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This article discusses three high-yield agricultural chemical stocks. All three companies mainly deal in nitrogen fertilizer products. Although CVR Partners' (NYSE:UAN) cash distribution took a dip recently due to a planned plant turnaround, it still offers a high dividend yield and the company is looking at a significant double-digit increase in cash distribution in 2013. Both Terra Nitrogen (NYSE:TNH) and Rentech Nitrogen (NYSE:RNF) have higher than 6.5% dividend yield.

CVR Partners L.P.

CVR Partners engages in the production, distribution, and marketing of nitrogen fertilizers in North America. Its nitrogen fertilizer products include ammonia and urea ammonium nitrate.

The company pays quarterly dividend and recently announced a fourth quarter dividend of 19.2 cents per common unit. UAN has a forward dividend yield of 2.6%. The scheduled plant turnaround in October significantly impacted fourth quarter cash available for distribution, still the total dividend paid for the year 2012 of $1.81 exceeded company's own guidance of $1.70 to $1.80. The company expects to see a significant double-digit increase in cash available for distribution for the full year of 2013 as compared to the 2012 full year, primarily due to the expansion of its UAN plant and no turnaround in 2013.

Dividend History Chart

CVR has a trailing price to earnings ratio of 15.6, the same as the industry average. However, the company's forward P/E is lower at 12.7. It has price to book ratio of 4.6, price to sales ratio of 6.7, and price to cash flow ratio of 13.7.

The company ended the most recent quarter with total cash of $180.3 million and total debt of $128 million. UAN has trailing twelve month operating cash flow of $156.75 million and levered free cash flow of $47.73 million. Although, last year the stock gained only 2%, YTD the stock is up by 17%.

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Source: Yahoo Finance

Terra Nitrogen Company L.P.

Terra Nitrogen Company engages in the production and sale of nitrogen fertilizer products. It primarily offers anhydrous ammonia and urea ammonium nitrate solutions.

The company pays quarterly dividend and, in its last earnings release, announced a quarterly dividend of $4.12 per common unit. The company has an excellent history of dividend. It first started paying dividend in 1992 and since February 2011 has increased dividend by more than 200%.

Dividend History Chart

TNH has trailing price to earnings ratio of 14.6 vs. the industry average of 15.6. However, the company's forward P/E is lower at 13.6. It has price to book ratio of 17.2, price to sales ratio of 5.7, and price to cash flow ratio of 7.9.

The company ended the most recent quarter with total cash of $160 million and no debt. TNH has trailing twelve month operating cash flow of $561.40 million and levered free cash flow of $369 million. Last year, the stock gained 28% in value and YTD the stock is up by 12%.

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Source: Yahoo Finance

Rentech Nitrogen Partners LP

Rentech Nitrogen Partners supplies domestically produced fertilizer to the farming industry, which not only helps farmers and the food industry, but also aids the biofuels industry that uses plants and crops as feedstocks.

The company started paying dividends only in 2012 and after one dividend switched from semi-annual to quarterly payments. RNF recently announced fourth quarter 2012 dividend of $0.75, implying an annual dividend of $3.0. The total cash distribution paid for 2012 will be $3.30 per unit, slightly more than the RNF's previous guidance of $3.27 per common unit. It has an excellent dividend yield of 6.7%.

Dividend History Chart

RNF has trailing price to earnings ratio of 17 vs. the industry average of 15.6. However, the company's forward P/E is lower at 13.7. It has price to book ratio of 17.1, price to sales ratio of 10, and price to cash flow ratio of 21.5.

The company ended the most recent quarter with total cash of $55.5 million and total debt of $27.9 million. RNF has trailing twelve month operating cash flow of $31.34 million. Last year the stock gained 130% in value and YTD the stock is up by 19%.

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Source: Yahoo Finance

Source: CVR, Terra, And Rentech - 3 High-Yield Nitrogen Stocks For 2013