Nutrien Ltd. (NTR.TO)

Buy now or in the fall? Not really happy with the marriage, liked them more as independent companies. Good asset distribution around world is bound to grow, well run, good resource potential. Doesn’t know about seasonality. There’s a fly in the ointment regarding tariffs. For example, soybean prices are at 10-year low. Be a little bit cautious now. Anything that affects price of basic food commodities will affect the demand for fertilizer. Yield of 3%.

It turned at $55 and he missed it. They are getting the benefit of capacity that has not come on. There is demand around the world. They are winning. This is an investible company rather than a trade. It is a good core holding. It benefits from the lower Canadian dollar.

Based on the merger of Potash Corp and Agrium. This is a commodity that he feels has upside potential – both potash and fertilizers. Earnings estimates on the street, he feels, are underestimating the potential. Yield 3%. (Analysts’ price target is $74.90)

It stumbled after the merger. The stock bottomed in late-February. It's an okay stock. That's all. It's risen on the backs of commodity prices, but it's trading at 23x current earnings which is too rich for a commodity play. Also, we don't know where it fits in the new tariff world. Trim if you own it. Don't buy.

The chart looks very well, close to all-time highs. The volume is okay. Continue to own it and see what happens if it rises. Hard to recommend. Maybe ride out the storm and see what happens.

The combination of Agrium and Potash Corp. They have a high ROE and a good history. He recently sold of his position. They see the company as a price taker and he would rather own companies that are a price maker. He thinks there are better opportunities out there.

It's had a poor start after the merger, disappointing investors. They've achieved some cost savings and efficiencies, true. You're buying this for the long term, and he forsees a 10% gain over 12 months.

The merger has created a giant in North American fertilizer. The stock has moved up because oil and corn have; corn is ethanol which competes with gasoline, and potash (Nutrien) fertilizes corn. NTR pays a decent dividend, but doesn't offer much revenue growth and he doesn't see demand around the world rising--corn prices are down. Farming
isn't as profitable as it used to. Hold if you own it, but don't run out and buy this. There's an oversupply of potash.

(A Top Pick September 29/17 - Down 4%.) The merge of Potash and Agrium. A commodity play as they were bullish in commodities coming into this year. Fourth quarter tends to be the quarter when farmers tend to put their orders for fertilizers.

Difficult name to analyze as two big conglomerates come together. It takes a while for synergies to play out. Lots of tailwinds. Dividend is strong.

This is a managed market. The biggest challenge otherwise is big, new supply. He thinks it will get interesting. But now is not the time to place big bets on these stocks. Once it gets reset it will get interesting. He would tend to stay away right now. Wait for weaker equity markets.

He owns this long-term. It's a dominant, global player and offers a solid yield with an underlying stable, retail business. Trade has been choppy, but below $60 is a good time to buy. Earnings report this evening.

Their two great quarters are this one and the one after that. He has not been able to chin the bar and buy it. There are other situations that have a better combination of yield and growth. He is not concerned about it, however.

If you are looking out a couple of years, you should continue to hold. The amalgamation of Agrium and Potash Corp is going to take work to make things sync, but there should be good cost savings. Not a strong buy, but the stock is reasonably valued.

The merger of AGU-T and POT-T. It is on his radar He thinks the valuation is pretty good. The outlook for the company is pretty good. He would not be surprised if he bought it at some point.