Seeking Alpha • Apr 24

Mispriced CVR Partners Looks Ready To Grow

Summary CVR Partners offers a compelling setup in nitrogen fertilizers, benefiting from a historic supply shock due to the Strait of Hormuz closure. UAN’s domestic production and proximity to U.S. farmland provide structural advantages, insulating it from global logistics disruptions and supporting premium pricing. Units trade at a deep discount (13.18 P/E) versus peers and sector medians, with a target price of $195.53 implying 59% upside and a strong Buy rating. Key risks include commodity price cyclicality, operational concentration, and MLP structure complexities, but capital investments aim to sustain >95% utilization and margin resilience. Read the full article on Seeking Alpha

Seeking Alpha • Apr 13

CVR Partners: The Nitrogen Fertilizer Market Looking Ripe For An Upswing

Summary CVR Partners is poised for market-beating returns due to favorable nitrogen fertilizer demand-supply dynamics, despite a slightly stretched valuation. Strong 4Q24 performance with impressive YoY bottom-line growth and robust cash distribution, despite weather-related challenges impacting sales volumes. Buoyant market conditions driven by rising corn prices, increased farm income from government assistance, and tight global nitrogen fertilizer supply. Insider buying by Carl Icahn boosts confidence in CVR's prospects, with valuation metrics comparable to peers, justifying a buy rating. Read the full article on Seeking Alpha

Seeking Alpha • Jan 26

CVR Partners, LP: The Ultimate Fertilizer Play

Summary CVR Partners, LP is uniquely positioned to benefit from global trade shifts, European gas crises, and rising corn prices, driving demand for nitrogen fertilizers. Trump's tariffs and deregulation policies enhance UAN's competitive edge, reducing production costs and increasing strategic value in the fertilizer sector. Carl Icahn’s increased stake and bullish outlook signal strong insider confidence in UAN’s future growth and value appreciation. With valuation multiples rising in the nitrogen fertilizer sector, UAN stands to gain significantly from market undervaluation and operating leverage. The 2017 TCJA reduced the corporate tax rate, diminishing MLP tax advantages. Lowering the rate further to 15% could prompt UAN to shed its MLP structure, unlocking value through broader investor access, increased liquidity, and potential acquisition appeal. Read the full article on Seeking Alpha

Seeking Alpha • Jan 18

CVR Partners: A Genuinely High-Risk High-Reward Situation

Summary CVR Partners' success hinges on macroeconomic factors, with a high-risk profile due to debt and cyclical industry nature. Valuing CVR Partners requires a long-term perspective, with potential returns of 6-7% annually, but significant risks and volatility. Current prices do not present a compelling opportunity; short-term T-Bills with ~4.25% interest offer a better risk/reward profile. Read the full article on Seeking Alpha

Seeking Alpha • Oct 30

CVR Partners: Patience Is Required (Rating Downgrade)

Summary CVR Partners has seen no takeover developments since the initial announcement in March. Betting on a deal is highly speculative. Lower distributions are expected in the next quarters due to higher natgas prices, operating expenses, and upcoming maintenance at Coffeyville. At mid-cycle product prices, the 2024 yield of 9.6% based on a $70 unit price looks like a fair yield given the variability in distributions. Long-term projects to improve reliability and feedstock flexibility may help UAN navigate future bottom-cycle conditions, but current volatility warrants a Hold rating. Read the full article on Seeking Alpha

Seeking Alpha • Oct 15

CVR Partners: Special Situation

Summary CVR Partners is undervalued and likely to be acquired within six months, offering potential returns of 60% to 375%. The acquisition is supported by comparable transactions, strategic interest, and a favorable regulatory environment. CVRP's strong cash flow, low leverage, and strategic importance in nitrogen fertilizer ensure downside protection. Recommend purchasing CVRP units or January call options at $110 for high return potential and portfolio diversification. Read the full article on Seeking Alpha

Seeking Alpha • Jul 31

CVR Partners: Focus Less On A Takeover, More On The Near 10% Distribution

Summary CVR Partners has received attention for potential takeover after its parent company announced exploring strategic transactions. Despite speculation of high takeover prices, CVR Partners remains an attractive income investment at mid-cycle conditions with improving demand and feedstock cost savings. Forecasting a distribution of $2.65 per quarter in 4Q 2024 and 1Q 2025, offering a yield of 10.4% based on 2024 payout. A buyout by CVR Energy is still a possibility, at a lower premium than many speculators have been discussing. Read the full article on Seeking Alpha

Seeking Alpha • Jul 25

The Market Is Not Pricing CVR Partners Like A Cyclical Company

Summary CVR Partners LP's performance over the past few years improved due to high product prices and not operating efficiencies. Product prices have declined from 2021 peak and I would expect CVR's performance to follow. But the company is financially sound. My valuation based on cycle performance shows no margin of safety compared to the current market price. Read the full article on Seeking Alpha

Seeking Alpha • May 12

CVR Partners: The Chances Of A Near-Term Sale Are Increasing

Summary CVR Partners is an undervalued stock with significant opportunity due to its unique competitive advantages and lack of professional analyst coverage. CVRP's competitive advantages include its proximity to the US corn belt, production of low-carbon ammonia, use of pet coke as feedstock, and focus on nitrogen fertilizer for agricultural applications. The North American fertilizer market has high-demand and limited supply, creating a potential premium for existing plants like CVRP. A sale of CVRP is highly likely, offering significant upside potential. Read the full article on Seeking Alpha

Seeking Alpha • Apr 24

CVR Partners: Q1 Distribution Outlook And Potential Buyout

Summary Given current fertilizer prices, CVR Partners should see a higher Q1 distribution compared to Q4. Icahn Enterprises has said it may look to acquire or sell its stake in the fertilizer maker. The pending sale of a fertilizer plant to Koch Ag & Energy Solutions suggests that CVR Partners' plants are undervalued. Read the full article on Seeking Alpha

Seeking Alpha • Apr 10

CVR Partners: Is This Huge Yield A Buy?

Summary CVR Partners is a high-yielding business, but its cyclicality makes it a risky investment. Fertilizer prices are volatile and impact CVR Partners' profitability. CVR Partners generates hefty dividends during good times, but its future cash flow generation is uncertain. Read the full article on Seeking Alpha

Seeking Alpha • Mar 19

CVR Partners Likely To Be Bought: What Is Its Real Value?

Summary CVR Partners, a fertilizer business that is 37% owned by CVR Energy, is exploring strategic options for a potential sale. A comparable sale of a similar asset suggests a vastly higher valuation for CVR Partners. Various valuation methods indicate that the current market price of CVR Partners units is vastly lower than their potential value. Read the full article on Seeking Alpha

Seeking Alpha • Feb 23

CVR Partners: Looking For A Higher Distribution In Q1

Summary CVR Partners reported Q4 results pretty much in line with my expectations, as fertilizer prices improved in the quarter. After a variable distribution of $1.68 per common unit for Q4, I'm looking for a higher one in Q1 as fertilizer prices continue to rebound. The stock is a "Buy" based on a normalized fertilizer market environment. Read the full article on Seeking Alpha

Seeking Alpha • Jan 22

CVR Partners, LP: Lower Ammonia Prices Creates Better Buying Opportunity

Summary CVR Partners LP shares have declined by 18% since my last article, but I believe it only creates a better opportunity for entry. The company has a history of paying high distributions, making it a compelling value if ammonia prices remain steady and eventually rebound. The stock chart indicates a bullish formation, with potential for a breakout and retracement to previous highs. Read the full article on Seeking Alpha

Seeking Alpha • Dec 05

CVR Partners: Where The 2024 Distribution Could Be Headed

Summary CVR Partners looks attractive based on normalized earnings as nitrogen fertilizer prices have bottomed. The company should be able to produce a double-digit distribution in 2024 if fertilizer prices firm up. The stock is a "Buy" based on its distribution and stock appreciation potential. Read the full article on Seeking Alpha

Seeking Alpha • Nov 22

CVR Partners Is An Agriculture Gem With >20% Income Potential

Summary CVR Partners offers high-income distributions for investors looking for dividends in the agriculture fertilizer industry. UAN operates two manufacturing facilities in Kansas and Illinois, strategically located to meet the demand for nitrogen fertilizer in the US. Despite some headwinds, UAN has a strong position in the market and has the potential to provide attractive yields for investors. Read the full article on Seeking Alpha

Seeking Alpha • Oct 31

CVR Partners Became A 'Buy' Again

Summary CVR Partners' stock has declined by 33.3% since September 2022, but high dividend payouts have made it an above-average performer. The fertilizer market has experienced a sharp correction this year, causing a decline in shares of fertilizer manufacturers. The recent conflict between Hamas and Israel has sparked fears in the fertilizer market, impacting the Israeli port of Ashdod and potash fertilizer exports. On October 30, 2023, the company released its operating results for Q3 FY2023. Let's dive in. It seems to me that CVR Partners is back on the path to stability, and taking into account a possible turnaround in fertilizer prices, the company has a chance to maintain its high yield. Read the full article on Seeking Alpha

Seeking Alpha • Oct 23

CVR Partners: An Excellent Dividend But It Is Worth Waiting

Summary CVR Partners is a young MLP company operating in the fertilizer sector with two large production plants. The company's profitability and dividend are closely linked to the cyclical nature of the corn market. The share price already incorporates the risk of corn prices returning to 2017 levels, and there is currently a waiting phase in the market. Read the full article on Seeking Alpha

Seeking Alpha • Sep 30

CVR Partners: Upgrading To 'Buy' As Nitrogen Fertilizer Prices Bottom

Summary CVR Partners has been facing pressure from lower nitrogen fertilizer prices. However, the company's plants have been running well and pricing appears to have bottomed. The stock looks attractive based on normalized earnings with a huge yield. Read the full article on Seeking Alpha

Seeking Alpha • Sep 14

CVR Partners: 33% Dividend Yield, Breakout Appears Imminent

Summary CVR Partners is currently paying over a 20 percent dividend. Market fundamentals are strong and I expect the profitability of CVR Partners, LP's nitrogen fertilizer business to remain strong. Technical chart patterns present an interesting bull-flag chart pattern that appears poised to break out of its trading range in the near future. If CVR Partners continues offering an elevated dividend amidst strong market fundamentals, the market will likely need to re-price CVR Partners higher as its chart and fundamentals suggest may happen soon. Read the full article on Seeking Alpha

Seeking Alpha • Aug 29

CVR Partners: Lower Distributions, But Undervalued Compared To Its Peers (Rating Downgrade)

Summary CVR Partners' 2Q 2023 financial results were weaker than expected, resulting in a lower-than-expected available cash for distribution. Sales volumes for ammonia and UAN were strong in 2Q 2023, but prices decreased significantly. Despite the drop in stock price, CVR Partners' profit margin and return on equity are higher than its peers, making it an attractive investment. I estimate CVR Partners' 3Q 2023 cash distribution to be between $2.4 to $3.3. I calculate a 1-year dividend yield of between 10% to 13% for CVR Partners. Read the full article on Seeking Alpha

Seeking Alpha • Aug 04

CVR Partners: Likely A Yield Trap

Summary Fertilizer prices are down to mid-2021 levels yet UAN trades ≈$25 above its mid-2021 levels. The supply and demand outlook for fertilizers seems bearish. Going forward the distribution for UAN will likely be half of what we've seen over the last year and there is a further left-tail risk of the unit price overcorrecting. Read the full article on Seeking Alpha

Seeking Alpha • Jul 25

CVR Partners: Looking More Attractively Priced Ahead Of Earnings

Summary CVR Partners is set to report its Q2 earnings on July 31st. The company's earnings are largely dependent on nitrogen fertilizer prices, which have been declining. The company pre-sells much of its production, which can lead to better pricing in a declining price environment. However, current pricing levels are expected to eventually impact its results. Despite a likely decline in Q2 EBITDA and dividend, UAN stock is fairly attractive at current levels. Read the full article on Seeking Alpha

Seeking Alpha • Jun 17

CVR Partners: A Distribution Yield Of Between 29% And 35%

Summary CVR Partners' 1Q 2023 results were stronger than expected, with a distribution of $10.43 per common unit. For the second quarter of 2023, I estimate UAN's available cash for distribution to be between $66 to $80 million. Also, I estimate the company's distribution per common unit for 2Q 2023 to be between $6.2 to $7.6. I project CVR Partners' 1-year forward distribution yield to be between 29% to 35%, making the stock a strong buy. However, keep in mind that factors such as economic headwinds and lower ammonia and UAN prices could potentially impact the company's performance. Read the full article on Seeking Alpha

Seeking Alpha • Jan 30

CVR Partners: Natural Gas Is The Key

Summary CVR Partners has been an underwhelming stock in 2023. Investors were hoping for fertilizer prices to be moving higher in the past few months, not lower. Why did this not turn out as planned? CVR Partners' total cash yield could reach around 15% in 2023. Investment Thesis CVR Partners (UAN) produces ammonia and urea ammonium nitrate ((UAN)) fertilizers. On the one hand, this business is highly favored by investors due to its master limited partnership (''MLP'') capital structure. This means that the business distributes the majority of its earnings. On the other hand, despite what anyone, including myself, predicted, fertilizer prices are dropping. So, what's next? Without being emotionally attached to this investment, let's consider UAN rationally. Here's what you need to know. Fertilizer Market Goes into a Tailspin Across the board, from ammonia to urea nitrate, fertilizer prices are down. Not only in the past few months, but also, compared to a year ago, where prices are down at least 10% y/y. So what happened to fertilizer prices? Here are the facts. Many people, myself included, believed that global geopolitical tensions would lead to a shortage of fertilizer. This saw fertilizer prices soaring higher in the early parts of 2022. And then, as a consequence, farmers pushed back against the higher fertilizer prices, and this saw prices falling. But here's the next part of the trouble. Prices are still, even now, falling. Why? One reason is Russian's exports. FT article The graphic above shows revenues and not volumes. But it's safe to say that there's some level of correlation between the two. For our purposes, it shows that Russia was not impacted by the war. As shipments to Turkey and other countries jumped massively. That puts to rest a large part of the bull case that investors had for UAN in 2022 to rest. It didn't work out as planned. So is This It? Is it all Over Now? UAN presentation What you see above is a reminder that nearly two-thirds of UAN's input costs are coming from natural gas. And as you know, natural gas prices have meaningfully sold off in the past several weeks and are down approximately 50% in the past month or so. Consequently, if UAN's input costs come down, that means that even with a slight decline in UAN28 (the fertilizer), UAN could still be substantially profitable in 2023. At least in the early parts of 2023, even without any consideration towards UAN28 prices improving. UAN Valuation -- What Will The 2023 Yield Be? Before attempting to predict what the yield will be for 2023, allow me to remind you that back in 2022, the market as a whole was predicting that UAN's share price would be much higher by now. And investors would have been wrong about this assumption. Nevertheless, as investors, we must start our thinking somewhere. Consequently, I believe that $15 to $20 per unit could be on the cards. For this figure, I took UAN's trailing twelve months' cash distribution of $19.32 as of Q3 2022 as my starting assumption.

Seeking Alpha • Dec 27

Turbocharge Your Income Portfolio With CVR Partners

Summary Energy security and food security will drive wide profit margin for UAN. UAN will likely make outsized distributions in the medium term. UAN can turbocharge the yield of an income portfolio with low downside risk. Energy security and food security are key investment themes for the next several years. Tight supply of both energy and food and increasing demand have been developing for years. The war in Ukraine has catapulted both to crisis level. CVR Partners, LP (UAN), a variable MLP and a manufacturer of nitrogen fertilizers is well positioned to benefit from these two investment themes. UAN recently strengthened its balance sheet and completed major reliability enhancements in its manufacturing plants. I expect UAN to reward investors with out-sized cash distribution. UAN can turbocharge an income portfolio with just a small allocation. Furthermore, I see minimal downside risk at today’s unit price of around $102. I have written many articles on UAN. I will refer you to my first article for background on the partnership. The only things I would add are that there are now about 10.6 million units outstanding after a reverse split, and that UAN has recently refinanced its debt to a lower interest rate and paid down $100 million of its debt. As a result, its quarterly cash interest expense has been reduced from about $15 million to about $8.5 million. All these improvements will help contribute to enhanced future cash distribution. Energy security and food security will drive wide profit margin for UAN Much of Europe has been dependent on Russia for its oil and natural gas supply. When the war in Ukraine erupted, a series of events led to the European countries pivoting away from Russia as their natural gas supplier. Instead, they are buying liquified natural gas “LNG” from the US, Middle Eastern countries and African countries. Since LNG is a global commodity, the entry of the Europeans resulted in a significant increase in the spot price. European gas cost, as represented by the TTF benchmark, went up significantly (Figure 1). Figure 1: European natural gas prices have increased significantly (Nutrient 3Q2022 earning release presentation) Since natural gas is the feedstock for nitrogen fertilizer (ammonia, urea, and urea ammonium nitrate) production, the rapid increase in gas price increases the cost of production for nitrogen fertilizers in Europe to a point that the cost of European manufacturers is higher than the price of the product. It is estimated that more than one third of Europe’s nitrogen fertilizer production has been curtailed (Figure 2). Figure 2: More than one third of European ammonia production has been curtailed (Nutrient 3Q2022 earnings release presentation) The curtailment of European production reduced worldwide supply and caused prices to increase significantly (Figure 3). While prices have been volatile, one can see that prices have generally increased from 2020 to 2021 and from 2021 to 2022. It is widely believed that this energy security pivot away from Russian will cause sustained higher gas prices in Europe for at least several years to come, as the Europeans compete with the growing Asian countries for LNG. Hence, it is likely that energy security will continue to keep supply of nitrogen fertilizers tight, leading to sustained higher nitrogen fertilizer prices. Figure 3: NOLA urea price history (Nutrient 3Q2022 earnings release presentation) With Henry Hub prices significantly less than TTF prices (Figure 1), UAN enjoy a significant cost advantage. Hence, its profit margin has exploded (Figure 4). The dip in 2Q2021 was attributed to the disruption due to winter storm Uri. The dip in 3Q2022 was attributed to both plants down for at least a month for a turnaround and reliability upgrade. Figure 4: UAN EBITDA margin history (Author's work with data from company) Food Security is driving tighter nitrogen fertilizer supply as well. Even before the war in Ukraine, grain supply has been getting tight (Figure 5). The world stock-to-use ratio has been declining for years and the war in Ukraine brought this issue to a crisis level. To protect their own food supply and to prevent sky-rocketing prices, many countries banned exports of grains and other food items. Figure 5: Global grain stock/use ratio (Nutrient 3Q2022 earnings release presentation) The stability of food supply and social order are extremely important to the Chinese government. Beginning in mid-2021, China restricted export to keep nitrogen fertilizers for its own growers. China, which typically export 5 million tonnes of urea per year, reduced its export to around 2 million tonnes in 2022. Russia also restricted the export of nitrogen fertilizers in late 2021 to control the increase in domestic fertilizer prices. The goal was to contain domestic food inflation by assuring ample supply of fertilizers. While some of these restrictions have been moderated during the off season, my expectation is that these restrictions will be enforced again before spring to ensure ample local supply. Hence, food security will continue to limit supply and help drive higher fertilizer prices worldwide. UAN will likely make outsized distribution in the medium term The energy security and food security issues will not be resolved in the short term. Hence, I expect that nitrogen fertilizer prices will stay elevated in the next two years, if not longer. This will result in outsized cash distribution for UAN unit holders. UAN distributed a total of $20.48 per unit in the 4 quarters ended in 2Q2022. Taking into account of reduction in distributable cash flow “DCF” due to debt repayment, interest payment, reduction in DCF due to plant reliability and other items, I estimated that UAN’s pro forma DCF could have been as high as $38 per unit in that four-quarter period. The volume adjusted price of its urea ammonium nitrate product was $425 per ton in that period. This pro forma DCF estimation was described in a previous article. In the same article, I described that UAN has cleaned up its balance sheet and its plant reliability issues. Hence, I expect that with a similar product price for the next four quarters, UAN would be able to generate DCF in that same order of magnitude. Cash distribution in 2023 will be affected by prices of products and plant utilization between October, 2022 and September, 2023. I believe that the prices for the October 2022 to March 2023 period are in the book as UAN has likely sold forward all of its 1Q2023 production. It is likely that UAN has partly sold forward its 2Q production as well. Given today’s future prices for 2Q2023, we can get a good estimation of 2Q2023 prices. Gate prices, and hence DCF for three of the four quarters for 2023 can be reasonably estimated, leaving only the 3Q prices to be determined. After making some reasonable assumptions and using data available to me for prices for 4Q2022 and the first two quarters of 2023, and purely guessing 3Q2023 prices, I build a very simplified model for DCF for 2023. The results are shown in Figure 6. Figure 6 shows that my model yields a DCF per unit between $49 to $55 for 2023. The actual quarterly results may be different than the model. However, I believe that over the year, the DCF will likely fall within the range of the model results. Given that UAN is trading around $102 per unit, this means that roughly half of the unit price may likely be returned to an investor over the next twelve months. And if the energy and food security issues continue in 2024, it is possible that similar DCF is possible. Figure 6: A model for 2023 DCF (Author's model) The immediate question is: why is the unit price of UAN so low if we are looking at between $49 and $55 of distribution over the next twelve months? I think investors are gun shy due to (1) the volatility of fertilizer prices, (2) the concern that high fertilizer prices are not sustainable, (3) UAN has not had a consistent track record of DCF, and (4) income investors do not like a variable MLP, as they want a steady and hopefully consistently increasing dividend payout.

Seeking Alpha • Oct 31

CVR Partners GAAP EPS of -$1.87, revenue of $156.48M

CVR Partners press release (NYSE:UAN): Q3 GAAP EPS of -$1.87. Revenue of $156.48M (+8.1% Y/Y).

Seeking Alpha • Oct 19

CVR Partners 3rd Quarter Preview

Summary Turnarounds and summer pricing will likely limit earnings dramatically. Distribution could disappoint uninformed investors. Turnarounds will set up vastly higher operating rates going forward. Pricing for fourth quarter and beyond are back near record levels. Introduction I have been writing about CVR Partners (UAN) for a long time now and have been unabashedly bullish on it since January of last year. While I still think that its biggest gains are yet to come, third quarter earnings due out about November 1 could be disappointing to the casual observer who does not follow what is happening. What happened in the third quarter Many kinds of fossil fuel processors, from oil refineries to natural gas fractionaters generally run 24/7 non-stop, but they do have to shut down from time to time to replace worn parts and clean out the gunk. This is also true of nitrogen fertilizer plants, like CVR's. In the past, CVR has done its turnarounds about every 2 years for each of its two plants. But because of Covid, CVR (like many others) did not want to have large numbers of outside people in its plants for an extended period, and so delayed their turnarounds. The East Dubuque plant has gone three years without a turnaround and the larger Coffeyville plant has been going for 4 years without a full turnaround. The resulting consequences were as should have been expected. In 2020, CVR operated at an average of about 99% of nameplate capacity. That went down significantly in 2021 to 93% and so far in 2022, they have been operating at about 88% of capacity. There have been numerous operational issues and downtime at the plants which has been a real drag on revenue and profitability. And particularly for a business with high fixed costs, losing that kind of revenue at the margin has a disproportionate effect on the bottom line. So this has been a huge drag on CVR's distributions. So, this summer, CVR shut down both of its plants for turnarounds. And because of long delay, apparently a lot more work than normal needed to be down. CVR's plant turnarounds in the past have usually been for about 2 weeks and cost about 8-10 million dollars. But this time each plant was shut down for about 30 days at a total cost of about 32-34 million dollars. It is my understanding that both plants completed their turnarounds on time and on budget. (As a side note, for its Coffeyville plant, CVR gets its nitrogen gas from a 3rd party air separation plant which has also had a lot of unplanned downtime over the last couple of years. That has caused CVR's plant to have to shut down as well, even when they were not having their own problems. This 3rd party plant was shut down for its own turnaround and overhaul maintenance while CVR's plant was down. So going forward, there should be additional reliability at Coffeyville). Financial Consequences of the Turnarounds So the result of this is multifold. First of all, CVR will lose a third of its normal production just from the plants being shut down for the turnarounds. And it will incur a cost of $32-$34MM for direct additional expense to complete the turnarounds. In addition, CVR spends an average of $5MM per quarter on capital expenses, but in this quarter, management guided to about $25MM, so there is that. And finally prices for nitrogen fertilizer almost always fall during the summer season, since demand from farmers goes to near zero at this time of year, and this year was no exception. Prices received by CVR for UAN in Q2 were $555 per ton and my estimate is that they received $470 per ton in Q3. For ammonia, Q2 was $1182 and I am expecting about $1000 for Q3. So, to say the least, numbers are going to take quite a hit in Q3. My estimate for EBITDA of $35MM down from $147MM in Q2. For distributable cash flow, cash from operations will likely be about zero for the quarter, but about $30MM of cash has been reserved for the turnarounds over the last 8 quarters and in addition, $15MM was reserved in Q2 to cover any cash flow difficulties in Q3. So my estimate for the distribution in Q3 is $4.50 per unit. Now, I would like to add that there is a fair bit of room for error here. During Q3, I was seeing very little sales of nitrogen fertilizer, with the big players concentrating on exports, and making very few domestic sales. CVR is only a domestic player, but there was very little demand out there during the summer. So volumes of sales could be modestly below my estimates. I would not be at all surprised to see a distribution of only $3. On the flip side, because the big players were concentrating on exports, CVR may have been able to fill a little bit of the vacuum and sold more product that normal in the summer. In which case, we could see a distribution as high at $5.50. So please do not take my estimate as a precise figure.

Snöflinga Score
Värdering	4/6
Framtida tillväxt	0/6
Tidigare resultat	5/6
Finansiell hälsa	4/6
Utdelningar	2/6

Historiska aktiekurser
Aktuell aktiekurs	US$127.34
52 veckors högsta	US$139.50
52 veckors lägsta	US$80.01
Beta	0.15
1 månads förändring	-2.42%
3 månaders förändring	24.37%
1 års förändring	54.28%
3 års förändring	33.08%
5 års förändring	149.88%
Förändring sedan börsintroduktionen	-27.44%

	UAN	US Chemicals	US Marknad
7D	-1.1%	1.4%	3.2%
1Y	54.3%	14.6%	31.0%

UAN volatility
UAN Average Weekly Movement	8.7%
Chemicals Industry Average Movement	7.3%
Market Average Movement	7.1%
10% most volatile stocks in US Market	16.1%
10% least volatile stocks in US Market	3.2%

UAN grundläggande statistik
Börsvärde	US$1.38b
Vinst(TTM)	US$121.49m
Intäkter(TTM)	US$643.22m

UAN resultaträkning (TTM)
Intäkter	US$643.22m
Kostnad för intäkter	US$368.83m
Bruttovinst	US$274.39m
Övriga kostnader	US$152.91m
Intäkter	US$121.49m

Vinst per aktie (EPS)	11.49
Bruttomarginal	42.66%
Nettovinstmarginal	18.89%
Skuld/egenkapitalförhållande	182.5%

CVR Partners datum för utdelning
Ex utdelningsdag	May 11 2026
Utbetalningsdag för utdelning	May 18 2026
Dagar till Ex-utdelning	2 days
Dagar till utdelningsdag	9 days

Uppgifter	Senast uppdaterad (UTC-tid)
Analys av företag	2026/05/07 21:10
Aktiekurs vid dagens slut	2026/05/07 00:00
Intäkter	2026/03/31
Årlig intjäning	2025/12/31

Paket	Uppgifter	Tidsram	Exempel US-källa
Företagets finansiella ställning	10 år	Resultaträkning Kassaflödesanalys Balansräkning	SEC Form 10-K SEC Form 10-Q
Analytikernas konsensusuppskattningar	+3 år	Prognos för finansiella poster Analytikernas prismål	Rapporter från analytiker Blue Matrix
Marknadspriser	30 år	Aktiekurser Utdelningar, splittar och åtgärder	ICE Marknadsdata SEC Form S-1
Ägarskap	10 år	Största aktieägare Insiderhandel	SEC Formulär 4 SEC Formulär 13D
Förvaltning	10 år	Ledningsgrupp Styrelse och verkställande direktörer	SEC Form 10-K SEC Form DEF 14A
Viktiga utvecklingstendenser	10 år	Företagsmeddelanden	SEC Formulär 8-K

Analytiker	Institution
Farooq Hamed	Barclays
Christopher Perrella	BofA Global Research
Adam Samuelson	Goldman Sachs

CVR Partners (UAN) Aktievy

Belöningar

Riskanalys

An Undervalued 3.3Moz Gold Project in Canada

CVR Partners, LP Konkurrenter

Intrepid Potash

Scotts Miracle-Gro

ICL Group

Mosaic

Prishistorik och prestanda

Senaste nyheter och uppdateringar

CVR Partners Declares US$4 Payout and Targets 8% Ammonia Capacity Growth After Strong Q1

First quarter 2026 earnings released: EPS: US$4.72 (vs US$2.56 in 1Q 2025)

First quarter dividend increased to US$4.00

CVR Partners, LP Provides Production Guidance for the Second Quarter 2026

CVR Partners, LP announces Quarterly dividend, payable on May 18, 2026

Mispriced CVR Partners Looks Ready To Grow

Recent updates

CVR Partners Declares US$4 Payout and Targets 8% Ammonia Capacity Growth After Strong Q1

First quarter 2026 earnings released: EPS: US$4.72 (vs US$2.56 in 1Q 2025)

First quarter dividend increased to US$4.00

CVR Partners, LP Provides Production Guidance for the Second Quarter 2026

CVR Partners, LP announces Quarterly dividend, payable on May 18, 2026

Mispriced CVR Partners Looks Ready To Grow

CVR Partners, LP to Report Q1, 2026 Results on Apr 29, 2026

Investor sentiment improves as stock rises 18%

CVR Partners, LP Announces Non-Compliance With NYSE Audit Committee Requirement

Fourth quarter dividend of US$0.37 announced

New major risk - Dividend sustainability

Full year 2025 earnings released: EPS: US$9.33 (vs US$5.76 in FY 2024)

CVR Partners, LP Declares Cash Distribution for Fourth Quarter of 2025, Payable on March 9, 2026

CVR Partners, LP to Report Q4, 2025 Results on Feb 18, 2026

CVR Partners, LP Provides Earnings Guidance for the Fourth Quarter and Full-Year Ended December 31, 2025

CEO, President & Director of CVR GP LLC exercised options and sold US$865k worth of stock

Third quarter dividend of US$4.02 announced

Third quarter 2025 earnings released: EPS: US$4.08 (vs US$0.36 in 3Q 2024)

CVR Partners, LP Declares Cash Dividend for the Third Quarter 2025, Payable on November 17, 2025

CVR Partners, LP to Report Q3, 2025 Results on Oct 29, 2025

Second quarter 2025 earnings released: EPS: US$3.67 (vs US$2.48 in 2Q 2024)

CVR Partners, LP Declares Second Quarter 2025 Cash Distribution, Payable on August 18, 2025

CVR Partners, LP to Report Q2, 2025 Results on Jul 30, 2025

First quarter dividend increased to US$2.26

First quarter 2025 earnings released

CVR Partners, LP Declares First Quarter 2025 Cash Distribution, Payable on May 19, 2025

CVR Partners, LP, Annual General Meeting, Jun 05, 2025

CVR Partners, LP to Report Q1, 2025 Results on Apr 28, 2025

CVR Partners: The Nitrogen Fertilizer Market Looking Ripe For An Upswing

Now 21% undervalued

Fourth quarter dividend of US$1.75 announced

Full year 2024 earnings released: EPS: US$5.76 (vs US$16.31 in FY 2023)

CVR Partners, LP Provides Production Guidance for the First Quarter of 2025

CVR Partners, LP to Report Q4, 2024 Results on Feb 18, 2025

CVR Partners, LP: The Ultimate Fertilizer Play

CVR Partners: A Genuinely High-Risk High-Reward Situation

CEO, President & Director of CVR GP LLC exercised options and sold US$671k worth of stock

Investor sentiment improves as stock rises 15%

Third quarter dividend of US$1.19 announced

CVR Partners: Patience Is Required (Rating Downgrade)

Third quarter 2024 earnings released: EPS: US$0.36 (vs US$0.069 in 3Q 2023)

CVR Partners, LP Declares Third Quarter 2024 Cash Distribution, Payable on November 18, 2024

CVR Partners: Special Situation

CVR Partners, LP to Report Q3, 2024 Results on Oct 28, 2024

CVR Partners, LP Declares Second Quarter 2024 Cash Distribution, Payable on August 19, 2024

CVR Partners: Focus Less On A Takeover, More On The Near 10% Distribution

Second quarter 2024 earnings released: EPS: US$2.48 (vs US$5.66 in 2Q 2023)

The Market Is Not Pricing CVR Partners Like A Cyclical Company

CVR Partners, LP to Report Q2, 2024 Results on Jul 29, 2024

CVR Partners: The Chances Of A Near-Term Sale Are Increasing

First quarter dividend of US$1.92 announced

First quarter 2024 earnings released: EPS: US$1.19 (vs US$9.64 in 1Q 2023)

CVR Partners Declares a First Quarter 2024 Cash Distribution, Payable on May 20, 2024

CVR Partners: Q1 Distribution Outlook And Potential Buyout

CVR Partners, LP to Report Q1, 2024 Results on Apr 29, 2024

CVR Partners: Is This Huge Yield A Buy?

Investor sentiment improves as stock rises 21%

CVR Partners Likely To Be Bought: What Is Its Real Value?

Fourth quarter dividend of US$1.68 announced

CVR Partners: Looking For A Higher Distribution In Q1

Full year 2023 earnings released: EPS: US$16.31 (vs US$27.08 in FY 2022)

CVR Partners Declares a Fourth Quarter 2023 Cash Distribution, Payable on March 11, 2024 of March 4, 2024