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LyondellBasell (LYB) Announces 7% Hike in Quarterly Dividend
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LyondellBasell Industries N.V. (LYB - Free Report) recently announced that its board of directors has approved a quarterly dividend of $1.34 per share, marking a 7% increase from its first-quarter 2024 payout. The dividend will be distributed to shareholders on Jun 10, 2024, with an ex-dividend and record date of Jun 3, 2024.
LyondellBasell's dividend increase underlines the company's confidence in its ability to navigate changing markets, unlock value through a focused new strategy and boost shareholder returns. With this hike, LyondellBasell will increase its dividend for the 14th consecutive year in 2024.
The company remains committed to providing additional value to its shareholders by utilizing strong cash flows. It generated $4.9 billion in cash from operating activities in 2023. During the year, it returned around $1.8 billion to shareholders via dividends and share repurchases. In the latest reported quarter, the company paid out $408 million in dividends to shareholders.
Shares of LyondellBasell have gained 12.9% over the past year compared with a 2.8% rise of its industry.
Image Source: Zacks Investment Research
For the second quarter, the company anticipates seasonal demand to increase across most businesses. LYB's North American and Middle Eastern production will continue to benefit from low natural gas and NGL costs compared to higher oil-based costs in other regions.
As the summer driving season begins, oxyfuel and refining margins are likely to rise due to increased gasoline crack spreads and reduced butane costs. For the second quarter, LYB anticipates meeting market demand with average operating rates of 85% for global olefins and polyolefins assets and 80% for Intermediates & Derivatives assets. The company continues to follow targeted stimulus activities and remains watchful for improved demand in China.
LyondellBasell Industries N.V. Price and Consensus
LyondellBasell currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include ATI Inc. (ATI - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) .
ATI currently carries a Zacks Rank #2 (Buy). ATI beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company’s shares have soared 72.9% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.1%. The company’s shares have soared 138.9%% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59 per share, indicating a year-over-year rise of 26.5%. ECL, a Zacks Rank #2 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied roughly 40.4% in the past year.
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LyondellBasell (LYB) Announces 7% Hike in Quarterly Dividend
LyondellBasell Industries N.V. (LYB - Free Report) recently announced that its board of directors has approved a quarterly dividend of $1.34 per share, marking a 7% increase from its first-quarter 2024 payout. The dividend will be distributed to shareholders on Jun 10, 2024, with an ex-dividend and record date of Jun 3, 2024.
LyondellBasell's dividend increase underlines the company's confidence in its ability to navigate changing markets, unlock value through a focused new strategy and boost shareholder returns. With this hike, LyondellBasell will increase its dividend for the 14th consecutive year in 2024.
The company remains committed to providing additional value to its shareholders by utilizing strong cash flows. It generated $4.9 billion in cash from operating activities in 2023. During the year, it returned around $1.8 billion to shareholders via dividends and share repurchases. In the latest reported quarter, the company paid out $408 million in dividends to shareholders.
Shares of LyondellBasell have gained 12.9% over the past year compared with a 2.8% rise of its industry.
Image Source: Zacks Investment Research
For the second quarter, the company anticipates seasonal demand to increase across most businesses. LYB's North American and Middle Eastern production will continue to benefit from low natural gas and NGL costs compared to higher oil-based costs in other regions.
As the summer driving season begins, oxyfuel and refining margins are likely to rise due to increased gasoline crack spreads and reduced butane costs. For the second quarter, LYB anticipates meeting market demand with average operating rates of 85% for global olefins and polyolefins assets and 80% for Intermediates & Derivatives assets. The company continues to follow targeted stimulus activities and remains watchful for improved demand in China.
LyondellBasell Industries N.V. Price and Consensus
LyondellBasell Industries N.V. price-consensus-chart | LyondellBasell Industries N.V. Quote
Zacks Rank & Key Picks
LyondellBasell currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include ATI Inc. (ATI - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) .
ATI currently carries a Zacks Rank #2 (Buy). ATI beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company’s shares have soared 72.9% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.1%. The company’s shares have soared 138.9%% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59 per share, indicating a year-over-year rise of 26.5%. ECL, a Zacks Rank #2 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied roughly 40.4% in the past year.