Albemarle Corp. (ALB)

Jul 20, 2022Trade Ideas

Lithium is still making big headlines

All as electric vehicle demand accelerates.

In fact, according to The Economic Times, “A surge in demand for electric vehicles worldwide along with increasing pressure on the supply chain of materials that go into EV batteries has seen an unprecedented rise in prices of those same materials this year. In the first half of this year, prices of lithium have jumped over 7-fold while cobalt prices have more than doubled and nickel has almost doubled. What is worse, this is likely to be a recurring theme in times to come as mass adoption of EVs takes off putting pressure on the supply chain that cannot cope with the demand.”

That alone is bullish for oversold shares of Albemarle Corp. (ALB), which just declared a quarterly dividend of $0.395 per share. The dividend, which has an annualized rate of $1.58, is payable October 3 to shareholders of record at the close of business as of September 16.

From a current price of $211.52, we’d like to see the ALB stock challenge $270 again.

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