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Carl Icahn reportedly has his sights set on another energy company, and it's causing ripples in the market.
Through his company CVR Energy, the billionaire investor is preparing a bid for Delek US Holdings, a Brentwood, Tennessee-based refiner, according a report in the New York Post, which cited a source close to the matter.
The report sent Delek shares spiking as much as 12.5 percent in early Friday trading, though they were well off their highs an hour into the session.
Delek has been getting clobbered this year along with other refiners, with shares falling 32 percent, even more than most of its peers. The industry has suffered under a weakening distribution market and contracting spreads.
As an industry, refiners on the are down about 16.7 percent year to date, easily the worst performer in an energy sector that otherwise has rebounded strongly and is one of the best market performers in 2016.
Icahn did not immediately respond to a request for comment.
The hedge fund magnate holds an 82 percent stake in CVR Energy, which itself has tumbled 63 percent this year. The Post report indicated that he may take a 100 percent stake in CVR.