Nutrien Hikes Dividend with Q4 Beat & Possible Buybacks of 10%

Nutrien (NYSE: NTR) shares gained 2.6% during the extended trading session on February 16, after the Canadian fertilizer company delivered stellar Q4 earnings and also raised its quarterly dividend by 4.3% to $0.48 per share.

The dividend is payable on April 14 to shareholders on record as of March 31. The annual dividend of $1.92 per share now reflects a dividend yield of 2.6%.

Furthermore, the board also authorized additional share repurchases of up to 10% of the public float of Nutrien’s common shares through a normal course issuer bid over a one-year period.

The share repurchases will begin upon the expiration of the current repurchase program on February 28, 2022, and will be subject to certain regulatory approvals by the Toronto Stock Exchange.

Q4 Performance

Adjusted earnings of $2.47 per share grew more than 10 times and beat analysts’ expectations of $2.39 per share.

Further, revenues jumped 79% year-over-year to $7.3 billion and exceeded consensus estimates of $6.54 billion.

CEO Comments

Nutrien CEO, Ken Seitz, commented, “The outlook for global agriculture and crop input markets is very strong and we are well positioned to deliver significant growth in earnings and free cash flow in 2022. We will continue to advance our strategic priorities and maintain a disciplined approach to deploying capital, using our strong financial position to grow the business and return significant cash to shareholders.”

Wall Street’s Take

The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 7 Buys and 3 Holds. The average  Nutrien stock price projection of $80.47 implies 3.7% upside potential to current levels.

Investors Weigh In

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Alkermes, with 11.1% of investors increasing their exposure to NTR stock over the past 30 days.

Download the TipRanks mobile app now

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. 

Related News:
Marriott International Q4 EPS Grows Over 10x; Shares Up 5.8%
Huntsman Beats Q4 Expectations; Shares Rise 8.1%
Sabre Posts Upbeat Q4 Revenues & FY2022 Outlook; Shares Up 21.9%