Jefferies Group Raises LyondellBasell Industries (LYB) Price Target to $88.00
LyondellBasell Industries (NYSE:LYB) had its price target raised by investment analysts at Jefferies Group to $88.00 in a research report issued to clients and investors on Thursday. The brokerage currently has a “hold” rating on the stock. Jefferies Group’s price target indicates a potential upside of 12.62% from the stock’s current price.
Several other research firms have also issued reports on LYB. Vetr upgraded LyondellBasell Industries from a “buy” rating to a “strong-buy” rating and set a $84.88 price objective on the stock in a research note on Monday, August 1st. Barclays PLC dropped their price objective on LyondellBasell Industries from $99.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 2nd. Susquehanna dropped their price objective on LyondellBasell Industries from $100.00 to $96.00 and set a “positive” rating on the stock in a research note on Friday, August 26th. Royal Bank Of Canada lowered LyondellBasell Industries from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $100.00 to $84.00 in a research note on Monday, June 27th. Finally, Morgan Stanley restated a “buy” rating on shares of LyondellBasell Industries in a research note on Thursday, June 16th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. LyondellBasell Industries presently has an average rating of “Hold” and an average target price of $88.86.
LyondellBasell Industries (NYSE:LYB) opened at 78.14 on Thursday. The company’s 50 day moving average price is $77.33 and its 200 day moving average price is $80.67. The company has a market cap of $32.48 billion, a P/E ratio of 8.44 and a beta of 1.71. LyondellBasell Industries has a 52-week low of $69.10 and a 52-week high of $98.25.
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LyondellBasell Industries (NYSE:LYB) last released its quarterly earnings data on Friday, July 29th. The company reported $2.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by $0.06. The business earned $7.33 billion during the quarter, compared to the consensus estimate of $7.64 billion. LyondellBasell Industries had a net margin of 13.91% and a return on equity of 66.25%. LyondellBasell Industries’s quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.81 EPS. Equities research analysts anticipate that LyondellBasell Industries will post $9.61 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Tuesday, August 16th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend was Friday, August 12th. LyondellBasell Industries’s payout ratio is presently 36.68%.
In other news, Director Jagjeet S. Bindra sold 3,750 shares of the stock in a transaction on Tuesday, August 30th. The stock was 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 this hyperlink. 0.14% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Williams Jones & Associates LLC boosted its position in shares of LyondellBasell Industries by 1.8% in the second quarter. Williams Jones & Associates LLC now owns 100,288 shares of the company’s stock worth $7,463,000 after buying an additional 1,781 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of LyondellBasell Industries during the second quarter worth approximately $1,026,000. Kentucky Retirement Systems purchased a new position in shares of LyondellBasell Industries during the second quarter worth approximately $2,160,000. Mason Street Advisors LLC purchased a new position in shares of LyondellBasell Industries during the second quarter worth approximately $3,422,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of LyondellBasell Industries by 5.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 12,342 shares of the company’s stock worth $921,000 after buying an additional 670 shares during the last quarter. Institutional investors own 71.62% 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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