Zacks Investment Research upgraded shares of LyondellBasell Industries (NYSE:LYB) from a hold rating to a buy rating in a research report released on Tuesday morning. They currently have $128.00 target price on the specialty chemicals company’s stock.
According to Zacks, “Estimates for the full year for LyondellBasell have been stable lately. LyondellBasell has outperformed the industry it belongs to over the last three months. LyondellBasell's ethylene expansion initiatives and the HDPE project should boost capacity and add to its earnings. The company also remains committed to boosting shareholder returns. The company has a mixed record of earnings surprises in the last few quarters.”
Several other research firms also recently issued reports on LYB. Royal Bank of Canada boosted their price objective on LyondellBasell Industries from $102.00 to $110.00 and gave the stock a sector perform rating in a report on Tuesday, October 31st. Cowen boosted their price objective on LyondellBasell Industries from $90.00 to $95.00 and gave the stock a market perform rating in a report on Monday, October 16th. SunTrust Banks restated a hold rating and set a $96.00 price objective (up previously from $90.00) on shares of LyondellBasell Industries in a report on Saturday, September 30th. UBS Group upped their target price on LyondellBasell Industries from $96.00 to $102.00 and gave the company a neutral rating in a report on Monday, October 30th. Finally, Jefferies Group reiterated a hold rating and issued a $95.00 target price (up previously from $88.00) on shares of LyondellBasell Industries in a report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $102.56.
In related news, Director Jagjeet S. Bindra sold 1,574 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $103.73, for a total value of $163,271.02. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.09% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Fieldpoint Private Securities LLC acquired a new position in LyondellBasell Industries in the third quarter worth approximately $109,000. BDO Wealth Advisors LLC increased its holdings in LyondellBasell Industries by 64.5% in the third quarter. BDO Wealth Advisors LLC now owns 1,785 shares of the specialty chemicals company’s stock worth $177,000 after buying an additional 700 shares during the last quarter. WESPAC Advisors SoCal LLC increased its holdings in LyondellBasell Industries by 4.9% in the second quarter. WESPAC Advisors SoCal LLC now owns 2,125 shares of the specialty chemicals company’s stock worth $179,000 after buying an additional 100 shares during the last quarter. Salem Investment Counselors Inc. increased its holdings in LyondellBasell Industries by 80.0% in the third quarter. Salem Investment Counselors Inc. now owns 1,800 shares of the specialty chemicals company’s stock worth $179,000 after buying an additional 800 shares during the last quarter. Finally, WFG Advisors LP increased its holdings in LyondellBasell Industries by 66.4% in the second quarter. WFG Advisors LP now owns 2,213 shares of the specialty chemicals company’s stock worth $187,000 after buying an additional 883 shares during the last quarter. Hedge funds and other institutional investors own 73.94% of the company’s stock.
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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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