Nikola Corp (NASDAQ:NKLA) shares are in the spotlight Monday. The company announced the opening of its first hydrogen refueling station in Southern California.

What Happened: Nikola said it opened its first HYLA hydrogen refueling station in Southern California, representing the latest phase in Nikola’s commitment to providing hydrogen refueling solutions for Class 8 trucks.

The new station will be capable of fueling up to 40 Nikola hydrogen fuel cell electric Class 8 trucks on a daily basis and is part of the company’s push to have nine stations ready by the end of the second quarter. Nikola noted that it plans to establish up to 60 hydrogen refueling solutions in the coming years.

“Once the nine planned solutions are in place by mid-2024, Nikola will have established one of the world’s largest heavy-duty hydrogen refueling networks, providing customers accessibility at their current locations and along their planned routes,” said Ole Hoefelmann, Nikola’s president of Energy.

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Is NKLA A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Nikola‘s page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. Nikola does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

For example, if you're looking to earn an annualized return of 17.32%, you'll need to buy a share of OFS Credit Co by April 18. Once done, you can expect to receive a nominal payout of $0.1 on April 30.

NKLA Price Action: Nikola shares were down 4.67% at $0.6941 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.