The Incitec Pivot Ltd (ASX: IPL) share price has continued to climb and hit multi-year highs in the past month.
Incitec shares have surged 26% since market close on 24 February and are currently trading at $3.85. In today's trade, the company's shares are up 1.3%.
So why is the industrial chemicals and explosives manufacturer so popular with investors at the moment?
Positive broker upgrades
The Incitec Pivot share price is currently trading at its highest level since November 2018.
The company's shares surged almost 13% between market close on 4 March and 11 March alone. Investors appear to have reacted positively to a broker note from Credit Suisse. Analysts upgraded the company's shares to an outperform rating. As my Foolish colleague James reported, Credit Suisse was optimistic Incitec Pivot would benefit from higher fertiliser prices.
On March 11, Incitec appointed a new chief financial officer with significant global experience. Paul Victor, who will start on 1 July, is an executive director and chief financial officer of global chemicals and energy company Sasol Limited.
Commenting on the appointment, CEO and managing director Jeanne Johns said:
Paul is joining at an exciting time as we further develop our strategic agenda with two industry leading businesses in the mining and agricultural industries.
This week, the Incitec Pivot share price is continuing to smash multi-year highs. My Foolish colleague Bernd noted rising fertiliser prices and a strategic acquisition earlier this year may be helping the company's shares. The company entered an agreement to acquire 100% of French explosives manufacturer Explinvest. The company expects to complete this transaction in June 2022.
In late February, Incitec Pivot updated shareholders on the impact of an incident at the company's ammonia plant in Louisiana. The company confirmed a pipe rupture resulted in the release of hydrogen. Repairs on the plant were predicted to take between six and eight 8 weeks.
Incitec Pivot share price snapshot
The Incitec Pivot share price has surged 39% over the past year, while it is up 19% this year to date.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has gained 9% in the past 12 months.
Incitec has a market capitalisation of about $7.6 billion based on its current share price.
