Cowen analyst Charles Neivert said he remains cautious on CF Industries following Q1 results which missed EBITDA estimates on lower margins. He said the stock may react positively today, as the EBITDA may have been above buy-side expectations, but he remains cautious as pricing is weakening indicating the sequential rebound in Q1 will reverse in Q2. Neivert maintained his Market Perform rating and $30 price target on CF Industries shares.

CF Industries and JERA , Japan's largest energy company, announced that they have executed a joint development agreement, or JDA, to explore the development of greenfield low-carbon ammonia production capacity at CF Industries' Blue Point Complex in Louisiana. The JDA will guide JERA and CF Industries' evaluation of a joint venture agreement to build an approximately 1.4M metric ton capacity low-carbon ammonia plant. JERA is contemplating a 48% ownership stake in the project as well as an agreement to procure more than 500,000 metric tons of low-carbon ammonia annually to meet demand for low-carbon fuels in Japan. JERA and CF Industries previously had signed a memorandum of understanding to explore a potential joint project development and sales and purchase of low-carbon ammonia. JERA and CF Industries aim to reach a final investment decision on the proposed project within a year for commencing production in 2028. JERA intends to replace coal with low-carbon clean ammonia in its existing thermal coal power plants to reduce CO2 emissions. JERA is currently conducting the world's first commercial-scale demonstration test of fuel ammonia substitution at its Hekinan Thermal Power Station.