NEW YORK (TheStreet) -- Shares of Mosaic (MOS) were gaining 0.6% to $46.50 on heavy trading volume on Friday after the agricultural chemical company announced its environmental sustainability targets earlier in the week.
In its sustainability report, Mosaic said that it plans to reduce its freshwater use by 10% per tonne of product produced by 2020. The company also plans to reduce total energy use by 10% and greenhouse gas emissions by 10% per tonne of product produced by 2020.
"No element of our company's progress shines more brightly than our commitment to sustainability. Mosaic is leading the crop nutrition industry, and we are leading with purpose," President and CEO Jim Prokopanko said. "We're growing our value to shareholders while achieving measurable and meaningful environmental and social progress."
About 4 million shares of Mosaic were traded by noon Friday, compared to the company's average trading volume of about 3.9 million shares a day.
Insight from TheStreet's Research Team:
A nice rise in fertilizer names early this year was knocked back as drought conditions and farm issues started to pop up. Pricing has always been pretty steady but with more suppliers on line these days, the pricing power has diminished.
We see many of the problems showing up in the charts early, and Mosaic is a great example. However, there is some potential here at least for a bit of upside, and maybe more.