NEW YORK (TheStreet) -- Shares of Potash Corp. of Saskatchewan (POT) are soaring, up 4.76% to $35.40 in afternoon trading Tuesday, after competing Russian company Uralkali suspended work at a potash mine in Russia's Perm region and evacuated workers.
Uralkali, the world's largest producer of the crop nutrient, halted one of its mines which could lead to reduced global supplies and higher prices, Bloomberg reports.
Uralkali said it evacuated the mine after detecting an increased flow of brine, which could dissolve potassium-bearing salts and weaken a mine's structure, Bloomberg added.
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Canada-based Potash is an integrated fertilizer and related industrial and feed products company, operating in potash, phosphate and nitrogen segments.
Separately, TheStreet Ratings team rates POTASH CORP SASK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate POTASH CORP SASK INC (POT) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and weak operating cash flow."