UBS Group Cuts LyondellBasell Industries (NYSE:LYB) Price Target to $62.00

LyondellBasell Industries (NYSE:LYB) had its target price lowered by UBS Group from $64.00 to $62.00 in a report released on Friday,Benzinga reports. The firm currently has a neutral rating on the specialty chemicals company’s stock.

Other equities research analysts have also issued reports about the company. BMO Capital Markets increased their target price on LyondellBasell Industries from $64.00 to $68.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Royal Bank Of Canada boosted their price target on shares of LyondellBasell Industries from $65.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Wells Fargo & Company upgraded shares of LyondellBasell Industries from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $80.00 to $98.00 in a research report on Thursday, May 28th. Citigroup dropped their price objective on shares of LyondellBasell Industries from $80.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. Finally, Alembic Global Advisors cut their price objective on shares of LyondellBasell Industries from $95.00 to $83.00 and set an “overweight” rating on the stock in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, LyondellBasell Industries presently has a consensus rating of “Hold” and a consensus target price of $72.29.

LyondellBasell Industries Stock Performance

Shares of LYB stock opened at $58.03 on Friday. The company has a market cap of $18.75 billion, a P/E ratio of -51.36, a PEG ratio of 0.15 and a beta of 0.31. The business has a 50 day moving average of $62.73 and a two-hundred day moving average of $66.12. LyondellBasell Industries has a 52 week low of $41.58 and a 52 week high of $83.94. The company has a quick ratio of 1.07, a current ratio of 1.64 and a debt-to-equity ratio of 1.05.

LyondellBasell Industries (NYSE:LYB) last announced its quarterly earnings results on Friday, July 31st. The specialty chemicals company reported $4.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.86. The business had revenue of $9.18 billion for the quarter, compared to analysts’ expectations of $9.21 billion. LyondellBasell Industries had a positive return on equity of 17.44% and a negative net margin of 1.13%.The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. As a group, analysts anticipate that LyondellBasell Industries will post 9.09 EPS for the current year.

LyondellBasell Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 24th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Monday, August 24th. LyondellBasell Industries’s payout ratio is -244.25%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Envestnet Asset Management Inc. raised its stake in shares of LyondellBasell Industries by 5.2% during the second quarter. Envestnet Asset Management Inc. now owns 487,459 shares of the specialty chemicals company’s stock valued at $25,665,000 after purchasing an additional 24,060 shares in the last quarter. State Street Corp grew its position in LyondellBasell Industries by 9.1% in the 2nd quarter. State Street Corp now owns 14,734,948 shares of the specialty chemicals company’s stock valued at $775,795,000 after buying an additional 1,225,833 shares in the last quarter. Core Capital Management & Research inc. bought a new position in LyondellBasell Industries in the 2nd quarter valued at about $189,000. Sequoia Financial Advisors LLC increased its stake in LyondellBasell Industries by 112.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,460 shares of the specialty chemicals company’s stock valued at $1,077,000 after buying an additional 10,837 shares during the period. Finally, WINTON GROUP Ltd increased its stake in LyondellBasell Industries by 244.8% during the 2nd quarter. WINTON GROUP Ltd now owns 134,133 shares of the specialty chemicals company’s stock valued at $7,062,000 after buying an additional 95,236 shares during the period. 71.20% of the stock is owned by institutional investors and hedge funds.

About LyondellBasell Industries

LyondellBasell Industries N.V. (NYSE: LYB) is a global chemical company that produces plastics, chemicals and refined products used in packaging, transportation, construction, healthcare, electronics and other consumer and industrial applications. Its portfolio includes polyethylene, polypropylene, propylene oxide, oxyfuels, acetyls and other intermediate chemicals, as well as advanced polymer compounds and solutions.

The company operates across the petrochemical value chain, converting hydrocarbon feedstocks into materials and specialty products.