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Nutrien $NTR stock is surging higher after its competitor Azoty halted production of nitrogen fertilizers.
Azoty Fertilizer Output Halts on Gas Prices
On August 23, 2022, Azoty, Poland’s biggest chemicals company, announced that it would stop making some of its essential products, such as nitrogen fertilizers, and trimmed ammonia output because of record gas prices.
“The current situation on the natural gas market that determines the profitability of production is exceptional, fully independent of the company and was impossible to predict earlier,” Grupa Azoty said in a statement Tuesday.
Vanguard and Blackrock are the 7th and 9th largest shareholders in the company. Source: https://www.marketscreener.com/quote/stock/GRUPA-AZOTY-S-A-6500253/company/
Nutrien upgraded to Outperform from Sector Perform at Scotiabank
On August 9, 2022, Scotiabank analyst Ben Isaacson upgraded Nutrien to Outperform from Sector Perform with a price target of $110, down from $118. The analyst is bullish on nitrogen and says investor conversations on Nutrien have transitioned to bullish from bearish. In addition, while the potash market should continue to moderate, the Street has proven that it’s priced in, Isaacson tells investors in a research note. He sees strong valuation support0 for the shares and estimates they are worth $112 on a sum of the parts.
Bullish Option Flow Detected In $NTR Stock
Guerilla Stock Trading has detected bullish option flow in Nutrien $NTR stock between August 24 and August 25, 2022.
Make sure to review this lesson on option flow so that you understand the image above.
In particular, the October 21, 2022, $110 call option has a sharp increase in open interest.
📺 The Other Reason Why Food Prices Are Rising
📈 Nutrien $NTR Chart Technical Analysis
Nutrien $NTR stock is in an uptrend. Long-term indicators support a continuation of the uptrend, but the market is in highly overbought territory and prone to profit taking or a trend reversal.
