5 Best Stagflation Stocks to Buy Now

2. Nutrien Ltd. (NYSE:NTR)

Number of Hedge Fund Holders: 48

Nutrien Ltd. (NYSE:NTR) is a Canadian provider of crop inputs and services. The company offers potash, nitrogen, phosphate, and sulfate products, as well as crop nutrients, crop protection products, and seeds. Agriculture stocks are safe investments despite economic downturns, owing to their defensive nature. 

Barclays analyst Benjamin Theurer on August 10 reiterated an Overweight rating on Nutrien Ltd. (NYSE:NTR) but lowered the price target on the stock to $105 from $126. The company reduced nitrogen guidance significantly this quarter, noted the analyst, who remains confident in Nutrien Ltd. (NYSE:NTR)’s retail business given its “strong 2022 performance and customer retention”. 

Among the hedge funds tracked by Insider Monkey, 48 funds were bullish on Nutrien Ltd. (NYSE:NTR) at the end of June 2022, compared to 60 funds in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder of the company, with 8.4 million shares worth over $668 million. 

Here is what Miller/Howard Investments had to say about Nutrien Ltd. (NYSE:NTR) in its Q1 2021 investor letter:

“For the most part, performance of the stocks within the Income-Equity Strategies was skewed towards the high-performing market sectors with two exceptions – our consumer discretionary and technology stocks both did better than their broad market peers… We bought Nutrien (NTR), a producer of fertilizer, which we believe should benefit from increasing crop prices.”