CVR Partners, LP (UAN) Stock Price & How to Invest
Last updated July 2026
Short answer
You can invest in CVR Partners (UAN) by buying common units or fractional units at any major US broker, or as one holding in a thematic basket. One thing to understand before you buy: UAN is a master limited partnership (MLP), so you own common units rather than shares, and unitholders receive a Schedule K-1 at tax time instead of a 1099. CVR Partners produces nitrogen fertilizer (ammonia and UAN solution) at plants in Coffeyville, Kansas and East Dubuque, Illinois. Its Coffeyville plant uses petroleum coke gasification rather than natural gas as its main feedstock, which can partly hedge it against natural-gas price swings. The core thesis is a highly cyclical, variable-distribution nitrogen play whose cash flow and payouts rise and fall with fertilizer prices.
UAN stock price
As of 2026-07-14, CVR Partners, LP (UAN) last closed at $117.96, up 31.7% over the past year. Over the past 52 weeks it has traded between $85.40 and $139.00.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or CVR Partners, LP's investor relations page. Walnut is informational, not investment advice.
What does CVR Partners, LP (UAN) do?
CVR Partners, LP is a producer of nitrogen fertilizer, mainly ammonia and urea ammonium nitrate (UAN) solution, operating two plants: a petroleum coke gasification facility in Coffeyville, Kansas, and a natural-gas-based plant in East Dubuque, Illinois. It is structured as a master limited partnership, so investors buy common units and receive a Schedule K-1 for tax purposes rather than the 1099 a normal corporation issues. The partnership is affiliated with CVR Energy, and the Coffeyville plant sources petroleum coke from a nearby CVR refinery, which gives it a feedstock mix different from the natural-gas-driven cost base of most nitrogen producers. Because it sells a commodity into global agricultural markets, UAN is largely a price-taker: its results swing with ammonia and UAN prices, plant utilization, and input costs.
As a variable-distribution MLP, CVR Partners pays out available cash after reserves each quarter, so the distribution can be large in strong periods and small or zero in weak ones. In the first quarter of 2026 the partnership reported net income of about $50 million, or roughly $4.72 per common unit, and EBITDA of about $78 million on net sales of about $180 million, helped by higher realized prices: average gate prices for ammonia and UAN were up about 24 percent and 34 percent year over year. It declared a cash distribution of $4.00 per common unit for the quarter. Management guided to roughly $60 to $75 million of 2026 capital spending, including a major turnaround at the East Dubuque plant, which temporarily reduces output and cash available for distribution during the maintenance window.
What's driving CVR Partners, LP (UAN)?
1. Nitrogen fertilizer prices drive everything
UAN's cash flow tracks ammonia and UAN prices, which move with global grain demand, planted acreage, natural-gas costs for competing producers, and supply disruptions. In early 2026 realized prices rose sharply year over year, lifting earnings and the distribution. Because the partnership sells a commodity, a strong price environment flows quickly to the bottom line, and a weak one does the reverse.
2. Petroleum coke feedstock advantage
The Coffeyville plant uses petroleum coke gasification rather than natural gas as its primary feedstock, sourcing petcoke from an affiliated CVR refinery. When natural-gas prices are high, this can give CVR Partners a relative cost advantage over gas-based nitrogen producers. The East Dubuque plant, by contrast, runs on natural gas, so the partnership's blended cost base depends on both petcoke and gas markets.
3. Plant utilization and turnarounds
As a two-plant operator, CVR Partners depends heavily on running at high utilization; the partnership reported a combined ammonia utilization rate of 103 percent in Q1 2026. Planned turnarounds, such as the major East Dubuque maintenance scheduled within 2026 capital spending of roughly $60 to $75 million, and any unplanned outages directly cut production, sales, and cash available for distribution during the affected period.
4. Variable distribution as the core return
Most of the total return from UAN historically comes from its distribution, which as a variable-distribution MLP is reset each quarter based on available cash after reserves. That means the headline yield can look very high in strong quarters and shrink materially in weak ones. Investors focused on steady income should understand that this payout is designed to fluctuate with the fertilizer cycle, not to be smoothed.
What are the risks to CVR Partners, LP (UAN)?
The dominant risk is commodity cyclicality: because revenue is tied to ammonia and UAN prices, a drop in fertilizer prices or grain demand can compress earnings and the distribution quickly, and the payout is explicitly variable rather than fixed. Concentration is another risk: the partnership runs just two plants, so a single unplanned outage, turnaround overrun, or safety incident can sharply reduce output and cash flow. Input costs matter on both sides, with petroleum coke tied to refining operations and natural gas exposed to energy markets. The MLP structure adds tax complexity through the Schedule K-1, potential unrelated business taxable income (UBTI) concerns in retirement accounts, and state filing considerations. Affiliation with CVR Energy introduces related-party dynamics, and as a small-cap the units can be thinly traded and volatile.
How is CVR Partners, LP (UAN) valued? (approximate, Jul 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see CVR Partners, LP's investor relations page or your broker.
- Net sales (Q1 2026): ~$180 million, up from ~$143 million a year earlier on higher realized prices (approximate; verify live)
- Net income (Q1 2026): ~$50 million, or roughly $4.72 per common unit (approximate)
- EBITDA (Q1 2026): ~$78 million, up from ~$53 million a year earlier (approximate)
- Latest quarterly distribution: $4.00 per common unit declared for Q1 2026 (~$42 million); as a variable-distribution MLP this amount changes every quarter with available cash
- Realized prices: Ammonia ~$687/ton and UAN ~$343/ton in Q1 2026, up ~24% and ~34% year over year (approximate)
- 2026 capital spending guidance: ~$60 to $75 million, including a major East Dubuque turnaround that reduces output and distributable cash during maintenance
Figures are approximate, tied to the asOf date, and should be verified against the latest filings and quote before acting. UAN is a variable-distribution MLP, so quarterly distributions vary with cash flow and are not a reliable forward yield: a large payout in a strong quarter can fall sharply when fertilizer prices weaken or during turnaround periods. Standard earnings multiples are less meaningful for a small cyclical MLP than where nitrogen prices sit in the cycle and how much cash is available to distribute.
Which ETFs hold CVR Partners, LP (UAN)?
If you want UAN exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.
| ETF | Name | % in UAN | Expense ratio | |
|---|---|---|---|---|
| DIV | Global X SuperDividend U.S. ETF | 2.13% | 0.45% |
Who competes with CVR Partners, LP (UAN)?
Large North American nitrogen producers
CF Industries and Nutrien are far larger nitrogen and broader fertilizer producers that compete with CVR Partners on ammonia and UAN supply. CF is a nitrogen pure-play with major scale, while Nutrien is the world's largest fertilizer company spanning potash, nitrogen, and phosphate. Both are structured as ordinary corporations that issue 1099s and dividends, unlike UAN's MLP and K-1 structure.
Other nitrogen and diversified fertilizer players
LSB Industries, OCI, and Koch Fertilizer produce ammonia, UAN, ammonium nitrate, and related nitrogen products in overlapping markets. The North American nitrogen industry is fairly consolidated, so pricing for all producers, including CVR Partners, is set largely by global supply, demand, and natural-gas costs rather than by any single company.
Other MLP and variable-distribution income vehicles
For investors drawn to UAN mainly for its high, variable payout and MLP structure, other master limited partnerships across energy and materials compete for the same income-oriented capital. These vehicles share the K-1 tax treatment and the trade-off of potentially high but fluctuating distributions rather than the steadier dividends of ordinary corporations.
How to invest in CVR Partners, LP (UAN)
There are three common ways to get UAN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (DIV), which spreads the position across many companies. Or build it into a focused thematic basket, so UAN sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where UAN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on CVR Partners, LP (UAN)
CVR Partners is a small, cyclical nitrogen-fertilizer MLP that pays a large but variable distribution tied directly to ammonia and UAN prices. It rewards strong fertilizer cycles and cuts payouts in weak ones, so the questions are how much commodity and distribution volatility you can tolerate, and whether the K-1 tax structure fits your account.
Build a basket around UAN with Walnut
Use CVR Partners, LP as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is UAN a good stock to buy right now?
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That depends on your goals, time horizon, tax situation, and risk tolerance, and this is not investment advice. The bull case is strong recent nitrogen prices, high plant utilization, a petroleum coke feedstock hedge, and a large variable distribution. The bear case is deep commodity cyclicality, a payout that can shrink fast, concentration in just two plants, and the added complexity of the MLP and K-1 structure. Weigh both against your own portfolio and whether a K-1 fits your account.
Is UAN a stock or an MLP, and what is a K-1?
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CVR Partners is a master limited partnership (MLP), not an ordinary corporation, so you buy common units rather than shares and you are treated as a partner. Instead of the 1099 a normal stock issues, unitholders receive a Schedule K-1 each year reporting their share of the partnership's income, deductions, and distributions. K-1s often arrive later in tax season and can add filing complexity, so many investors consult a tax professional before buying MLP units.
Should I hold UAN in an IRA or retirement account?
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MLPs like CVR Partners can generate unrelated business taxable income (UBTI) inside retirement accounts, which in some cases can create a tax filing obligation even within an IRA. This is a common reason investors are cautious about holding MLP units in tax-advantaged accounts. The rules are nuanced, so check with a qualified tax advisor about your specific situation before holding UAN in an IRA or similar account.
What does CVR Partners actually do?
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CVR Partners produces nitrogen fertilizer, mainly ammonia and UAN solution, at two plants: a petroleum coke gasification facility in Coffeyville, Kansas, and a natural-gas-based plant in East Dubuque, Illinois. It sells these products into agricultural markets, so its results depend on fertilizer prices, plant utilization, and input costs rather than on any branded consumer product.
How does UAN's distribution work?
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CVR Partners is a variable-distribution MLP, meaning it pays out available cash after reserves each quarter rather than a fixed dividend. In strong quarters the distribution can be large, as with the $4.00 per common unit declared for Q1 2026, and in weak quarters it can fall sharply or reach zero. Because of this, the trailing yield is not a reliable guide to future payouts.
Why is UAN's stock so volatile?
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UAN is a small-cap, single-commodity producer whose revenue tracks ammonia and UAN prices, which swing with grain demand, natural-gas costs, and global supply. With only two plants, an outage or turnaround can move results quickly, and the variable distribution amplifies sentiment. The units can also be thinly traded, which adds to price swings.
What is the petroleum coke feedstock advantage?
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The Coffeyville plant uses petroleum coke gasification instead of natural gas as its primary feedstock, sourcing petcoke from an affiliated CVR refinery. Because most nitrogen producers rely on natural gas, this can give CVR Partners a relative cost advantage when gas prices are high. The East Dubuque plant still runs on natural gas, so the benefit applies to only part of the partnership's output.
Can I get exposure to CVR Partners through an ETF?
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UAN may appear in some MLP-focused, materials, or agriculture ETFs, though many broad MLP funds emphasize energy partnerships. ETF exposure spreads single-name risk across many holdings and can simplify the tax picture, since the fund handles the underlying K-1s. Always check a fund's holdings and structure before assuming meaningful exposure to CVR Partners specifically.
What are the main risks of investing in UAN?
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The central risk is commodity cyclicality: earnings and the variable distribution rise and fall with nitrogen prices. Concentration in two plants means a single outage or turnaround can cut cash flow sharply. Input costs for petroleum coke and natural gas add variability, the MLP structure brings K-1 and potential UBTI complexity, and affiliation with CVR Energy introduces related-party considerations. As a small-cap, the units can be volatile and less liquid.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with CVR Partners, LP's investor relations page or your broker before making investment decisions.