Lucid has had three recalls over the past year that have affected about 1,900 vehicles, more than half its sales. The company expects to deliver 6,000 to 7,000 vehicles this year, but it will need to build about 3,000 to make that number. Lucid produced almost 2,300 vehicles in the third quarter.
Only nine analysts cover the stock, with five having a Buy or Strong Buy rating and two more rating the shares at Hold. At a recent price of around $13.90 a share, the upside potential based on a median price target of $24.00 is 72.7%. Based on the high target of $36.00, the upside potential is almost 160%.
Analysts expect the company to report fiscal 2022 third-quarter revenue of $200.21 million, which would be up 105.7% sequentially and up from $230,000 in the year-ago quarter. The consensus forecast calls for an adjusted loss of $0.30 per share, three cents better than the prior quarter’s loss and 11 cents better than last year’s third quarter. For the full fiscal year, the loss per share is forecast at $0.82, down from last year’s loss of $5.00 per share, on sales of $756.52 million, up nearly 2,700%.
Lucid is not expected to report a profit in 2022, 2023 or 2024. The enterprise value to sales multiple is expected to be 28.1 in 2022. Based on average estimated sales of $2.92 billion and $5.46 billion for 2023 and 2024, respectively, the multiple is 7.6 for 2023 and 3.9 for 2024. The stock’s 52-week range is $11.77 to $57.75. Lucid does not pay a dividend. Total shareholder return for the past year is negative 66.8%.
Occidental Petroleum
Of the oil and gas stocks we cover, shares of Occidental Petroleum Corp. (NYSE: OXY) have posted the largest share price gain (nearly 124%) over the past 12 months. Besides high prices for crude, Warren Buffett has acquired about 20% of the company, and there is no doubt that the Oracle of Omaha’s support has had an influence on Oxy’s share price.
The company, partnered with Canada’s Carbon Engineering, announced last month that the pair would construct a direct-air carbon capture plant in the Permian Basin that can suck 500,000 tons of carbon out of the air. The groundbreaking is set for later this month, and the plant is expected to begin operation in late 2024.
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