LyondellBasell Industries (LYB) Raised to Buy at Zacks Investment Research
LyondellBasell Industries (NYSE:LYB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $90.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.25% from the company’s previous close.
According to Zacks, “Estimates for LyondellBasell have been going up of late. LyondellBasell remains on track with its ethylene expansion programs that should boost capacity and add to its earnings. The company is executing its expansion projects to leverage the U.S. natural gas liquids (NGLs) advantage. LyondellBasell also remains committed to boosting shareholder returns by leveraging healthy cash flows.”
Several other equities analysts have also recently issued reports on the company. Tudor Pickering began coverage on LyondellBasell Industries in a research note on Thursday, October 13th. They set a “buy” rating and a $95.00 target price on the stock. Morgan Stanley set a $115.00 target price on LyondellBasell Industries and gave the company a “buy” rating in a research note on Wednesday, September 28th. Jefferies Group boosted their target price on LyondellBasell Industries from $84.00 to $88.00 and gave the company a “hold” rating in a research note on Thursday, September 22nd. RBC Capital Markets reissued a “hold” rating and set a $82.00 target price on shares of LyondellBasell Industries in a research note on Tuesday, September 20th. Finally, Deutsche Bank AG boosted their target price on LyondellBasell Industries from $80.00 to $83.00 and gave the company a “hold” rating in a research note on Tuesday, September 13th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $90.25.
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Shares of LyondellBasell Industries (NYSE:LYB) opened at 80.18 on Wednesday. The stock’s 50 day moving average is $79.01 and its 200 day moving average is $79.94. The firm has a market cap of $33.33 billion, a P/E ratio of 8.66 and a beta of 1.46. LyondellBasell Industries has a 12 month low of $69.10 and a 12 month high of $97.20.
LyondellBasell Industries (NYSE:LYB) last posted its earnings results on Friday, July 29th. The company reported $2.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.51 by $0.06. LyondellBasell Industries had a net margin of 13.91% and a return on equity of 66.25%. The business had revenue of $7.33 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the firm posted $2.81 earnings per share. LyondellBasell Industries’s quarterly revenue was down 19.9% on a year-over-year basis. Equities research analysts expect that LyondellBasell Industries will post $9.61 EPS for the current year.
In other news, Director Jagjeet S. Bindra sold 3,750 shares of the company’s stock in a transaction on Tuesday, August 30th. The stock was 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 SEC, which can be accessed through this hyperlink. Insiders own 0.14% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in LyondellBasell Industries by 6.4% in the first quarter. Wellington Management Group LLP now owns 674,589 shares of the company’s stock worth $57,730,000 after buying an additional 40,657 shares in the last quarter. Alps Advisors Inc. increased its position in LyondellBasell Industries by 31.3% in the second quarter. Alps Advisors Inc. now owns 327,790 shares of the company’s stock worth $24,394,000 after buying an additional 78,098 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in LyondellBasell Industries by 45.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 787,700 shares of the company’s stock worth $67,411,000 after buying an additional 246,500 shares in the last quarter. First Republic Investment Management Inc. increased its position in LyondellBasell Industries by 1.5% in the first quarter. First Republic Investment Management Inc. now owns 816,442 shares of the company’s stock worth $69,872,000 after buying an additional 12,060 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in LyondellBasell Industries by 9.3% in the first quarter. Panagora Asset Management Inc. now owns 1,823,884 shares of the company’s stock worth $156,088,000 after buying an additional 154,879 shares in the last quarter. 71.63% of the stock is currently owned by 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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