Intel announced last January it would invest significantly to build potentially the world’s largest chip-making complex in Ohio, looking to boost capacity as a global shortage of semiconductors affects everything from smartphones to automobiles. Intel says the 1,000-acre “mega-site” northeast of Columbus has room for as many as eight plants, known as “fabs.” The company estimates it would require a $100-billion investment to fully build and equip those plants.
Shareholders receive a 5.09% dividend. The Needham price target is $32, while the consensus target is $31.13. Intel stock closed on Tuesday at $28.73.
ONEOK
The solid price of natural gas over the past year has helped to lift this top energy stock. ONEOK Inc. (NYSE: OKE) primarily engages in natural gas transportation, storage and natural gas and NGLs gathering, processing and fractionation in the Bakken, Mid-Continent and Permian.
The company has a strong presence in the Oklahoma SCOOP/STACK (NGL gathering/takeaway system, G&P), the Williston Basin (G&P, NGL takeaway) and the Permian Basin (NGL gathering, NGL takeaway, natural gas takeaway), which analysts feel provides higheturn growth opportunities.
Many on Wall Street remain positive on the company’s primarily fee-based earnings, which account for 90% of total earnings.
The dividend yield here is 5.67%. ONEOK stock has a $78 price target at Truist Financial. The $68.06 consensus target is closer to Tuesday’s final share price of $66.96.
Rio Tinto
Shares of this mining company could explode higher when the world economy rebounds strongly. Rio Tinto PLC (NYSE: RIO), the world’s second-largest mining company, has operations in Australia, Africa, the Americas, Europe and Asia. It is the world’s largest producer of aluminum, second largest producer of iron ore, and a top five producer of alumina, uranium, mined copper, export thermal and coking coal, and diamonds.
In addition, Rio Tinto is also involved in alumina production; primary aluminum smelting; bauxite mining; alumina refining; and ilmenite, rutile and zircon mining, as well as the provision of gypsum.
Rio Tinto has a strong balance sheet and low-cost iron ore assets, as well as copper and aluminum assets, that offer leverage to an eventual cyclical recovery. Some on Wall Street believe that iron ore may continue to surprise to the upside in 2023.
Rio Tinto stock comes with a 9.62% dividend. Credit Suisse has set a $75 price target (in U.S. dollars). The consensus target is $71.19, and Tuesday’s close was at $71.61.
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