LyondellBasell Industries (LYB) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of LyondellBasell Industries (NYSE:LYB) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $89.00 price target on the stock.
According to Zacks, “Estimates for LyondellBasell have been going up of late. LyondellBasell remains on track with its expansion projects that are expected to boost capacity and add to its earnings. The company also remains committed to boosting shareholder returns by leveraging healthy cash flows. Moreover, the company is executing its expansion projects to leverage the U.S. natural gas liquids (NGLs) advantage.”
Other analysts have also issued research reports about the company. Morgan Stanley reaffirmed a buy rating on shares of LyondellBasell Industries in a research note on Thursday, June 16th. Vetr lowered LyondellBasell Industries from a strong-buy rating to a buy rating and set a $84.88 price objective for the company. in a research report on Monday, July 11th. Jefferies Group reissued a hold rating and set a $84.00 price objective on shares of LyondellBasell Industries in a research report on Monday, August 1st. Nomura set a $82.00 price objective on LyondellBasell Industries and gave the company a hold rating in a research report on Monday, August 1st. Finally, Argus reissued a hold rating on shares of LyondellBasell Industries in a research report on Thursday, August 18th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $89.87.
Shares of LyondellBasell Industries (NYSE:LYB) traded up 2.61% during trading on Wednesday, hitting $83.45. 1,875,222 shares of the company were exchanged. The stock has a market capitalization of $34.69 billion, a PE ratio of 9.01 and a beta of 1.46. LyondellBasell Industries has a 1-year low of $69.10 and a 1-year high of $98.25. The company has a 50 day moving average of $78.47 and a 200-day moving average of $80.25.
LyondellBasell Industries (NYSE:LYB) last announced its quarterly earnings results on Friday, July 29th. The company reported $2.45 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by $0.06. LyondellBasell Industries had a return on equity of 66.25% and a net margin of 13.91%. The business earned $7.33 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the business earned $2.81 EPS. The business’s revenue was down 19.9% compared to the same quarter last year. On average, analysts forecast that LyondellBasell Industries will post $9.61 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Tuesday, August 16th were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 4.18%. The ex-dividend date was Friday, August 12th. LyondellBasell Industries’s dividend payout ratio is currently 36.68%.
In other news, Director Jagjeet S. Bindra sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $80.01, for a total transaction of $300,037.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Ngam Advisors L.P. increased its position in LyondellBasell Industries by 4.3% in the first quarter. Ngam Advisors L.P. now owns 25,379 shares of the company’s stock valued at $2,172,000 after buying an additional 1,045 shares in the last quarter. Franklin Resources Inc. increased its position in shares of LyondellBasell Industries by 566.7% in the first quarter. Franklin Resources Inc. now owns 2,711,999 shares of the company’s stock valued at $232,097,000 after buying an additional 2,305,218 shares during the period. Columbia Partners L L C Investment Management increased its position in shares of LyondellBasell Industries by 1.1% in the first quarter. Columbia Partners L L C Investment Management now owns 12,098 shares of the company’s stock valued at $1,035,000 after buying an additional 127 shares during the period. American Financial Group Inc. acquired a new position in shares of LyondellBasell Industries during the first quarter valued at approximately $3,423,000. Finally, Credit Capital Investments LLC acquired a new position in shares of LyondellBasell Industries during the first quarter valued at approximately $1,699,000. 71.62% of the stock is currently owned by hedge funds and other institutional investors.
LyondellBasell Industries Company Profile
LyondellBasell Industries N.V. is a global chemical company. The Company’s segments include Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining, and Technology. Its O&P-Americas segment produces and markets olefins, including ethylene and ethylene co-products, and polyolefins.
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