With lithium demand accelerating, keep an eye on Albemarle (ALB) – especially on pullbacks. With a big spike in demand, the company just posted net income of $1.13 billion, or $9.60 per share, as compared to a loss of $3.8 million, or 3 cents per share, year over year. All thanks to a five-fold jump in lithium sales. Better, for 2023, Albemarle expects revenue to be 55% to 75% higher than in 2022. It expects adjusted EPS to be up 50%.
Even more impressive, Wells Fargo just added the ALB stock to its list of “signature picks.” The firm also has a buy rating on the stock with a $350 price target. And, ALB just declared a quarterly dividend of 40 cents a share, or $1.60 annualized. It’s payable April 3 to shareholders of record on March 17.