9 Best Plastics and Rubber Stocks to Buy

2. LyondellBasell Industries NV (NYSE:LYB)

Number of Hedge Fund Holders: 40

LyondellBasell Industries NV (NYSE:LYB) is a global chemical manufacturing company with a presence across North America, Europe, Asia, and other international markets. The company specializes in producing a wide range of petrochemicals, plastics, and refined products used in various industries. These include packaging, automotive parts, construction materials, and consumer goods.

LyondellBasell Industries NV (NYSE:LYB) recently reported financial results for the first quarter of 2024. It reported a net income of $473 million, which was up from $185 million last quarter. Meanwhile, the company’s EPS of $1.53, surpassed the anticipated $1.37.

In 2023, the company’s volumes reached 123,000 tons. This was twice higher than the 2022 sales figures. The management is confident that this positive trend will continue as they strive to meet their 2030 objective of a minimum of 2 million tons per year.

Fifteen analysts have given LyondellBasell Industries NV (NYSE:LYB) a “Hold” rating, while five have recently reaffirmed their “Buy” recommendations. Among those recommending a “Buy” are Michael Sison from Wells Fargo and Bill Selesky from Argus Research. The average price target is $105.5, indicating a potential upside of over 10% from the current price.