit rating downgrade by S&P Global Ratings to B+ from BB-, which cited persistent investment-fund losses. Together, these factors drove the units to repeated 52-week lows and kept sentiment negative even as the energy segment delivered stronger results.
The broader multi-month decline reflects a longer-running narrative rather than a single headline. The partnership's second-quarter results widened the net loss to $355 million, and its investment funds declined 18.2% in the first half of 2026. The subsequent S&P downgrade and growing questions about whether the quarterly distribution can be sustained from operating cash flow weighed on the units through the summer and into the fall.
Strategic moves provided some offset. The partnership completed the sale of its Pep Boys automotive business in August, generating significant proceeds and a pretax gain, and it agreed to acquire refineries from Marathon Petroleum in a transaction that could reshape CVR Energy's footprint. However, these developments were not enough to reverse the downtrend, as the dominant theme remained the investment segment's losses and the shrinking indicative net asset value.
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Investors should monitor the performance of the partnership's investment funds, since hedge and portfolio returns have been the largest swing factor in recent quarters. The integration and financing of the Marathon Petroleum refinery acquisition, and its effect on CVR Energy's earnings and cash flow, will also be important. Distribution decisions remain a key focus, given the wide gap between the stated yield and the partnership's recent operating cash flow.
Broader energy market conditions, including refining margins and fertilizer pricing, will influence the energy segment's contribution, while any further changes to the partnership's indicative net asset value and credit profile could shape sentiment. As always, investors should weigh these factors against their own objectives and risk tolerance rather than treating any single data point as a forecast.
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The 50-day moving average for IEP moved below the 200-day moving average on October 21, 2026. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where IEP declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 54%.
The Aroon Indicator for IEP entered a downward trend on November 10, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where IEP's RSI Indicator exited the oversold zone, 19 of 26 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 73%.
The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 16 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.
Following a +6.95% 3-day Advance, the price is estimated to grow further. Considering data from situations where IEP advanced for three days, in 138 of 275 cases, the price rose further within the following month. The odds of a continued upward trend are 50%.
IEP may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Tickeron Valuation Rating of 3 (best 1 - 100 worst) indicates that the company is seriously undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (3.347) is normal, around the industry mean (4.566). IEP has a moderately low P/E Ratio (-7.197) as compared to the industry average of (10.639). Projected Growth (PEG Ratio) (0.330) is also within normal values, averaging (1.079). IEP's Dividend Yield (0.421) is considerably higher than the industry average of (0.067). P/S Ratio (0.410) is also within normal values, averaging (0.549).
The Tickeron PE Growth Rating for this company is 13 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Price Growth Rating for this company is 82 (best 1 - 100 worst), indicating slightly worse than average price growth. IEP’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is 97 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. IEP’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 43, placing this stock worse than average.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
an industrial conglomerate which operates as a diversified holdings company, which engages in the of businesses, including investment, automotive, energy, gaming, railcar, food packaging, metals, real estate and home fashion
Industry OilRefiningMarketing