5 Best Passive Income Stocks to Buy Now

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1. LyondellBasell Industries N.V. (NYSE:LYB)

Number of Hedge Fund Holders: 32

Dividend Yield as of June 3: 4.21%

LyondellBasell Industries N.V. (NYSE:LYB) is one of the largest plastics, chemicals, and refining companies in the world, with operations across 100 countries. The company designs and manufactures a wide variety of products ranging from food packaging film to pipe and fittings. LyondellBasell Industries N.V. (NYSE:LYB) considers itself a leader in the production of oxyfuels globally and an expert in polypropylene in Europe and North America.

On May 27, LyondellBasell Industries N.V. (NYSE:LYB) announced a special dividend of $5.20 per share and also increased its quarterly dividend per share from $1.13 to $1.19. The quarterly dividend reflects a 5% sequential increase, which will be paid out on June 13 to the shareholders of record as of June 6. The special dividend reflects that LyondellBasell Industries N.V. (NYSE:LYB) is focused on delivering a special return to shareholders as opposed to deleveraging the balance sheet.

In a note issued to investors on May 31, Hassan Ahmed at Alembic Global gave a Neutral rating on LyondellBasell Industries N.V. (NYSE:LYB) stock with a price target of $115. The target price provides a slim potential upside of 7.1%. The analyst has given the target price and rating as per his forecast of the US Chemicals sector during the second half of this year.

Here’s what Miller Howard Investments said about LyondellBasell Industries N.V. (NYSE:LYB) in its Q3 2021 investor letter:

“We initiated a position in LyondellBasell (LYB). Chemical markets are currently robust given the combination of 2020 plant shutdowns and strongly recovering demand. Despite the tailwinds, Lyondell trades at a low valuation and yields just under 5%.”

As of Q1 2022, LyondellBasell Industries N.V. (NYSE:LYB) was held by 32 hedge funds.

You can also take a peek at the 10 Finance Stocks to Buy Today According to George Soros’ Soros Fund Management and 10 Best Dividend Stocks for College Students.

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