‘More Pain Likely Ahead’: 5 Stocks to Brace Yourself for Recession

1. Nutrien Ltd. (NYSE:NTR)

Number of Hedge Fund Holders: 60

Nutrien Ltd. (NYSE:NTR) is a Canadian company that offers potash, nitrogen, phosphate, and sulfate products. On May 18, the company declared a quarterly dividend of $0.48 per share, in line with previous. The dividend is distributable on July 15, to shareholders of record on June 30. 

Barclays analyst Benjamin Theurer on June 1 initiated coverage of Nutrien Ltd. (NYSE:NTR) with an Overweight rating and a $116 price target. The analyst also started coverage of five fertilizer and agriculture supply companies. He sees lasting supply/demand tightness beyond 2023, which bodes well for the broader group regardless of recent outperformance relative to major benchmark indexes.

Among the hedge funds tracked by Insider Monkey, 60 funds reported owning stakes in Nutrien Ltd. (NYSE:NTR) at the end of Q1 2022, worth about $2 billion, up from 36 in the previous quarter worth $870 million. Jean-Marie Eveillard’s First Eagle Investment Management is the largest shareholder of the company, with 8.3 million shares valued at $870 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.”

You can also take a look at 10 Best Crypto Stocks To Buy and 10 Cheap Chinese Stocks To Buy. 

Follow Insider Monkey on Twitter