As the EV industry continues to drive the world’s thirst for lithium, Energy major Exxon Mobil (NYSE:XOM) is gearing up to set up one of the biggest lithium processing plants in Arkansas, according to the Wall Street Journal.
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Earlier this year, Exxon doled out $100 million for a 120,000-acre land parcel in Arkansas, and the plant is expected to have an annual capacity between 75,000 to 100,000 MT of lithium. The company is aiming to supply lithium at low costs domestically and has held talks with battery and EV makers as well.
Separately, Exxon is also slated to announce second-quarter numbers next Friday. Analysts expect the company to post an EPS of $2.06 for the period. In the year-ago quarter, it had delivered an EPS of $4.14, comfortably pumping past expectations by $0.31.
Overall, the Street has a $125.13 consensus price target on Exxon alongside a Moderate Buy consensus rating. Shares of the company have gained nearly 15.1% over the past year.
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