5 Best Canadian Stocks to Buy

2. Nutrien Ltd. (NYSE:NTR)

Percentage of iShares MSCI Canada ETF: 2.86%

Number of Hedge Fund Holders: 48

Saskatoon, Saskatchewan-based Nutrien Ltd. (NYSE:NTR) is a leading producer and retailer of potash, nitrogen, and phosphate products for agricultural, industrial, and feed customers world-wide. It produces more than 27 million tons of these products on an annual basis and sells it through its retail network that services more than 0.5 million grower accounts.

In August, Nutrien Ltd. (NYSE:NTR) released its financial results for the quarter ended June 30, 2022. Its sales increased by 49% y-o-y to $14.5 billion, while its net income surged by 224% y-o-y to $3.6 billion, for the three months. It reported a normalized EPS of $5.85 for the quarter, beating the consensus by $0.15. Nutrien Ltd. (NYSE:NTR) declared a regular cash dividend of $0.48 per share for the quarter.

On August 8, Barclays analyst Benjamin Theurer lowered the price target on Nutrien Ltd. (NYSE:NTR) shares to $105 from $126 but maintained an ‘Overweight’ rating on the shares. The analyst is confident in the retail business of Nutrien Ltd. (NYSE:NTR) based on its “strong 2022 performance and customer retention.”

Nutrien Ltd. (NYSE:NTR) is among the Canadian favorites of hedge funds, with 48 of the 895 hedge funds tracked by Insider Monkey holding its shares valued at $1.1 billion. First Eagle Investment Management was its biggest shareholder with ownership of 8.4 million shares valued at $668 million.