LyondellBasell Industries (NYSE:LYB) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada lowered shares of LyondellBasell Industries (NYSE:LYB) from an outperform rating to a sector perform rating in a report released on Wednesday morning, MarketBeat Ratings reports. They currently have $62.00 price objective on the specialty chemicals company’s stock.

A number of other equities research analysts have also issued reports on LYB. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $60.00 target price (down previously from $80.00) on shares of LyondellBasell Industries in a report on Friday, April 4th. Wells Fargo & Company cut their target price on LyondellBasell Industries from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Friday, April 4th. Morgan Stanley reduced their price target on shares of LyondellBasell Industries from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. The Goldman Sachs Group decreased their target price on LyondellBasell Industries from $96.00 to $86.00 and set a “sell” rating on the stock in a research note on Thursday, December 12th. Finally, Piper Sandler decreased their price target on shares of LyondellBasell Industries from $84.00 to $67.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, LyondellBasell Industries has an average rating of “Hold” and a consensus target price of $76.50.

LyondellBasell Industries Stock Up 4.8 %

LYB stock opened at $56.96 on Wednesday. The firm’s fifty day moving average is $71.54 and its 200 day moving average is $78.46. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.13 and a current ratio of 1.83. LyondellBasell Industries has a one year low of $51.11 and a one year high of $107.02. The firm has a market cap of $18.42 billion, a PE ratio of 13.76, a P/E/G ratio of 0.97 and a beta of 0.89.

LyondellBasell Industries (NYSE:LYB) last announced its earnings results on Friday, January 31st. The specialty chemicals company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.53). LyondellBasell Industries had a net margin of 3.39% and a return on equity of 15.97%. During the same period in the previous year, the business posted $1.26 EPS. On average, research analysts forecast that LyondellBasell Industries will post 6.31 EPS for the current year.

LyondellBasell Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were issued a $1.34 dividend. This represents a $5.36 annualized dividend and a dividend yield of 9.41%. The ex-dividend date of this dividend was Monday, March 10th. LyondellBasell Industries’s payout ratio is 129.47%.

Insiders Place Their Bets

In other LyondellBasell Industries news, Director Michael Sean Hanley bought 3,750 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $72.05 per share, with a total value of $270,187.50. Following the acquisition, the director now directly owns 16,028 shares of the company’s stock, valued at $1,154,817.40. The trade was a 30.54 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On LyondellBasell Industries

Hedge funds have recently made changes to their positions in the business. SeaCrest Wealth Management LLC purchased a new position in LyondellBasell Industries during the 1st quarter worth $227,000. Stablepoint Partners LLC grew its position in shares of LyondellBasell Industries by 21.1% in the first quarter. Stablepoint Partners LLC now owns 64,111 shares of the specialty chemicals company’s stock valued at $4,513,000 after purchasing an additional 11,185 shares during the last quarter. Curat Global LLC purchased a new position in LyondellBasell Industries during the first quarter worth $177,000. Generali Investments Management Co LLC acquired a new position in LyondellBasell Industries in the 1st quarter valued at about $80,000. Finally, Armstrong Fleming & Moore Inc acquired a new position in shares of LyondellBasell Industries in the first quarter valued at approximately $340,000. Institutional investors and hedge funds own 71.20% of the company’s stock.

LyondellBasell Industries Company Profile

LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, Mexico, Italy, Poland, France, Japan, China, the Netherlands, and internationally. The company operates in six segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology.