The week ending November 4 was broadly mixed for agricultural fertilizer companies. The S&P 500 (SPY) fell 1.9% during the week, while the VanEck Vectors Agribusiness (MOO) fell by 8 basis points last week. Below, we’ll discuss the weekly and YTD (year-to-date) performances of eight major publicly listed agricultural fertilizer companies.
Overall, eight stocks in the above chart fell by 85 basis points, but they weren’t losers. Intrepid Potash (IPI) emerged on top—its shares rose 6.7% to $1.11 due to better-than-expected 3Q16 results and an uptick in potash prices. Mosaic (MOS) rose 4% to $24.5, while Israel Chemicals (ICL) rose ~2% and settled at $3.6 last week. Terra Nitrogen (TNH) gained 40 basis points and settled at $104.2 per share last week.
For our 3Q16 coverage on Mosaic, read Digging Deeper: Takeaways from Mosaic’s 3Q16 Earnings.
Last week, CVR Partners (UAN) emerged as the top loser—its shares fell 7.9% to $4.2. CF Industries (CF) fell 3.8% to $23.1. Agrium (AGU) fell 2.5% to $89.5, while PotashCorp (POT) fell 2.1% to $15.9 per share.
Last week, Agrium’s shareholders approved its merger with PotashCorp “overwhelmingly,” according to Agrium’s news release.
The above eight shares fell 13.3% YTD (using the median value). YTD, Intrepid Potash continues to be the top loser—its shares fell 63.8%. CVR Partners and CF Industries were right behind. Their stocks fell 47.3% and 42.9%, respectively. Mosaic fell 13.8%, while Israel Chemicals fell 12.8%, YTD. PotashCorp fell 8%, while Agrium rose by 63 basis points, YTD.
Last week, many of the above companies released their 3Q16 earnings. Across the board, we observed that prices continued to impact these companies. With commodity prices holding so much importance for fertilizer companies’ performances, this weekly series will provide an update on fertilizer price movements for the week ending November 4.