5 Best Chemical Stocks To Buy Now

1. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 49

Albemarle Corporation (NYSE:ALB) is a North Carolina-based company that develops, manufactures, and markets engineered specialty chemicals worldwide, operating through three segments – Lithium, Bromine, and Catalysts. It is one of the premier chemical stocks to buy now. On October 25, Albemarle Corporation (NYSE:ALB) declared a quarterly dividend of $0.395 per share, in line with previous. The dividend is payable on January 3, 2023 to shareholders of record on December 16. 

On November 8, RBC Capital analyst Arun Viswanathan raised the price target on Albemarle Corporation (NYSE:ALB) to $380 from $371 and kept an Outperform rating on the shares after its Q3 earnings beat. The analyst said that he remains favorable on the stock given a case of tight lithium supply and demand, although he also remains concerned about the potential for huge price swings in the lithium spot market.

According to Insider Monkey’s Q3 data, 49 hedge funds were long Albemarle Corporation (NYSE:ALB), compared to 39 funds in the last quarter. Israel Englander’s Millennium Management is the largest stakeholder of the company, with 603,396 shares worth $159.5 million. 

Carillon Tower Advisers made the following comment about Albemarle Corporation (NYSE:ALB) in its Q3 2022 investor letter:

“Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The company’s shares outperformed meaningfully in the quarter, driven largely by robust demand for lithium used to manufacture electric vehicle batteries. Albemarle is well-positioned for the accelerating adoption of electric vehicles and could benefit from the Inflation Reduction Act.”

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