LyondellBasell Industries (LYB) Upgraded 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 note issued on Wednesday. The firm presently has a $90.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.25% from the company’s current price.
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.”
Other equities research analysts have also issued research reports about the company. Vetr lowered LyondellBasell Industries from a “strong-buy” rating to a “buy” rating and set a $84.88 target price on the stock. in a research report on Monday, July 11th. Morgan Stanley set a $115.00 target price on LyondellBasell Industries and gave the stock a “buy” rating in a research report on Wednesday, September 28th. Tudor Pickering initiated coverage on LyondellBasell Industries in a research report on Thursday, October 13th. They set a “buy” rating and a $95.00 target price on the stock. Jefferies Group reissued a “hold” rating and set a $84.00 target price on shares of LyondellBasell Industries in a research report on Monday, August 1st. Finally, Nomura set a $82.00 target price on LyondellBasell Industries and gave the stock a “hold” rating in a research report on Monday, August 1st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. LyondellBasell Industries currently has a consensus rating of “Hold” and a consensus target price of $90.25.
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Shares of LyondellBasell Industries (NYSE:LYB) opened at 80.38 on Wednesday. LyondellBasell Industries has a 52-week low of $69.10 and a 52-week high of $97.20. The firm has a 50-day moving average price of $79.01 and a 200 day moving average price of $79.94. The stock has a market cap of $33.42 billion, a price-to-earnings ratio of 8.68 and a beta of 1.46.
LyondellBasell Industries (NYSE:LYB) last issued its earnings results on Friday, July 29th. The company reported $2.45 earnings per share for the quarter, missing the 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 business had revenue of $7.33 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period last year, the business posted $2.81 EPS. LyondellBasell Industries’s revenue was down 19.9% on a year-over-year basis. Analysts expect that LyondellBasell Industries will post $9.61 earnings per share for the current year.
In other LyondellBasell Industries news, Director Jagjeet S. Bindra sold 3,750 shares of the business’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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.14% of the company’s stock.
A number of hedge funds have recently bought and sold shares of LYB. Credit Capital Investments LLC increased its stake in 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. Bank of Montreal Can purchased a new stake in LyondellBasell Industries during the second quarter worth approximately $184,074,000. Janus Capital Management LLC increased its stake in 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. Iridian Asset Management LLC CT increased its stake in LyondellBasell Industries by 23.2% in the second quarter. Iridian Asset Management LLC CT now owns 4,054,132 shares of the company’s stock worth $301,709,000 after buying an additional 762,920 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in 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. 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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