LyondellBasell Industries (LYB) Stock Rating Lowered by Zacks Investment Research
LyondellBasell Industries (NYSE:LYB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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 research analysts also recently issued reports on LYB. Cowen and Company downgraded LyondellBasell Industries from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $105.00 to $87.00 in a report on Monday, June 13th. Morgan Stanley restated a “buy” rating on shares of LyondellBasell Industries in a research note on Thursday, June 16th. JPMorgan Chase & Co. downgraded LyondellBasell Industries from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $100.00 to $80.00 in a research note on Thursday, June 23rd. Vetr upgraded LyondellBasell Industries from a “buy” rating to a “strong-buy” rating and set a $85.17 price target for the company in a research note on Monday, June 27th. Finally, Royal Bank Of Canada downgraded LyondellBasell Industries from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $100.00 to $84.00 in a research note on Monday, June 27th. Two investment 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. LyondellBasell Industries currently has a consensus rating of “Hold” and an average target price of $89.87.
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LyondellBasell Industries (NYSE:LYB) traded down 3.4279% during midday trading on Friday, hitting $81.2075. 1,556,736 shares of the company’s stock traded hands. The company has a market capitalization of $33.76 billion, a PE ratio of 8.7707 and a beta of 1.46. LyondellBasell Industries has a 52 week low of $69.10 and a 52 week high of $98.25. The company has a 50 day moving average of $78.67 and a 200-day moving average of $80.28.
LyondellBasell Industries (NYSE:LYB) last posted its quarterly earnings data on Friday, July 29th. The company reported $2.45 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.51 by $0.06. The firm 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 firm’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.81 earnings per share. Equities research analysts predict that LyondellBasell Industries will post $9.61 earnings per share for the current year.
In other news, Director Jagjeet S. Bindra sold 3,750 shares of the business’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $80.01, for a total transaction of $300,037.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of LYB. Vanguard Group Inc. increased its stake in shares of LyondellBasell Industries by 1.6% in the second quarter. Vanguard Group Inc. now owns 23,274,506 shares of the company’s stock worth $1,732,089,000 after buying an additional 360,118 shares during the last quarter. Janus Capital Management LLC increased its stake in shares of LyondellBasell Industries by 7.4% in the second quarter. Janus Capital Management LLC now owns 12,232,383 shares of the company’s stock worth $910,334,000 after buying an additional 844,373 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of LyondellBasell Industries by 6.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 10,262,230 shares of the company’s stock worth $763,715,000 after buying an additional 630,125 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of LyondellBasell Industries by 3.4% in the second quarter. BlackRock Fund Advisors now owns 4,429,279 shares of the company’s stock worth $329,627,000 after buying an additional 145,581 shares during the last quarter. Finally, Credit Capital Investments LLC increased its stake in shares of LyondellBasell Industries by 21,119.3% in the second quarter. Credit Capital Investments LLC now owns 4,212,246 shares of the company’s stock worth $4,212,000 after buying an additional 4,192,395 shares during the last quarter. 71.62% of the stock is owned by hedge funds and other institutional investors.
About LyondellBasell Industries
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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