From Nasdaq: 2024-11-22 15:00:00

CF Industries Holdings, Inc. (CF) shares hit a 52-week high of $91.06 before closing at $90.64. The stock has gained 14.9% in the past three months, outperforming the Fertilizers industry’s 1.6% rise and the S&P 500’s 5.7% increase. Factors driving CF stock include strong global nitrogen demand, lower gas costs, and positive earnings estimates.

CF Industries is benefiting from rising global demand for nitrogen fertilizers, driven by agricultural and industrial demand. Corn planted acres and low nitrogen channel inventories in North America are expected to drive demand, along with strong demand in Brazil and India. Global nitrogen prices were supported in the third quarter, and lower natural gas prices are expected to continue benefiting the company.

Earnings estimates for CF have been going up, with a 5.9% increase in the Zacks Consensus Estimate for 2024. The stock currently carries a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the Basic Materials space include IAMGOLD Corporation (IAG), Axalta Coating Systems Ltd. (AXTA), and Ingevity Corporation (NGVT), each with a Zacks Rank #2 (Buy).

IAMGOLD’s current-year earnings estimate has increased by 24.4% in the past 60 days, with a 203.4% average earnings surprise in the last four quarters. Axalta Coating’s current-year earnings estimate indicates a 36.9% rise from the previous year, and Ingevity has beaten earnings estimates in three of the last four quarters. These stocks offer potential for growth in 2024.

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Read more at Nasdaq: CF Industries Shares Scale 52-Week High: What’s Driving the Stock?