Today: The LyondellBasell Industries (LYB) Cut to “Hold” at Zacks Investment Research

The LyondellBasell Industries (LYB) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of LyondellBasell Industries (NYSE:LYB) from a buy rating to a hold rating in a report issued 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 brokerages have also recently issued reports on LYB. Vetr raised shares of LyondellBasell Industries from a buy rating to a strong-buy rating and set a $84.88 target price on the stock in a report on Monday, August 1st. Barclays PLC dropped their target price on shares of LyondellBasell Industries from $99.00 to $95.00 and set an overweight rating on the stock in a report on Tuesday, August 2nd. Susquehanna dropped their target price on shares of LyondellBasell Industries from $100.00 to $96.00 and set a positive rating on the stock in a report on Friday, August 26th. Jefferies Group reaffirmed a neutral rating on shares of LyondellBasell Industries in a report on Tuesday, September 6th. Finally, Royal Bank Of Canada cut shares of LyondellBasell Industries from an outperform rating to a sector perform rating and dropped their target price for the company from $100.00 to $84.00 in a report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. LyondellBasell Industries presently has an average rating of Hold and a consensus target price of $89.87.

LyondellBasell Industries (NYSE:LYB) opened at 80.30 on Friday. The company has a market capitalization of $33.38 billion, a price-to-earnings ratio of 8.67 and a beta of 1.46. LyondellBasell Industries has a 52 week low of $69.10 and a 52 week high of $97.20. The firm’s 50-day moving average price is $78.89 and its 200-day moving average price is $80.15.

LyondellBasell Industries (NYSE:LYB) last issued its earnings results 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 earned $7.33 billion during the quarter, compared to the consensus estimate of $7.64 billion. LyondellBasell Industries had a net margin of 13.91% and a return on equity of 66.25%. The firm’s revenue for the quarter was down 19.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.81 earnings per share. On average, equities 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 stock in a transaction that occurred 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 0.14% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position 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 raised its position 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. raised its position 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 raised its position 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 raised its position 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. Hedge funds and other institutional investors own 71.63% of the company’s stock.

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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