LyondellBasell Industries (NYSE:LYB) Sees Large Increase in Short Interest

LyondellBasell Industries (NYSE:LYB) saw a large growth in short interest in September. As of September 30th, there was short interest totalling 5,820,000 shares, a growth of 27.4% from the September 15th total of 4,570,000 shares. Currently, 2.3% of the shares of the company are sold short. Based on an average daily volume of 2,070,000 shares, the days-to-cover ratio is presently 2.8 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CX Institutional increased its holdings in LyondellBasell Industries by 71.4% in the third quarter. CX Institutional now owns 372 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 155 shares during the last quarter. CNB Bank increased its holdings in LyondellBasell Industries by 211.4% in the second quarter. CNB Bank now owns 436 shares of the specialty chemicals company’s stock valued at $29,000 after purchasing an additional 296 shares during the last quarter. Gradient Investments LLC bought a new stake in LyondellBasell Industries in the third quarter valued at about $35,000. RMR Wealth Builders bought a new stake in LyondellBasell Industries in the second quarter valued at about $43,000. Finally, Balentine LLC increased its holdings in LyondellBasell Industries by 123.7% in the second quarter. Balentine LLC now owns 756 shares of the specialty chemicals company’s stock valued at $50,000 after purchasing an additional 418 shares during the last quarter. Institutional investors and hedge funds own 66.81% of the company’s stock.

Shares of LYB stock traded up $0.02 on Friday, reaching $77.01. 1,693,149 shares of the stock were exchanged, compared to its average volume of 2,679,229. The stock has a market cap of $25.71 billion, a PE ratio of 12.75, a P/E/G ratio of 2.38 and a beta of 1.47. LyondellBasell Industries has a one year low of $33.71 and a one year high of $98.91. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.36 and a quick ratio of 1.51. The stock has a 50 day moving average price of $73.45 and a 200 day moving average price of $64.96.

LyondellBasell Industries (NYSE:LYB) last released its earnings results on Friday, July 31st. The specialty chemicals company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. The company had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.67 billion. LyondellBasell Industries had a return on equity of 29.99% and a net margin of 6.79%. The firm’s quarterly revenue was down 38.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.74 earnings per share. On average, research analysts expect that LyondellBasell Industries will post 4.82 earnings per share for the current fiscal year.

LYB has been the topic of several recent research reports. Royal Bank of Canada lifted their price objective on LyondellBasell Industries from $64.00 to $66.00 and gave the stock a “sector perform” rating in a report on Monday, August 3rd. Bank of America boosted their price target on LyondellBasell Industries from $68.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, September 10th. HSBC lowered LyondellBasell Industries from a “buy” rating to a “hold” rating and set a $72.00 price target on the stock. in a research note on Wednesday, September 16th. Truist boosted their price target on LyondellBasell Industries from $60.00 to $75.00 in a research note on Tuesday, October 6th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of LyondellBasell Industries in a research note on Monday, August 3rd. Seventeen analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $74.30.

About LyondellBasell Industries

LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, Mexico, Italy, France, Japan, China, the Netherlands, and internationally. The company operates in six segments: Olefins and PolyolefinsÂAmericas; Olefins and PolyolefinsÂEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology.

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