Mosaic announces temporary curtailment of Canada potash mine » 16:4612/0612/06/22
The Mosaic Company…
The Mosaic Company announced that it has temporarily curtailed production at its Colonsay potash mine in Saskatchewan. Prior o the curtailment, Colonsay had been operating at an annual run rate of 1.3M tons with plans to expand annual output to 1.8-2.0 million tonns by late 2023 following the restart of mine's second mill. With demand returning slower than expected in the second half of 2022, Mosaic's inventory levels are sufficient to meet near-term demand. Underground development work will continue in anticipation of the restart of both mills in early 2023."Our decision to temporarily curtail Colonsay reflects near-term dynamics and not long-term agricultural market fundamentals. Crop prices remain strong and continue to support healthy grower economics," said President and CEO Joc O'Rourke. "After a year of reduced applications, we believe farmers are incentivized to maximize yields, which should drive significant recovery in fertilizer demand in 2023."
|Over a week ago|
Mosaic price target lowered to $65 from $75 at Piper Sandler » 06:0711/2211/22/22
Piper Sandler analyst…
Piper Sandler analyst Charles Neivert lowered the firm's price target on Mosaic to $65 from $75 and keeps an Overweight rating on the shares post the Q3 results. The analyst sees a "significant, though expected," decline in 2023 earnings versus 2022, largely due to the unwinding of a demand surge for potash and phosphates going into Q4 and 2023, Neivert tells investors in a research note.
Mosaic call volume above normal and directionally bullish » 14:2511/1511/15/22
Bullish option flow…
Bullish option flow detected in Mosaic with 19,252 calls trading, 3x expected, and implied vol increasing almost 3 points to 55.03%. Nov-22 52 calls and Dec-22 55 calls are the most active options, with total volume in those strikes near 6,000 contracts. The Put/Call Ratio is 0.50. Earnings are expected on February 23rd.
Appaloosa exits positions in Kohl's, Occidental Petroleum, Micron » 16:1511/1411/14/22
KSS, OXY, MU, APTV, NFLX, GOOG, SYY, MSFT, MOS, CEG, AMZN, ET
David Tepper's Appaloosa Management disclosed in an SEC filing its holdings as of September 30, 2022. Appaloosa exited eight positions during the quarter, including by size of previous position, Kohl's (KSS), Occidental Petroleum (OXY), Micron (MU), Aptiv (APTV), and Netflix (NFLX). Appaloosa reduced its stake in twelve holdings, including by size of previous position, Meta Platforms (META), Alphabet (GOOG), Sysco (SYY), Microsoft (MSFT), and Mosaic (MOS). Appaloosa's top holdings as of September 30, in order of size, were Constellation Energy (CEG), Alphabet, Amazon (AMZN), Meta Platforms, and Energy Transfer (ET).
Mosaic price target lowered to $73 from $75 at JPMorgan » 07:1611/0911/09/22
JPMorgan analyst Jeffrey…
JPMorgan analyst Jeffrey Zekauskas lowered the firm's price target on Mosaic to $73 from $75 and keeps an Overweight rating on the shares post the Q3 results. Mosaic's "sizeable" cash flow is being directed toward its shareholder base, and the company expects to meet its target leverage in November with the pay down of a $550M debt tranche, Zekauskas tells investors in a research note.
Mosaic price target lowered to $69 from $74 at Mizuho » 06:4211/0911/09/22
Mizuho analyst Christopher Parkinson lowered the firm's price target on Mosaic to $69 from $74 and keeps a Buy rating on the shares. The company's Q3 print didn't reveal clear evidence to change bulls' or bears' minds, but rather set the stage for 2023, Parkinson tells investors in a research note. The analyst believes Mosaic is "worth the benefit of the doubt."
Mosaic price target raised to $61 from $58 at Citi » 05:3811/0911/09/22
Citi analyst P.J. Juvekar…
Citi analyst P.J. Juvekar raised the firm's price target on Mosaic to $61 from $58 and keeps a Buy rating on the shares. The company reported a "weak" quarter but agriculture fundamentals remain positive, Juvekar tells investors in a research note. The lack of sales coming out of Belarus remains a large export opportunity into next year, Juvekar tells investors in a research note.
|Over a month ago|
Mosaic provides market update » 17:0011/0711/07/22
The company said,…
The company said, "Grain and oilseed markets are expected to remain tight through 2022 and 2023. The disruption to Ukraine's agricultural production caused by war, coupled with poor growing conditions in several major growing regions like the Americas, Europe and China, have resulted in lower global agricultural production. This suggests that global stocks-to-use ratios, already projected at 20-year lows, will remain under pressure. Historically elevated crop prices, coupled with fertilizer pricing that has moderated from the post-Ukraine-invasion spike, justifies a return to normal nutrient applications. In North America, sentiment has improved significantly from the spring season. As a result, fall nutrient application rates are trending toward normal levels, and this is expected to deplete channel inventories. In Brazil, nutrient prices remain historically elevated but have retreated to levels that are incenting in-country shipments, which are expected to pull year-end inventories down to levels comparable to last year. In India, government subsidies, particularly for phosphates, are expected to remain at levels that support imports. For both potash and phosphates, supply constraints remain. In potash, we maintain our expectation that annual production from Belarus will be down 8 million tonnes year-over-year in 2022, and very little recovery is expected next year. In phosphates, China's exports are estimated to be reduced by as much as 5 million tonnes versus 2021, and current export restrictions are expected to be extended into 2023. Together, the fundamental tightness in global markets for both potash and phosphates is expected to persist well into 2023 and quite likely beyond."
Mosaic reports Q3 EPS $2.42, consensus $3.40 » 16:5711/0711/07/22
Reports Q3 revenue…
Reports Q3 revenue $5.35B, consensus $5.79B. "Mosaic delivered record sales in the first nine months of 2022, and we expect favorable fundamentals as we conclude the year and look forward to 2023," said Joc O'Rourke, President and CEO. "We are returning capital to shareholders while strengthening the balance sheet and investing in the business to generate strong results throughout the cycle."
Notable companies reporting after market close » 13:4311/0711/07/22
ATVI, TTWO, MOS, LYFT, FIVN, TRIP, DOCN, SDC
Notable companies reporting after the market close, with earnings consensus, include Activision Blizzard (ATVI), consensus 50c... Take-Two Interactive (TTWO), consensus $1.37... Mosaic (MOS), consensus $3.40... Lyft (LYFT), consensus (7c)... Five9 (FIVN), consensus 35c... Tripadvisor (TRIP), consensus 38c... DigitalOcean (DOCN) consensus 23c... SmileDirectClub (SDC), consensus (21c).