In a recent research report released on October 12, 2023, Piper Sandler analysts lowered the price target of LyondellBasell Industries (NYSE:LYB) from $112.00 to $108.00. The specialty chemicals company currently holds an “overweight” rating, suggesting a potential upside of 16.20% from its current price.
On Wednesday, shares of LYB stock traded down $1.02 to reach $92.94. The trading volume for the company was recorded at 503,875 shares, compared to its average volume of 2,005,340. LyondellBasell Industries has experienced a 1-year low of $75.24 and a 1-year high of $102.04.
Looking at the stock’s performance indicators, we find that its 50-day moving average price is $97.14 and its 200-day moving average price is $93.63. The market capitalization stands at $30.13 billion with a price-to-earnings ratio of 14.43 and a P/E/G ratio of 2.35. LyondellBasell Industries exhibits a beta value of 1.20 while carrying a debt-to-equity ratio of 0.79.
As for the company’s liquidity position, it currently possesses a current ratio of 1.81 and a quick ratio of 1.07.
It is worth noting that various large investors have made adjustments to their holdings in LyondellBasell Industries recently. Compass Wealth Management LLC acquired a new position during the fourth quarter valued at $25,000 while Intrepid Capital Management Inc., during the second quarter, acquired shares worth $26,000 in the company’s stock.
Similarly, Community Bank N.A., in the first quarter, purchased shares valued at around $28,000 in LyondellBasell Industries while Steward Financial Group LLC increased its stake by 77.1% during the second quarter. Steward Financial Group LLC now owns 317 shares valued at $29,000. Finally, Ossiam joined the league of investors by purchasing a new stake in LyondellBasell Industries during the second quarter for approximately $30,000. Hedge funds and other institutional investors currently hold ownership of 91.41% of the stock.
Taking into consideration LyondellBasell Industries’ prior quarterly earnings results, it reported $2.44 EPS for the most recent quarter, surpassing the consensus estimate by $0.14. The company generated revenue amounting to $10.31 billion during the same period, slightly below the consensus estimate of $10.79 billion.
Furthermore, LyondellBasell Industries achieved a net margin of 4.92% and a return on equity of 21.31%. However, compared to last year’s same quarter results, the company experienced a decline in quarterly revenue by 30.5%. In the previous year’s corresponding quarter, it posted an earnings per share of $5.19.
Based on research analysts’ estimates for this year, LyondellBasell Industries is expected to post average earnings per share (EPS) of around 8.26.
Ultimately, with its current “overweight” rating and potential upside according to Piper Sandler’s price target adjustments, LyondellBasell Industries continues to be an intriguing investment prospect for shareholders looking towards the future trajectory of specialty chemicals companies in the market.
Analyst Reports and Insider Selling Impact LyondellBasell Industries’ Stock Performance
In recent news, a number of equities research analysts have released research reports on LyondellBasell Industries. KeyCorp, for instance, upgraded their rating for the company from “underweight” to “sector weight” in a research report dated October 3, 2023. SpectralCast also reiterated a “maintains” rating on LyondellBasell Industries shares in a report published on June 29th of this year.
Furthermore, Citigroup raised its rating on the company from “neutral” to “buy” and increased their target price for the stock from $104.00 to $106.00 in a research note issued on October 3rd. Conversely, Royal Bank of Canada lowered their price target on LyondellBasell Industries from $121.00 to $116.00 but maintained an “outperform” rating for the company in a report released on August 9th.
Additionally, Wells Fargo & Company boosted their price objective for LyondellBasell Industries from $100.00 to $109.00 and assigned an “overweight” rating to the stock in a report published on August 8th.
According to data gathered by Bloomberg, LyondellBasell Industries currently holds an average rating of “Hold” by analysts with an average target price of $100.19.
In separate news, executive vice president Jeffrey A. Kaplan sold 10,000 shares of LyondellBasell Industries stock in a transaction that took place on August 29th. The shares were sold at an average price of $97.56, amounting to a total transaction value of $975,600. Following this sale, Kaplan now owns 49,876 shares in the company with a value of $4,865,902.56.
Another significant occurrence involved major shareholder Ai Investments Holdings Llc selling 483 shares of LyondellBasell’s stock on August 11th at an average price of $99.61, resulting in a total transaction value of $48,111.63. The insider now directly owns 765,996 shares of the company’s stock with a value of $76,300,861.56.
These transactions were disclosed in filings with the Securities and Exchange Commission (SEC) and can be accessed through the SEC website.
It is worth noting that 0.12% of LyondellBasell Industries’ stock is owned by insiders.
Overall, while there have been mixed sentiments from analysts regarding LyondellBasell Industries, it is clear that recent developments involving executive selling has piqued curiosity among investors and industry observers alike. It will be interesting to see how these events may impact the company’s future performance and share prices.