What's Going On With Nikola Stock Monday?

Nikola Corp 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.

After the market close on Friday, Nikola announced Hoefelmann’s appointment as president of the company’s energy division. Hoefelmann is a 30-year hydrogen veteran who previously held executive roles at Air Liquide and Plug Power Inc PLUG. Hoefelmann will oversee the energy business at Nikola, including supply strategy, technology, dispensing and development.

Check This Out: Why Cosmetics Major Estee Lauder Shares Are Rocketing Premarket Monday

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.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Nikola will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

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.