#1 - Albemarle (NYSE:ALB)
Lithium is one of the key components to an electric vehicle battery. Albemarle (NYSE:ALB)is one of the leading lithium miners in the world. According to the global consulting firm McKinsey, lithium demand will increase from approximately 500,000 metric tons of lithium carbonate equivalent (LCE) in 2021 to over three million metric tons (and possibly four million) in 2030.
And it’s clear that the United States understands how important it is to have a substantial part of the lithium supply chain be on U.S. shores. Albemarle recently received $150 million as part of the U.S. Department of Energy’s $2.8 billion grant to increase lithium processing capabilities in the United States.
Another appealing feature of ALB stock is that the company is already profitable and as of its fiscal third quarter in 2022, the company had recorded three consecutive quarters with over $1 billion in revenue. And in its latest quarter, the company topped $2 billion in revenue for the first time ever.
About Albemarle
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.
Read More - Current Price
- $108.34
- Consensus Rating
- Hold
- Ratings Breakdown
- 6 Buy Ratings, 15 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $114.47 (5.7% Upside)
