KeyCorp Analysts Lift Earnings Estimates for LyondellBasell Industries NV (NYSE:LYB)
LyondellBasell Industries NV (NYSE:LYB) – Research analysts at KeyCorp lifted their Q3 2020 earnings per share estimates for LyondellBasell Industries in a research note issued on Thursday, June 25th. KeyCorp analyst A. Yefremov now anticipates that the specialty chemicals company will post earnings per share of $0.95 for the quarter, up from their previous estimate of $0.93. KeyCorp has a “Sector Weight” rating and a $46.00 price objective on the stock.
Other equities analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of LyondellBasell Industries from a “strong sell” rating to a “hold” rating and set a $72.00 price target for the company in a research report on Wednesday, May 27th. Jefferies Financial Group increased their target price on shares of LyondellBasell Industries from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Royal Bank of Canada increased their target price on shares of LyondellBasell Industries from $55.00 to $56.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 5th. Bank of America lowered shares of LyondellBasell Industries from a “neutral” rating to an “underperform” rating and increased their target price for the stock from $53.00 to $57.00 in a research report on Monday, May 4th. Finally, BNP Paribas reiterated a “neutral” rating on shares of LyondellBasell Industries in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $70.27.
LyondellBasell Industries (NYSE:LYB) last posted its quarterly earnings results on Friday, May 1st. The specialty chemicals company reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.11. The company had revenue of $7.49 billion during the quarter, compared to analyst estimates of $7.60 billion. LyondellBasell Industries had a net margin of 8.14% and a return on equity of 36.08%. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.22 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 6.47%. The ex-dividend date was Friday, June 5th. LyondellBasell Industries’s dividend payout ratio is currently 43.66%.
In related news, CEO Bhavesh V. Patel bought 4,654 shares of the stock in a transaction that occurred on Monday, April 6th. The shares were acquired at an average cost of $51.65 per share, with a total value of $240,379.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Daniel M. Coombs bought 4,400 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was bought at an average cost of $53.28 per share, for a total transaction of $234,432.00. The disclosure for this purchase can be found here. Company insiders own 0.18% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Capital International Investors grew its position in LyondellBasell Industries by 123.1% during the first quarter. Capital International Investors now owns 24,419,983 shares of the specialty chemicals company’s stock valued at $1,211,964,000 after acquiring an additional 13,474,442 shares during the last quarter. Capital World Investors grew its position in LyondellBasell Industries by 0.7% during the first quarter. Capital World Investors now owns 22,217,692 shares of the specialty chemicals company’s stock valued at $1,102,664,000 after acquiring an additional 145,460 shares during the last quarter. Janus Henderson Group PLC grew its position in LyondellBasell Industries by 1.8% during the fourth quarter. Janus Henderson Group PLC now owns 6,330,601 shares of the specialty chemicals company’s stock valued at $598,114,000 after acquiring an additional 109,265 shares during the last quarter. Geode Capital Management LLC grew its position in LyondellBasell Industries by 3.5% during the first quarter. Geode Capital Management LLC now owns 3,883,309 shares of the specialty chemicals company’s stock valued at $193,314,000 after acquiring an additional 129,677 shares during the last quarter. Finally, Norges Bank bought a new position in LyondellBasell Industries during the fourth quarter valued at approximately $285,621,000. Institutional investors and hedge funds own 65.86% 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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