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 morning. The brokerage currently has $89.00 target price 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.”
LYB has been the subject of several other research reports. Citigroup Inc. reduced their target price on shares of LyondellBasell Industries from $96.00 to $81.00 and set a neutral rating for the company in a report on Friday, July 15th. Nomura reissued a hold rating on shares of LyondellBasell Industries in a report on Monday, July 11th. Vetr downgraded shares of LyondellBasell Industries from a buy rating to a hold rating and set a $82.00 price objective for the company. in a report on Monday, August 22nd. JPMorgan Chase & Co. downgraded shares of LyondellBasell Industries from an overweight rating to a neutral rating and cut their price objective for the company from $100.00 to $80.00 in a report on Thursday, June 23rd. Finally, Argus reissued a hold rating on shares of LyondellBasell Industries in a report on Thursday, August 18th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $89.87.
LyondellBasell Industries (NYSE:LYB) opened at 82.26 on Wednesday. The firm has a market cap of $34.20 billion, a price-to-earnings ratio of 8.88 and a beta of 1.46. The company has a 50-day moving average of $78.83 and a 200 day moving average of $80.15. LyondellBasell Industries has a 52-week low of $69.10 and a 52-week high of $97.20.
LyondellBasell Industries (NYSE:LYB) last announced its earnings results on Friday, July 29th. The company reported $2.45 EPS for the quarter, missing the consensus estimate of $2.51 by $0.06. The company had revenue of $7.33 billion for the quarter, compared to the consensus estimate of $7.64 billion. LyondellBasell Industries had a return on equity of 66.25% and a net margin of 13.91%. The business’s quarterly revenue was down 19.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.81 EPS. On average, equities research analysts anticipate that LyondellBasell Industries will post $9.61 EPS for the current year.
In other LyondellBasell Industries news, Director Jagjeet S. Bindra sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $80.01, for a total value of $300,037.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in LYB. Oliver Luxxe Assets LLC boosted its position in shares of LyondellBasell Industries by 17.9% in the third quarter. Oliver Luxxe Assets LLC now owns 7,214 shares of the company’s stock valued at $582,000 after buying an additional 1,094 shares during the period. First American Bank boosted its position in shares of LyondellBasell Industries by 47.4% in the third quarter. First American Bank now owns 69,454 shares of the company’s stock valued at $5,602,000 after buying an additional 22,342 shares during the period. Foundry Partners LLC boosted its position in shares of LyondellBasell Industries by 9.4% in the third quarter. Foundry Partners LLC now owns 104,885 shares of the company’s stock valued at $8,460,000 after buying an additional 9,025 shares during the period. New England Research & Management Inc. boosted its position in shares of LyondellBasell Industries by 6.7% in the third quarter. New England Research & Management Inc. now owns 7,200 shares of the company’s stock valued at $581,000 after buying an additional 450 shares during the period. Finally, Fulton Bank N.A. acquired a new position in shares of LyondellBasell Industries during the third quarter valued at about $214,000. Hedge funds and other institutional investors own 71.63% of the company’s stock.
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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