LyondellBasell Industries (NYSE:LYB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports. They presently have a $77.00 price target on the specialty chemicals company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 1.91% from the company’s previous close.
According to Zacks, “LyondellBasell’s profits declined year over year in second-quarter 2019. Adjusted earnings and sales also trailed their respective Zacks Consensus Estimate. The company is executing its expansion projects to leverage the U.S. natural gas liquids advantage. Its HDPE project is likely to boost capacity and contribute to earnings. It is also on track with its PO/TBA project. The buyout of A. Schulman will generate significant cost synergies. The buyout doubles its existing compounding business and creates a platform for future growth. LyondellBasell is also committed to boost shareholder returns by leveraging healthy cash flows. Moreover, it has outperformed the industry year to date. However, LyondellBasell is exposed to raw material cost pressure. Its olefins margins are under pressure. It is also seeing pressure in the refining business.”
Several other research analysts have also recently issued reports on the stock. Jefferies Financial Group increased their price objective on shares of LyondellBasell Industries from $99.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Alembic Global Advisors set a $120.00 price objective on shares of LyondellBasell Industries and gave the company a “buy” rating in a report on Friday, April 26th. Nomura decreased their price objective on shares of LyondellBasell Industries from $93.00 to $91.00 and set a “neutral” rating for the company in a report on Monday, August 5th. Bank of America decreased their price objective on shares of LyondellBasell Industries from $110.00 to $98.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Cowen decreased their price objective on shares of LyondellBasell Industries from $92.00 to $85.00 and set a “market perform” rating for the company in a report on Monday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $102.18.
A number of large investors have recently modified their holdings of LYB. Advisors Preferred LLC bought a new stake in LyondellBasell Industries during the second quarter worth approximately $25,000. First Command Bank lifted its position in shares of LyondellBasell Industries by 64.4% in the 1st quarter. First Command Bank now owns 319 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 125 shares in the last quarter. Destination Wealth Management purchased a new stake in shares of LyondellBasell Industries in the 1st quarter valued at approximately $28,000. MUFG Americas Holdings Corp lifted its position in shares of LyondellBasell Industries by 80.8% in the 2nd quarter. MUFG Americas Holdings Corp now owns 329 shares of the specialty chemicals company’s stock valued at $28,000 after acquiring an additional 147 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new stake in shares of LyondellBasell Industries in the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.
About LyondellBasell Industries
LyondellBasell Industries N.V. operates as a chemical company worldwide. The company operates in six segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology. It produces and markets olefins and co-products; polyethylene products, which consist of high density polyethylene, low density polyethylene, and linear low density polyethylene; and polypropylene (PP) products, such as PP homopolymers and copolymers.
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