Short interest in CF Industries has plunged 36% over the past month to 4.7% of float. Cost to borrow remains minimal at 0.45% while utilisation sits near multi-month lows at 2.8%.
CF Industries holds 7.34 million shares short as of April 23, representing 4.7% of the float. Short interest has declined steadily, down 36% over the past month and off 2% week-over-week. Days to cover stands at 1.81 based on official FINRA data. Cost to borrow is a negligible 0.45%, down 8% over the past week. Utilisation remains subdued at 2.8%, well below the 52-week high of 13.4% hit in mid-March when shorts were significantly more aggressive.
Put/call ratio sits at 0.64 as of April 24, below its 20-day mean of 0.70. The ratio has fallen 1.4 standard deviations below recent norms, suggesting a modest tilt toward call activity. The current PCR stands in the middle of its 52-week range between 0.44 and 1.87.
CF Industries lacks formal consensus data in the snapshot, but the mean analyst target price stands at $118.05, just below the current $120.93 close. Recent weeks brought a flurry of target hikes. Barclays raised its Overweight target to $130 from $120 on April 17. Goldman Sachs lifted its Neutral target to $132 from $103 on April 14, while Morgan Stanley raised its Equal-Weight target to $135 from $95 on April 8. UBS pushed its Neutral target to $140 from $97 on March 26, and BMO Capital hiked its Outperform target to $140 from $115 on March 18. Mizuho downgraded to Underperform on March 18 and now carries a $105 target. Benzinga's bull case notes stabilised nitrogen multiples at 7x and strong cash flows supporting dividends and buybacks despite elevated Blue Point capex through 2029. The bear case flags risk from rising Chinese urea exports, seasonal H2 demand weakness, and falling global marginal costs if LNG-driven gas prices compress.
P/E stands at 10.87, up modestly over the past week but down 3.8 points over 30 days. EV/EBITDA sits at 7.20, down 1.6 points over the past month. CF ranks in the 91st percentile for 30-day EPS momentum and 90th for 90-day EPS momentum. Dividend score ranks 95th percentile, while EPS surprise sits at the 68th. Twelve-month forward EPS growth ranks just 29th percentile.
Insiders sold $48 million net over the past 90 days. W Anthony Will sold over $10 million in three transactions mid-March, while smaller sales came from Bert Frost, Susan Menzel, and Erik Mayer. Top holders include Vanguard (12.7%, up 570k shares in Q1), BlackRock (8.0%, up 93k), State Street (5.1%, up 75k), and T. Rowe Price (4.5%, up 532k). Dimensional added 1.2 million shares to reach 2.8%.
CF last reported on February 19. Prior prints occurred in November 2025 and August 2025. The stock has gained 7% over the past week despite a sharp 3.7% decline on April 24.
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