CVR Partners, LP (UAN) reported Q2 results last Thursday that were in-line with my expectations for the Urea Ammonium Nitrate fertilizer producer. The units did not sell off as some of the weakness in US nitrogen prices has already been discounted. We have a $19 target on the MLP units. They closed at $22.21 on Friday and go "ex" a 58.3 cent distribution today. CVR Partners went public at $14/unit in Spring 2011.
Although the quarter results were reasonable at $35.4 million net earnings on $88.8 million in revenues versus last year's $35.1 million on $81.4 million, full year guidance was reduced sharply to reflect lower nitrogen solutions' fertilizer prices available in the second half...
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