CF Industries (CF)

• Market cap: $14.9B
• 1 day: 0.30%
• 5 days: 0.27%
• 1 month: -2.81%
• 3 months: 0.76%
• 6 months: 12.39%
• Year to date: 4.96%
• 1 year: 6.21%
• 5 years: 76.76%
• 10 years: 55.97%
• Sector: Materials
• Industry: Agricultural Chemicals

About: CF Industries is a leading producer and distributor of nitrogen, which is primarily used in fertilizers. The company operates nitrogen manufacturing plants primarily in North America. CF also produces nitrogen in the United Kingdom and holds a joint venture interest in a nitrogen production facility in Trinidad and Tobago. CF makes nitrogen primarily using low-cost US natural gas as its feedstock, making CF one of the lowest-cost nitrogen producers globally. The company is also investing in carbon-free blue and green ammonia, which can be used an alternative fuel to hydrogen or as a means to transport hydrogen.

Employees: 2,700

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

150% more funds holding in top 10

Funds holding in top 10: 2 [Q2] → 5 (+3) [Q3]

14% more first-time investments, than exits

New positions opened: 96 | Existing positions closed: 84

8% more capital invested

Capital invested by funds: $12.8B [Q2] → $13.8B (+$1.04B) [Q3]

2% more funds holding

Funds holding: 678 [Q2] → 690 (+12) [Q3]

4.74% less ownership

Funds ownership: 94.12% [Q2] → 89.38% (-4.74%) [Q3]

31% less repeat investments, than reductions

Existing positions increased: 210 | Existing positions reduced: 305

45% less call options, than puts

Call options by funds: $268M | Put options by funds: $483M

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $77 10% downside
• Avg. target: $92 7% upside
• High target: $114 33% upside

7 analyst ratings

• positive: 3 43%
• neutral: 2 29%
• negative: 2 29%

Oppenheimer Kristen Owen 32% 1-year accuracy 10 / 31 met price target	33% upside $114	Outperform Initiated	12 Dec 2024
Piper Sandler Charles Neivert 40% 1-year accuracy 14 / 35 met price target	8% downside $79	Underweight Maintained	8 Nov 2024
RBC Capital Andrew Wong 36% 1-year accuracy 4 / 11 met price target	17% upside $100	Outperform Maintained	4 Nov 2024
Redburn Atlantic Mazahir Mammadli 0 / 0 met price target	10% downside $77	Neutral Initiated	18 Oct 2024
B of A Securities Steve Byrne 38% 1-year accuracy 8 / 21 met price target	3% downside $83	Underperform Downgraded	16 Oct 2024