CF Industries (CF)

• Market cap: $15.4B
• 1 day: -6.20%
• 5 days: -8.60%
• 1 month: -6.28%
• 3 months: 1.25%
• 6 months: 14.60%
• Year to date: -1.99%
• 1 year: 10.48%
• 5 years: 99.10%
• 10 years: 41.78%
• 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]

22% more first-time investments, than exits

New positions opened: 96 | Existing positions closed: 79

8% more capital invested

Capital invested by funds: $12.8B [Q2] → $13.9B (+$1.04B) [Q3]

2% more funds holding

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

4.85% less ownership

Funds ownership: 94.74% [Q2] → 89.88% (-4.85%) [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: $292M | Put options by funds: $531M

Research analyst outlook

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

• Low target: $75 11% downside
• Avg. target: $97 16% upside
• High target: $115 37% upside

7 analyst ratings

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

UBS John Roberts 43% 1-year accuracy 16 / 37 met price target	9% upside $92	Neutral Maintained	28 Jan 2025
Oppenheimer Kristen Owen 49% 1-year accuracy 18 / 37 met price target	32% upside $111	Outperform Maintained	28 Jan 2025
Piper Sandler Charles Neivert 37% 1-year accuracy 16 / 43 met price target	37% upside $115	Overweight Maintained	27 Jan 2025
Scotiabank Ben Isaacson 50% 1-year accuracy 6 / 12 met price target	5% upside $88	Sector Underperform Downgraded	24 Jan 2025
JP Morgan Jeffrey Zekauskas 43% 1-year accuracy 19 / 44 met price target	11% downside $75	Underweight Downgraded	24 Jan 2025