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Nutrien (NTR) Declares TSX Clearance of Shares Buyback Program
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Nutrien Ltd. (NTR - Free Report) disclosed that the Toronto Stock Exchange (TSX) approved its intention to initiate a normal course issuer bid (NCIB) for the buyback of outstanding common shares, representing up to 5% of its issued and outstanding common shares.
The NCIB allows Nutrien to buy back common shares through various platforms, such as the TSX, NYSE, and alternative trading systems in Canada and the United States, in accordance with applicable securities laws. Nutrien will determine the actual number of common shares to be repurchased and the timing of such transactions.
The company views purchasing its common shares as a favorable investment opportunity aligned with its objective of returning capital to shareholders over time and in the best interest of the company. As of Feb 16, 2024, Nutrien had 494,563,180 common shares outstanding, enabling it to repurchase up to 24,728,159 outstanding common shares under the NCIB, all of which will be canceled upon purchase.
The NCIB will adhere to the rules of the TSX normal course issuer bid and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, which regulate the volume of common shares that can be purchased daily, with exceptions for block purchases, based on the average daily trading volumes of Nutrien's common shares on the relevant exchange. Nutrien intends to restrict daily purchases of common shares on the TSX to no more than 25% (290,908 common shares) of the average daily trading volume (1,163,632 common shares) during any trading day. The company plans to acquire common shares through open market purchases at market price and other means permitted by applicable securities laws, including private agreements. Purchases through private agreements will adhere to discounts provided in exemption orders issued by securities regulatory authorities.
The NCIB is scheduled to commence on Mar 1, 2024, and will terminate on Feb 28, 2025, or earlier if Nutrien reaches the maximum allowable repurchase limit or decides against further repurchases under the NCIB. Nutrien has established an automatic purchase plan with a broker to facilitate the acquisition of common shares during self-imposed blackout periods. Outside these periods, common shares may be purchased at the discretion of management.
Nutrien's previous NCIB, authorizing the buyback of up to 24,962,194 common shares, will conclude on Feb 29, 2024. As of Feb 16, 2024, Nutrien had repurchased a total of 5,375,397 common shares at an average price of $69.76 per share, amounting to roughly $375 million, through open market transactions under the previous NCIB.
Nutrien’s shares have lost 32.9% in the past year compared with a 34.3% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Nutrien currently carries a Zacks Rank #5 (Strong Sell).
The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 28.7% in the past year.
Ecolab has a projected earnings growth rate of 22.65%% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 6.5% in the past 60 days. EGO topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 42% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 64.2% in the past year.
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Nutrien (NTR) Declares TSX Clearance of Shares Buyback Program
Nutrien Ltd. (NTR - Free Report) disclosed that the Toronto Stock Exchange (TSX) approved its intention to initiate a normal course issuer bid (NCIB) for the buyback of outstanding common shares, representing up to 5% of its issued and outstanding common shares.
The NCIB allows Nutrien to buy back common shares through various platforms, such as the TSX, NYSE, and alternative trading systems in Canada and the United States, in accordance with applicable securities laws. Nutrien will determine the actual number of common shares to be repurchased and the timing of such transactions.
The company views purchasing its common shares as a favorable investment opportunity aligned with its objective of returning capital to shareholders over time and in the best interest of the company. As of Feb 16, 2024, Nutrien had 494,563,180 common shares outstanding, enabling it to repurchase up to 24,728,159 outstanding common shares under the NCIB, all of which will be canceled upon purchase.
Nutrien Ltd. Price and Consensus
Nutrien Ltd. price-consensus-chart | Nutrien Ltd. Quote
The NCIB will adhere to the rules of the TSX normal course issuer bid and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, which regulate the volume of common shares that can be purchased daily, with exceptions for block purchases, based on the average daily trading volumes of Nutrien's common shares on the relevant exchange. Nutrien intends to restrict daily purchases of common shares on the TSX to no more than 25% (290,908 common shares) of the average daily trading volume (1,163,632 common shares) during any trading day. The company plans to acquire common shares through open market purchases at market price and other means permitted by applicable securities laws, including private agreements. Purchases through private agreements will adhere to discounts provided in exemption orders issued by securities regulatory authorities.
The NCIB is scheduled to commence on Mar 1, 2024, and will terminate on Feb 28, 2025, or earlier if Nutrien reaches the maximum allowable repurchase limit or decides against further repurchases under the NCIB. Nutrien has established an automatic purchase plan with a broker to facilitate the acquisition of common shares during self-imposed blackout periods. Outside these periods, common shares may be purchased at the discretion of management.
Nutrien's previous NCIB, authorizing the buyback of up to 24,962,194 common shares, will conclude on Feb 29, 2024. As of Feb 16, 2024, Nutrien had repurchased a total of 5,375,397 common shares at an average price of $69.76 per share, amounting to roughly $375 million, through open market transactions under the previous NCIB.
Nutrien’s shares have lost 32.9% in the past year compared with a 34.3% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Nutrien currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), and Hawkins, Inc. (HWKN - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 28.7% in the past year.
Ecolab has a projected earnings growth rate of 22.65%% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 6.5% in the past 60 days. EGO topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 42% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 64.2% in the past year.