Here Are 3 Lithium Stocks To Watch In The Stock Market Today
Lithium stocks have been on the rise in the stock market in recent years, as metal has become increasingly valuable in a wide range of industries. In brief, lithium is a key component in lithium-ion batteries. These are used in a wide range of consumer electronics. Most notably, laptops, cell phones, and electric vehicles to name a few. With the global transition to a low-carbon economy underway, the demand for lithium is expected to continue to grow in the coming years.
Furthermore, Lithium stocks have already begun to rise in anticipation of this increased demand, and many analysts believe they will continue to do so in the months and years ahead. This is apparent in top lithium stocks such as Sociedad Quimica y Minera S.A. (NYSE: SQM). Shares of SQM stock are up over 84% year-to-date. For investors looking to get ahead of the trend, now may be the time to buy [or avoid] lithium stocks. With that said, here are three lithium stocks to watch in the stock market today.
Lithium Stocks To Buy [Or Sell] Ahead Of April 2022
- Livent Corporation (NYSE: LTHM)
- Albemarle Corporation (NYSE: ALB)
- Lithium Americas Corporation (NYSE: LAC)
Livent Corporation
First up, Livent Corporation is a leading manufacturer of lithium compounds. These are used in a variety of applications including batteries, lubricants, glass, and ceramics. For a sense of scale, Livent is one of the largest producers of lithium compounds in the world. The company has facilities in the United States, Canada, and China. In addition the company supplies the raw materials for many of the world’s battery and glass manufacturers. Livent also produces a wide range of finished products for use in a variety of industries.
Earlier this month, Livent announced better-than-expected second-quarter 2022 financial results. In detail, the company posted earnings per share of $0.37 on revenue of $218.7 million. For comparison, analysts’ estimates for the second quarter were earnings of $0.30 per share on revenue of $209.3 million. In addition, the company posted revenue of $218.7 million, reflecting an increase of 52% and 114% from the first quarter of 2022 and the prior year, respectively. Aside from that, Livent recently announced they entered into a long-term supply agreement with General Motors (NYSE: GM). In detail, in the six-year agreement, Livent will deliver lithium hydroxide to GM. This deal is expected to begin in 2025.
“Lithium demand was exceptionally strong through the first half of 2022. Published lithium prices in all forms moved higher in the second quarter amid tight market conditions,” stated Paul Graves, president, and chief executive officer of Livent. “We continue to achieve higher realized prices across our entire product portfolio.” Shares of LTHM stock are up over 27% in the last month of trading. During Monday’s late morning trading session, LTHM stock is trading at $29.02 per share. With that, will you be watching LTHM stock today?
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Albemarle Corporation
Following that, Albemarle Corporation is a specialty chemicals company with a focus on producing bromine and lithium. Albemarle’s bromine products are used in a variety of applications, including fire safety, water treatment, and agricultural chemicals. Albemarle’s lithium products are used in batteries and energy storage applications. Moving along, just this month the company posted better-than-expected second-quarter 2022 financial results.
Diving in, ALB notched earnings of $3.45 per share on revenue of $1.5 billion for Q2. For context, the consensus earnings estimate was $3.03 per share on revenue of $1.3 billion. This reflects a revenue increase of 91.2% during the same period, the year prior. Additionally, the company raised its 2022 guidance. Specifically, ALB said it projects 2022 earnings of $19.25 to $22.55 per share on revenue of $7.10 billion to $7.50 billion. This is revised up from their previous outlook of earnings of $12.30 to $15.00 per share on revenue of $5.80 billion to $6.20 billion.
“We delivered another strong quarter throughout the current turbulent market environment, thanks to strong demand and pricing trends, particularly for Lithium and Bromine. Over the past year, we have shifted our Lithium contracting strategy to realize greater benefits from these strong market dynamics,” said Albemarle CEO Kent Masters. On Monday afternoon, shares of ALB stock are up over 2% at $276.20. With that being said, do you think ALB is a good addition to your long-term portfolio?
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Lithium Americas Corporation
Last but not least, Lithium Americas Corporation is a Canadian mineral exploration and development company focused on the Lithium Triangle. In fact, the Lithium Triangle contains approximately half of the world’s known lithium resources. The company’s flagship project, the Cauchari-Olaroz Lithium Project, is located in Jujuy Province, Argentina. Lithium Americas also holds a 100% interest in the Thacker Pass Lithium Project in Nevada, USA.
Late last month, the company reported its financial and operating results for the second quarter of 2022. In the report, the company reported posted a loss of $0.12 per share. Analysts’ consensus estimate was a loss of $0.14 per share. As a result, shares of LAC stock have rallied over 27% in the last month of trading. As of Monday’s lunchtime session, LAC stock is trading at $28.90 per share. With that, do you have LAC stock on your list of lithium stocks to watch in the stock market today?
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