CVR Partners LP (UAN) Rating Increased to Hold at Zacks Investment Research
CVR Partners LP (NYSE:UAN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “CVR Partners remains exposed to headwinds from lower nitrogen fertilizer prices. Its operations are also subject to the risks of production outages. The company also faces intense price competition. However, CVR Partners remains committed to ramp up its UAN production capacity. The company is upgrading substantially all of the ammonia it makes to higher margin UAN. Further, the buyout of Rentech Nitrogen Partners offers a compelling opportunity as the integration of two pure-play, complementary nitrogen fertilizer makers creates an entity with larger scale, enhanced production capacity and increased operating reach. The company has a negative record of earnings suprises in the recent quarters. Its estimates have moved down lately.”
Separately, Morgan Stanley reissued a “hold” rating on shares of CVR Partners in a research note on Thursday, June 16th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $9.14.
CVR Partners (NYSE:UAN) opened at 5.25 on Wednesday. CVR Partners has a 52-week low of $4.77 and a 52-week high of $10.76. The stock has a market capitalization of $594.73 million, a PE ratio of 71.92 and a beta of 1.22. The firm’s 50-day moving average is $5.89 and its 200 day moving average is $7.49.
CVR Partners (NYSE:UAN) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.36. The firm had revenue of $119.80 million for the quarter, compared to analyst estimates of $116.05 million. During the same quarter in the prior year, the business earned $0.37 earnings per share. CVR Partners’s revenue was up 48.3% compared to the same quarter last year. On average, equities analysts forecast that CVR Partners will post $0.31 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in UAN. First Allied Advisory Services Inc. acquired a new position in shares of CVR Partners during the second quarter valued at $102,000. Wedbush Securities Inc. acquired a new position in shares of CVR Partners during the second quarter valued at $110,000. Nuveen Fund Advisors LLC acquired a new position in shares of CVR Partners during the second quarter valued at $126,000. IndexIQ Advisors LLC raised its position in shares of CVR Partners by 70.8% in the second quarter. IndexIQ Advisors LLC now owns 19,241 shares of the company’s stock valued at $157,000 after buying an additional 7,975 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in shares of CVR Partners during the second quarter valued at $157,000.
About CVR Partners
CVR Partners, LP owns and operates nitrogen fertilizer business. The Company produces and distributes nitrogen fertilizer products. The Company operates through the United States segment. Its principal products are urea-ammonium nitrate (UAN) and ammonia. The Company’s products are manufactured at its nitrogen fertilizer manufacturing facility in Coffeyville, Kansas, that utilizes a petroleum coke, or pet coke, gasification process to produce nitrogen fertilizer.
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