5 Most Profitable Lithium Stocks Now

2. Albemarle Corporation (NYSE:ALB)

TTM Net Income: $2.69 billion

Albemarle Corporation (NYSE:ALB) is a Charlotte, North Carolina-based specialty chemicals company. The Energy Storage segment of the business is involved in maintaining its industry leadership in the field of lithium and lithium derivatives.

Albemarle Corporation (NYSE:ALB) has production and storage facilities in North and South America, Europe, and through a joint venture in Australia as well. In a research note issued on February 17, Joel Jackson at BMO Capital increased the price target on Albemarle Corporation (NYSE:ALB) from $315 to $325 and maintained an Outperform rating on the stock. The analyst noted that despite the price of lithium normalizing, Albemarle Corporation (NYSE:ALB) stock still offers a significant upside as it is in a strong position to benefit from the positive demand outlook for lithium.

Here’s what Carillon Tower Advisers said about Albemarle Corporation (NYSE:ALB) in its Q4 2022 investor letter:

“Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The stock gave back some of its recent gains amid investor concerns about how the future price of lithium could be affected by a potential decelerating rate of growth in overall electric vehicle (EV) production and demand, primarily in China. Despite these potential near-term headwinds, longer-term the global lithium market remains tight, and Albemarle plays a critical role in the battery value chain and remains well-positioned for the overall continued global adoption of EVs.”