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Wed, Feb. 3, 11:31 AM
- Dow Chemical (DOW +2.8%) is upgraded to Top Pick from Outperform with a $60 price target, raised from $51, at RBC Capital, citing catalysts such as strong above-market volume growth, sustainable margin expansion, solid growth pipeline, and more than two years years of self-help from cost cutting and DuPont merger synergies.
- RBC also believes yesterday's news that CEO Andrew Liveris will be stepping down next year clears a path for Ed Breen and potential new management to drive upside to synergy targets.
- RBC also downgrades LyondellBasell (LYB -2.8%) to Outperform from Top Pick with a $95 price target, lowered from $105, as compression in the oil-to-gas ratio and oncoming capacity now appear to be primary drivers of the stock.
- Despite the downgrade, the firm likes LYB's industry-leading buybacks and organic growth, and says the stock still represents good value at 7.9x its estimated 2017 EPS.
Tue, Feb. 2, 7:07 AM
Mon, Feb. 1, 5:30 PM
Fri, Jan. 22, 7:11 PM
- Few catalysts remain on the horizon to boost Dow Chemical (NYSE:DOW), especially as the merger with DuPont (NYSE:DD) and eventual split could take up to three years, says Citigroup’s P.J. Juvekar, who rates DOW at Neutral with a $45 price target.
- Even with the recent market selloff, Juvekar sees no near-term catalysts to push the stock, and weakness in oil prices and the Chinese economy are likely to persist throughout the year.
- The merger is expected to close in H2 2016 while the eventual split into three parts could take an additional 18-24 months - "a long time for investors to wait, as Dow’s fortunes are now tied to DD’s results, particularly in ag" Juvekar writes, adding that LyondellBasell (NYSE:LYB) is better positioned to benefit from a rebound in oil prices.
Dec. 8, 2015, 3:18 PM
- It's been a rough run for value stocks over the past few years, but the metric used to determine value - price/book - may not be the right one, says Citi's Robert Buckland. Free-cash-flow yield is better, he argues. noting this metric tracked traditional value in the 1990s and 2000s, but has easily outperformed over the past decade.
- It's a sign of the times, he says, as FCF is a "capex-suspicious metric," and investors are concerned about the economic outlook, and cynical about capital allocation decisions of managements.
- The list of 28 U.S. value (as defined by FCF yield) plays: BHI, VIAB, WFM, ANTM, HPQ, ABC, LBTYA, M, AAPL, CTL, XRX, LYB, CMI, ETN, MRK, VLO, CSCO, WRK, IBM, LVS, ESRX, IP, CAH, ADM, INTC, CAT, ABBV, EMN
Nov. 30, 2015, 3:45 PM
- LyondellBasell (LYB +0.7%) agrees to acquire the polypropylene compounding assets of India-based Zylog Plastalloys for an undisclosed sum, as the company increases its presence in India's growing automotive industry.
- LYB says the deal will double its automotive customer base in India and make it the third largest producer of polypropylene compounds in the country with an annual capacity of 97M lbs.
- Earlier this year, LYB bought SJS Plastiblends, which also manufactures polypropylene compounds to build plastic automotive parts in India.
Nov. 19, 2015, 2:43 PM
- LyondellBasell (LYB -1%) says it plans to build the world's largest propylene oxide and tertiary butyl alcohol plant near Houston, in the company’s largest-ever capital investment.
- The plant would produce 900M lbs./year of propylene oxide and 2B lbs./year of tertiary butyl alcohol and its derivatives; propylene oxide is a chemical used to make everything from antifreeze to cosmetics, and tertiary butyl alcohol is a byproduct used as a solvent to make chemicals and gasoline additives.
- LYB says it will soon begin front-end engineering design work and file environmental permit applications, with a final investment decision upon completion.
- LYB is planning to spend up to $B in capital through 2020 along the Gulf Coast, and recently completed completed ethylene expansion projects at its La Porte and Channelview sites in Texas, with a third ethylene expansion project underway in Corpus Christi.
Nov. 6, 2015, 10:49 AM
- LyondellBasell (LYB +0.3%) names Thomas Aebischer as its new CFO effective Jan. 1.
- Aebischer joins LYB after serving in various of positions, including CFO, over a nearly 20-year career with Holcim, with merged with Lafarge earlier this year.
Nov. 5, 2015, 9:01 AM
- LyondellBasell (NYSE:LYB) declares $0.78/share quarterly dividend, in line with previous.
- Forward yield 3.27%
- Payable Dec. 7; for shareholders of record Nov. 23; ex-div Nov. 19.
Oct. 27, 2015, 10:19 AM
- Westlake Chemical (WLK -3.6%) is downgraded to Sell from Neutral with a $58 price target, down from $68, at UBS, which thinks upside September quarter results at Celanese (CE -0.5%), Dow Chemical (DOW +0.1%) and LyondellBasell (LYB -0.8%) may have temporarily driven recent strength in the sector.
- As the market becomes more balanced, UBS believes the potential for lower polyethylene prices is not yet fully priced in, and it sees downside risks to WLK's earnings and stock price.
Oct. 23, 2015, 10:43 AM
- LyondellBasell (LYB +0.4%) is slightly higher after reporting a Q3 earnings beat but a worse than expected 31% drop in revenue, as low oil prices cut into profit margins for North American sales.
- LYB says its Q3 quarter operating income in the Americas fell to $740M from $1.07B in the year-ago quarter while its Europe, Asia and international operating income jumped to $412M from $223M.
- Lower prices for ethylene products have pressured revenue in recent quarters, but LYB forecasts stable industry demand and operating rates in 2016 and that markets for its products will tighten into the spring.
- While North American profit margins have dropped, LYB added 800M lbs./year of ethylene capacity at its La Porte plant last year and in 2016 expects to finish another 800M lb. expansion at its Corpus Christi plant; it also plans continued growth at its Channelview complex near Houston by adding 550M lbs. in annual capacity.
Oct. 23, 2015, 7:20 AM
- LyondellBasell (NYSE:LYB): Q3 EPS of $2.80 beats by $0.23.
- Revenue of $8.33B (-31.0% Y/Y) misses by $720M.
Oct. 22, 2015, 5:30 PM
Sep. 28, 2015, 12:58 PM
- Huntsman (HUN -23.8%) plunges by nearly 25% following an earnings warning from the company after Friday's market close that lower titanium dioxide pricing, currency headwinds, soft demand in Asia, lower oil prices and a delay in benefits from lower raw material prices will negatively impact Q3 earnings.
- HUN says it also sees lower margins for methyl tertiary butyl ether due to lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region.
- CEO Peter Huntsman says he is "optimistic about the future" despite the short-term headwinds, and that the company anticipates Q4 adjusted EBITDA similar to Q3 at ~$300M, similar to last year's level; HUN also remains committed to a separation of the pigments and additives business by year-end 2016 or sooner.
- Other chemical companies also are lower: DOW -2.7%, DD -1.7%, EMN -4%, ASH -4.3%, CC -7.6%, KRO -1%, SHLM -3.1%, LYB -4.1%, SSL -4%, OTCQX:BASFY -1.3%.
Sep. 21, 2015, 12:42 PM
- Petrochemical stocks shoot higher after a senior IRS official says the companies may be eligible for tax-exempt status, as the agency is reconsidering an earlier proposal that would have prevented the companies from converting into MLPs.
- A favorable IRS ruling for Westlake Chemical (WLK +5.2%) in 2012 fueled speculation that the MLP structure long popular among pipeline operators could be utilized by chemical makers, but the IRS in May proposed new rules that said petrochemical production would not qualify for MLP status unless it was part of a larger refining operation.
- WLK and Westlake Chemical Partners (WLKP +8.4%) are surging today; also rising are peers including Eastman Chemical (EMN +2.2%), Dow Chemical (DOW +1.5%), LyondellBasel(LYB +1.2%) and PolyOne (POL +1.8%), which each have chemical businesses that could be candidates for an MLP.
Jul. 28, 2015, 7:07 AM
- LyondellBasell (NYSE:LYB): Q2 EPS of $2.81 beats by $0.11.
- Revenue of $9.15B (-24.5% Y/Y) beats by $30M.
LyondellBasell Industries NV is a plastics, chemical and refining company. The Company produces polypropylene and polypropylene compounds, propylene oxide, polyethylene, ethylene and propylene. It also provides technology licenses.
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