Shares in Vulcan Energy Resources Ltd (ASX: VUL) are tracking lower after sliding down from the open of trade on Thursday.
At the time of writing, the Vulcan share price is at $9.06, down 1% on the day, extending losses to almost 13% for the year to date.
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Is Vulcan a buying opportunity?
With the recent volatility and pullback, the gates have opened for investors interested in Vulcan.
Shares have glided down from a previous high of $15.90 in September last year, and there's been volatility along the way.
Even still, according to Bloomberg data, three-out-of-three analysts covering the stock have it as a buy right now.
With that, the consensus price target is $19.07 per share, although Canaccord Genuity values the company at $23 per share.
One factor that could drive the Vulcan share price higher is a shift away from Russian energy imports, one broker says.
"Overall, we expect the conditions for Vulcan to receive a further impetus not only due to the conflict, but also due to the fulfilment of climate targets," wrote Alster Research in a recent note.
Nevertheless, it still values Vulcan at $20 per share – an upside potential of 78% if the firm is right on its conviction.
It is confident that Vulcan can be a "provider of renewable energy and lithium with a zero-carbon footprint" resulting in a buy rating.
With most other majors in energy, utilities and materials booming in 2022, Vulcan is down 13%, yet this hasn't seemed to deter these brokers.
In the last 12 months, the Vulcan share price has jumped 22% but has crept down by more than 13% this past month.
