Should Investors Be Watching These 3 Top Lithium Mining Stocks?
Lithium mining stocks have been on the rise in recent years as the demand for lithium has increased. For starters, lithium is a key component in rechargeable batteries and is used in a variety of other applications. In turn, lithium miners have benefited from the growing demand for lithium, and their stocks have risen accordingly. This is evident with top lithium mining companies such as Livent Corp (NYSE: LTHM) and Piedmont Lithium Inc. (NASDAQ: PLL) as both companies have seen their share prices increase by 31.58% and 15.10% respectively since the start of 2022.
With that, there are a number of factors that could continue to drive up the price of lithium mining stocks in the stock market today. First, the production of electric vehicles is expected to increase in the coming years, which will likely lead to higher demand for lithium. Second, many countries are aiming to reduce their reliance on fossil fuels, and lithium-ion batteries are seen as a key part of this transition. As a result, lithium mining stocks are likely to continue to be in high demand for the foreseeable future. If this has you interested in investing in the lithium mining space, here are three companies to check out in the stock market now.
Lithium Mining Stocks To Invest In [Or Sell] Right Now
- Albemarle Corporation (NYSE: ALB)
- Sociedad Quimica y Minera S.A. (NYSE: SQM)
- Lithium Americas Corporation (NYSE: LAC)
Albemarle (ALB Stock)
Albemarle Corporation (ALB) is a specialty chemicals company with operations in more than 50 countries. For the uninitiated, the company’s core businesses include lithium, bromine, and catalysts. Additionally, Albemarle also produces a range of other specialty chemicals, including nanoparticles, OLED materials, and fire safety products. Today, ALB shareholders enjoy an annual dividend yield of 0.53%. Separate from that, in August Albemarle reported a beat for its second quarter 2022 financial results.
Getting straight into it, the company reported earnings per share of $3.45 and revenue of $1.5 billion. This is in comparison with the street’s estimates of $3.03 earnings per share, and revenue of $1.3 billion for Q2 2022. In addition, Albemarle notched in revenue growth for the second quarter of 91.2% on a year-over-year basis.
Furthermore, in that same report, ALB revised its full-year 2022 fiscal year outlook. In detail, the company said it estimates full-year 2022 earnings per share of $19.25 to $22.55 and revenue of $7.10 billion to $7.50 billion. This is revised higher from their previously announced forecast of earnings of $12.30 to $15.00 per share and revenue of $5.80 billion to $6.20 billion. In the last 6 months of trading, shares of ALB stock have jumped over 70% as of Tuesday morning at $300.45 per share. With this in mind, will you pay closer tabs on ALB stock in the stock market today?
Sociedad Quimica y Minera (SQM Stock)
Next, Sociedad Quimica y Minera (SQM) is a Chilean chemical and mining company. For a sense of scale, it is the largest producer of lithium in the world and a major supplier of potassium nitrate and iodine. Currently, the annual dividend yield for SQM shareholders is 4.14%.
Continuing on, in August SQM reported its 2nd quarter 2022 financial results. In detail, the company posted a second-quarter 2022 EPS of $3.01, along with revenue of $2.6 billion. This is versus Wall Street’s analysts’ consensus estimates of $3.24 per share, and revenue estimates of $2.3 billion for the quarter. Moreover, SQM posted a whopping 342.0% increase in revenue by 342.0% during the same period, a year prior.
Year-to-date shares of SQM stock are up over 116% as of Tuesday morning’s trading session at $109.70 per share. This means, that SQM has strongly outperformed the overall broader markets so far in 2022. Given this, will you be adding SQM to your list of lithium mining stocks to watch in the stock market today?
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Lithium Americas Corp. (LAC Stock)
Last but not least, Lithium Americas Corporation (LAC) is a chemical company that specializes in the production of lithium throughout the United States and Argentina. First off, the company is one of the largest global producers of lithium chemicals, and its products are used in a variety of applications including batteries, ceramics, and glass. In late August, Lithium Americas Corp. reported its financial and operating results for Q2 2022.
In detail, LAC reported a loss of $0.12 per share. This was in comparison to analysts’ consensus estimate was a loss of $0.14 per share. Meanwhile, the company also reported that as of June 30, 2022, LAC had $441 million in cash and cash equivalents with an additional $75 million in available credit.
As a result, shares of LAC stock have rallied over 28% in the last six months of trading. As of Tuesday’s mid-morning trading session, LAC stock is trading at $31.31 per share. All in all, do you think Lithium Americas Corp is a good lithium stock to invest in right now?