5 Best Agriculture Stocks To Invest In

4. Nutrien Ltd. (NYSE:NTR)

Number of Hedge Fund Holders (Q1): 60

Nutrien Ltd. (NYSE:NTR) is a fertilizer company based in Canada. It is the world’s largest producer of potash and the third largest producer of nitrogen. In July, the company announced the acquisition of Brazilian retail fertilizer company Casa do Adubo to expand its operations to Latin America.

In the second quarter of 2022, Nutrien Ltd. (NYSE:NTR)’s net income increased threefold on a YoY basis to $3.6 billion or a GAAP-EPS of $6.51. The non-GAAP EPS was recorded at $5.85, outperforming the estimates by $0.15. The revenue of $14.51 billion recorded a 48.7% YoY growth but lagged behind the estimates by $220 million. The company had cash and cash equivalents of $711 million and the cash provided by operating activities was $2.558 billion for the quarter. Furthermore, the company lowered its long-term debt by 30% YoY to $7.056 billion.

On August 4, Nutrien Ltd. (NYSE:NTR) declared a quarterly dividend of $0.48 to be paid out by October 14 to the shareholders of record on September 30. As of August 10, the dividend yield of the company stood at 2.24%. In addition, Nutrien Ltd. (NYSE:NTR) also focused on shareholder returns throughout the year via buybacks. Between January 1 and August 2, the company repurchased shares worth $1.8 billion and plans to allocate $5 billion for repurchases in 2022.

On August 9, Scotiabank analyst Ben Isaacson upgraded Nutrien Ltd. (NYSE:NTR) to Outperform from Sector Perform and lowered his price target to $110 from $118.