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 research report issued to clients and investors on Tuesday.
According to Zacks, “LyondellBasell has outperformed the industry it belongs to over the last six months. LyondellBasell's HDPE project and ethylene expansion initiatives should boost capacity and add to its earnings. Moreover, the proposed buyout of A. Schulman provides opportunities for future growth with reach into additional high-growth markets. The acquisition will also create significant cost synergies. The company also remains committed to boosting shareholder returns. However, LyondellBasell’s operations remain subject to maintenance outages which is affecting its results. Moreover, weather-related disruptions are expected to affect its first-quarter results. The company is also exposed to raw material cost inflation.”
LYB has been the topic of several other research reports. Morgan Stanley set a $130.00 price target on LyondellBasell Industries and gave the company a “buy” rating in a report on Friday, February 16th. Barclays increased their price target on LyondellBasell Industries from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, February 5th. Vertical Research downgraded LyondellBasell Industries from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Cowen reiterated a “hold” rating and set a $125.00 price target on shares of LyondellBasell Industries in a report on Wednesday, January 31st. Finally, Citigroup upgraded LyondellBasell Industries from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Monday, December 18th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $108.39.
LyondellBasell Industries (NYSE:LYB) last announced its quarterly earnings results on Friday, February 2nd. The specialty chemicals company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.55 by $0.18. LyondellBasell Industries had a return on equity of 55.09% and a net margin of 14.15%. The company had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter last year, the company posted $1.94 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. equities analysts expect that LyondellBasell Industries will post 10.75 EPS for the current fiscal year.
In other LyondellBasell Industries news, Director Robin W.T. Buchanan acquired 322 shares of LyondellBasell Industries stock in a transaction dated Wednesday, June 6th. The stock was bought at an average cost of $81.86 per share, with a total value of $26,358.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 854 shares of company stock valued at $79,915 over the last three months. 0.09% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of LYB. Cambridge Investment Research Advisors Inc. lifted its position in LyondellBasell Industries by 8.8% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 31,090 shares of the specialty chemicals company’s stock worth $3,430,000 after purchasing an additional 2,502 shares during the period. Certified Advisory Corp bought a new position in LyondellBasell Industries in the fourth quarter worth $157,000. Xact Kapitalforvaltning AB lifted its position in LyondellBasell Industries by 11.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 95,509 shares of the specialty chemicals company’s stock worth $10,537,000 after purchasing an additional 9,725 shares during the period. Envestnet Asset Management Inc. lifted its position in LyondellBasell Industries by 17.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 256,234 shares of the specialty chemicals company’s stock worth $28,266,000 after purchasing an additional 38,560 shares during the period. Finally, Sawtooth Solutions LLC bought a new position in LyondellBasell Industries in the fourth quarter worth $1,146,000. 75.14% of the stock is owned by institutional investors.
About LyondellBasell Industries
LyondellBasell Industries N.V. is a chemical company. The Company operates in five segments: Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining and Technology. The O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene.
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