Alembic Global Sticks to Its Buy Rating for LyondellBasell (LYB)

Alembic Global analyst Hassan Ahmed maintained a Buy rating on LyondellBasell (LYBResearch Report) today and set a price target of $120.00. The company’s shares closed last Monday at $93.43, close to its 52-week high of $96.94.

According to TipRanks.com, Ahmed is ranked 0 out of 5 stars with an average return of -9.1% and a 34.6% success rate. Ahmed covers the Consumer Goods sector, focusing on stocks such as Westlake Chemical Corp, Venator Materials Plc, and Celanese Corp.

Currently, the analyst consensus on LyondellBasell is a Moderate Buy with an average price target of $95.91.

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Based on LyondellBasell’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $9.05 billion and net profit of $1 billion. In comparison, last year the company earned revenue of $10.15 billion and had a net profit of $1.11 billion.

Based on the recent corporate insider activity of 108 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LYB in relation to earlier this year.

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LyondellBasell Industries NV operates as an independent chemical company, which engages in the refinery and production of plastic resins and other chemicals. It operates through the following segments: Olefins and Polyolefins-Americas; Olefins and Polyolefins-Europe, Asia, International, Intermediates; and Derivatives; Refining; and Technology.