LyondellBasell Industries (LYB) Downgraded by Zacks Investment Research to Hold
LyondellBasell Industries (NYSE:LYB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “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. However, LyondellBasell is exposed to headwind from weak product prices. Depressed crude oil prices may also hurt its margins moving ahead. Moreover, its operations are subject to maintenance outages.”
A number of other equities analysts have also recently commented on LYB. Jefferies Group reaffirmed a “hold” rating and issued a $84.00 target price (down from $91.00) on shares of LyondellBasell Industries in a report on Tuesday, July 5th. Nomura reissued a “hold” rating on shares of LyondellBasell Industries in a report on Monday, July 11th. RBC Capital Markets reissued a “hold” rating and set a $82.00 price target on shares of LyondellBasell Industries in a report on Tuesday, September 20th. Argus reissued a “hold” rating on shares of LyondellBasell Industries in a report on Thursday, August 18th. Finally, Vetr raised LyondellBasell Industries from a “buy” rating to a “strong-buy” rating and set a $84.88 price target on the stock in a report on Monday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $89.87.
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Shares of LyondellBasell Industries (NYSE:LYB) traded down 3.50% during mid-day trading on Friday, reaching $81.15. The company had a trading volume of 1,540,615 shares. The company has a market capitalization of $33.74 billion, a price-to-earnings ratio of 8.76 and a beta of 1.46. The company has a 50 day moving average price of $78.67 and a 200 day moving average price of $80.28. LyondellBasell Industries has a one year low of $69.10 and a one year high of $98.25.
LyondellBasell Industries (NYSE:LYB) last announced its earnings results on Friday, July 29th. The company reported $2.45 EPS for the quarter, missing the Zacks’ consensus estimate of $2.51 by $0.06. LyondellBasell Industries had a return on equity of 66.25% and a net margin of 13.91%. The company earned $7.33 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same period in the prior year, the business posted $2.81 earnings per share. LyondellBasell Industries’s revenue for the quarter was down 19.9% compared to the same quarter last year. On average, analysts anticipate that LyondellBasell Industries will post $9.61 EPS for the current year.
In related news, Director Jagjeet S. Bindra sold 3,750 shares of the firm’s stock in a transaction dated 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 is accessible through the SEC website. 0.14% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Pinkerton Retirement Specialists LLC bought a new stake in shares of LyondellBasell Industries during the second quarter valued at approximately $103,000. Americafirst Capital Management LLC acquired a new position in shares of LyondellBasell Industries during the second quarter worth about $106,000. Pacer Advisors Inc. boosted its position in shares of LyondellBasell Industries by 321.5% in the second quarter. Pacer Advisors Inc. now owns 1,492 shares of the company’s stock worth $111,000 after buying an additional 1,138 shares during the last quarter. Exane Derivatives boosted its position in shares of LyondellBasell Industries by 103.6% in the second quarter. Exane Derivatives now owns 1,547 shares of the company’s stock worth $115,000 after buying an additional 787 shares during the last quarter. Finally, J.Safra Asset Management Corp acquired a new position in shares of LyondellBasell Industries during the second quarter worth about $129,000. Hedge funds and other 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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