LyondellBasell Industries (NYSE:LYB) Stock Gets Price Target Reduction from Royal Bank Of Canada

LyondellBasell Industries (NYSE:LYB) had its target price cut by equities research analysts at Royal Bank Of Canada from $72.00 to $68.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 14.43% from the stock’s current price.

LYB has been the topic of a number of other research reports. Zacks Research lowered LyondellBasell Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 1st. UBS Group cut their target price on shares of LyondellBasell Industries from $64.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, September 25th. Barclays started coverage on shares of LyondellBasell Industries in a report on Tuesday. They issued an “equal weight” rating and a $66.00 target price on the stock. KeyCorp initiated coverage on shares of LyondellBasell Industries in a research note on Thursday, September 10th. They set a “sector weight” rating on the stock. Finally, BMO Capital Markets raised their price target on shares of LyondellBasell Industries from $64.00 to $68.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $71.50.

LyondellBasell Industries Price Performance

NYSE:LYB traded up $0.02 during trading hours on Tuesday, reaching $59.43. 647,149 shares of the company traded hands, compared to its average volume of 5,916,497. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.64 and a quick ratio of 1.07. The firm’s 50-day moving average is $62.32 and its 200-day moving average is $65.10. The stock has a market cap of $19.20 billion, a P/E ratio of -52.61, a P/E/G ratio of 0.16 and a beta of 0.30. LyondellBasell Industries has a 1-year low of $41.58 and a 1-year high of $83.94.

LyondellBasell Industries (NYSE:LYB) last released 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. LyondellBasell Industries had a positive return on equity of 17.44% and a negative net margin of 1.13%. The company had revenue of $9.18 billion during the quarter, compared to analysts’ expectations of $9.21 billion. During the same period in the previous year, the firm posted $0.62 earnings per share. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. Equities research analysts expect that LyondellBasell Industries will post 9.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LyondellBasell Industries

Several large investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in LyondellBasell Industries by 16.7% in the second quarter. BlackRock Inc. now owns 29,298,859 shares of the specialty chemicals company’s stock valued at $1,542,585,000 after purchasing an additional 4,185,571 shares during the period. State Street Corp boosted its position in shares of LyondellBasell Industries by 9.1% in the second quarter. State Street Corp now owns 14,734,948 shares of the specialty chemicals company’s stock worth $775,795,000 after buying an additional 1,225,833 shares during the period. Royal Bank of Canada boosted its position in shares of LyondellBasell Industries by 23.0% in the first quarter. Royal Bank of Canada now owns 3,534,647 shares of the specialty chemicals company’s stock worth $284,750,000 after buying an additional 660,340 shares during the period. Bank of New York Mellon Corp boosted its position in shares of LyondellBasell Industries by 16.6% in the first quarter. Bank of New York Mellon Corp now owns 1,848,621 shares of the specialty chemicals company’s stock worth $148,925,000 after buying an additional 262,979 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of LyondellBasell Industries by 46.7% in the first quarter. Bank of America Corp DE now owns 1,547,735 shares of the specialty chemicals company’s stock valued at $124,686,000 after buying an additional 492,753 shares in the last quarter. Institutional investors and hedge funds own 71.20% of the company’s stock.

About LyondellBasell Industries

LyondellBasell Industries N.V. is a global chemical company that produces materials used across a wide range of industrial and consumer applications. Its portfolio includes olefins and polyolefins, such as polyethylene and polypropylene, as well as propylene oxide, oxyfuels, solvents, and other chemical intermediates.

The company’s products are used in packaging, healthcare, automotive components, construction materials, agriculture, home furnishings, and consumer goods. LyondellBasell also develops advanced polymer compounds and participates in recycling and circular-economy initiatives designed to increase the reuse of plastic materials.

LyondellBasell serves customers in markets throughout North America, Europe, Asia, and other international regions through manufacturing facilities, research operations, and commercial activities around the world.