5 Best Battery Stocks To Buy Heading Into 2023

3. 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. It operates through three segments – Lithium, Bromine, and Catalysts. The Lithium segment provides lithium compounds for use in lithium batteries for consumer electronics and electric vehicles. Albemarle Corporation (NYSE:ALB) is one of the premier battery stocks to buy for next year. 

On December 13, Albemarle Corporation (NYSE:ALB) announced that it has acquired a location in Charlotte, North Carolina, where it will invest at least $180 million to establish the Albemarle Technology Park. Albemarle Corporation (NYSE:ALB) expects innovations from the technology park to advance lithium recovery, improve production, and introduce new types of lithium to allow record levels of battery performance.

Citi analyst P.J. Juvekar on December 15 maintained a Buy recommendation on Albemarle Corporation (NYSE:ALB) but lowered the firm’s price target on the shares to $295 from $345. The analyst is not turning negative on lithium, but is making more of a short-term call. He expects lithium demand to continue to grow nearly 20% annually into 2030 and supply will struggle to catch up. 

According to Insider Monkey’s data, 49 hedge funds were bullish on Albemarle Corporation (NYSE:ALB) at the end of Q3 2022, compared to 39 funds in the earlier quarter. Israel Englander’s Millennium Management is the biggest position holder in 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.”