Key Points
Investors were displeased about a lackluster earnings report.
So were several analysts, who either cut their price targets or -- in one case -- reiterated a sell recommendation.
Chemical conglomerate LyondellBasell Industries (NYSE: LYB) wasn't offering the right kind of chemistry for investors as the trading week began. Those folks traded out of the storied company's shares on Monday on continued bearishness following a weak second-quarter earnings report. This was exacerbated by a set of price target cuts from analysts.
Ultimately, LyondellBasell's shares lost more than 4% of their value on a day when the S&P 500 index rose by 1.5%.
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Bottom-line miss
LyondellBasell's performance for the quarter wasn't overly impressive. Revenue sank marginally on a year-over-year basis to just under $7.66 billion. Although non-GAAP (adjusted) net income nearly doubled to $202 million, it fell short of the consensus analyst estimate.
The fallout within the pundit community on Monday was pronounced, as analysts weighed in with either price target cuts or reiterations of existing bearish takes.
Wells Fargo's Michael Sison, for one, reduced his fair value assessment of LyondellBasell to $65 per share. Before that, he had flagged it as being worth $75. Still, he maintained his overweight (buy, in other words) recommendation on the stock.
A less positive view of the company's prospects was expressed by his peer John Roberts of Mizuho. Roberts shaved $5 from his LyondellBasell price target for a new level of $62. In doing so, he kept his neutral recommendation intact.
Reductions and pauses
The big LyondellBasell bear of the day was Goldman Sachs prognosticator Duffy Fischer. In reiterating his sell rating and $59 per-share price target on the stock, according to reports, Fischer pointed out that the company was aiming to reduce its capital expenditures next year. Additionally, it is apparently not planning any further share buybacks, an activity that often boosts the value of a stock.
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Wells Fargo is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
