Nutrien lifts its potash forecast

Article Excerpt

NUTRIEN LTD. $65 is a buy. The company (Toronto symbol NTR; Cyclical-Growth Payer Portfolio, Resources sector; Shares outstanding: 493.4 million; Market cap: $32.1 billion; Dividend yield: 4.8%; Dividend Sustainability Rating: Above Average; www.nutrien.com) is the world’s largest producer of agricultural fertilizers. With the April 2024 payment, the company raised your quarterly dividend by 1.9%. Investors now receive $0.54 U.S. a share instead of $0.53 U.S. The annual rate of $2.16 U.S. yields a high 4.8%. The company expects 2024 potash sales volumes will range between 13.5 million tonnes and 13.9 million tonnes, up from its previous forecast of 13.2 million tonnes to 13.8 million tonnes. As well, Nutrien continues to make progress with a plan to improve efficiency. It now expects annual savings will total $200 million U.S. by the end of 2025, which is one year ahead of its original target. Nutrien is a buy. buy…