What's Going On With Albemarle Stock Today?

Albemarle Corporation ALB shares are trading lower Thursday as the stock pulls back after initially rising on strong strong 2023 guidance. 

What To Know: 

The company reported quarterly earnings of $7.33 per share which beat the analyst consensus estimate of $4.44. Quarterly sales came in at $2.37, billion which missed the analyst consensus estimate of $2.43 billion

The company also expects 2023 net sales to increase 40% to 55% year-over-year. Fiscal year 2023 earnings per share are expected to be between $25 and $29.50, versus the $23.31 estimate, while net sales are estimated between $10.4 billion and $11.5 billion, versus the $10.12 billion estimate.

The stock initially gained on the report and has since pulled back.

Credit Suisse analyst John Roberts maintained Albemarle with a Underperform and raised the price target from $163 to $185.

What Else:

The company also announced the closing of its C$109 million Investment with Patriot Battery Metals PMETF. Albemarle now owns approximately 4.9% of Patriot's issued and outstanding common shares on a fully-diluted in-the-money basis, or 6.4% on a non-diluted, issued and outstanding basis.

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ALB Price Action: Shares of ALB were down 1.65% at $199.55 at the time of publication, according to Benzinga Pro.

Image by Khusen Rustamov from Pixabay