Bullish on Corn and Soybeans? This Stock Just Hit New All-Time Highs.

• Corteva (CTVA) exhibits strong technical momentum and recently hit a new all-time high.
• Shares are up more than 50% over the past 52 weeks.
• Analyst sentiment is overwhelmingly positive with most major firms rating CTVA a “Buy.”
• Low short interest and strong support from both Wall Street and individual investors reinforce the bullish outlook on CTVA.

Today’s Featured Stock

Valued at $53.37 billion, Corteva (CTVA) provides agriculture products. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry which protect against weeds, insects and other pests, and diseases to enhance crop health. 

What I’m Watching

I found today’s Chart of the Day by using Barchart’s powerful screening functions to sort for stocks with the highest technical buy signals; superior current momentum in both strength and direction; and a Trend Seeker “buy” signal. I then used Barchart’s Flipcharts feature to review the charts for consistent price appreciation. CTVA checks those boxes. Since the Trend Seeker issued a new “buy” on March 9, CTVA stock is up 8.24%.

Barchart Technical Indicators for Corteva

Editor’s Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.

Corteva scored an all-time high of $85.56 on April 2.

• Corteva has a Weighted Alpha of +44.76.
• CTVA has a 100% “Buy” opinion from Barchart.
• The stock has gained 51.99% over the past 52 weeks.
• Corteva has its Trend Seeker “Buy” signal intact.
• The stock recently traded at $84.74 with a 50-day moving average of $77.53.
• CTVA has made 12 new highs and gained 10.18% over the past month.
• Relative Strength Index (RSI) is at 66.04.
• There’s a technical support level around $84.18.

Don’t Forget the Fundamentals

• $53.37 billion market capitalization.
• 25.24x price-earnings ratio.
• 0.85% dividend yield.
• Revenue is expected to grow 3.0% this year and another 3.17% next year.
• Earnings are estimated to increase by 9.65% this year and an additional 10.44% next year.

Analyst and Investor Sentiment on Corteva

• The Wall Street analysts followed by Barchart give the stock 12 “Strong Buy,”  2 “Moderate Buy,” and 7 “Hold” opinions with price targets between $74 and $95.
• Value Line gives the stock its “Average” rating with price targets from $68 to $113.
• CFRA’s MarketScope rates the stock a “Buy.”
• Morningstar thinks the stock is fairly valued.
• 26 investors following the stock on Motley Fool think it will beat the market while 2 think it won’t.
• 104,360 investors are following the stock on Seeking Alpha, which rates it a “Hold.”
• Short interest is only 1.86% of the float with 3.09 days to cover the float.

The Bottom Line on Corteva

With a focus on the production of corn, soybeans, and sunflower seeds, this company is targeting the heartland. Since financial analysts, Wall Street, and the individual investors give this stock high marks and short interest is so small, it sounds like a winner to me.

Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance.