Here’s Why You Should Retain Nutrien Stock in Your Portfolio
Nutrien Ltd. (NYSE: NTR) is benefiting from healthy demand for crop nutrients, its actions to reduce costs and strategic acquisitions amid headwinds from lower fertilizer prices.
NTR’s shares are down 22.1% over a year compared with a 20.1% decline recorded by its industry.
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Let’s find out why this Zacks Rank #3 (Hold) stock is worth retaining at the moment.
Nutrien Gains on Healthy Demand, Acquisitions & Cost Cuts
Nutrien is well-positioned to benefit from higher demand for fertilizers, backed by the strength in global agriculture markets. It is seeing healthy fertilizer demand in its major markets. Strong demand in key offshore markets and low channel inventories in North America at the start of 2024 drove record potash sales volume in the first half. NTR’s phosphate sales volumes were also higher than first-half 2023 levels due to strong demand for fertilizer, industrial and feed products. First-half 2024 nitrogen sales volumes remained stable compared with the same period in 2023.
Strong grower economics, improved affordability and low inventory levels are expected to drive potash demand globally. The phosphate market is also benefiting from higher global demand and low …
Full story available on Benzinga.com