LyondellBasell (LYB) Gets A Nod For Share Repurchase Program
Zacks Investment Research | Jun 04, 2018 03:27AM ET
LyondellBasell Industries N.V. (NYSE:LYB) received a green light from its shareholders for a new share repurchase program, wherein the company can repurchase up to 10% of its shares. The repurchases will be executed over the next 18 months from time to time through open market or privately negotiated transactions.
The company noted that the share repurchase program may be suspended or discontinued at any time. Also, it does not obligate LyondellBasell to acquire any particular amount of shares.
LyondellBasell had returned more than $29 billion to shareholders through dividend payments and share repurchases over the past seven years. The company remains committed to deliver greater value to its shareholders, leveraging healthy cash flow. It bought back 10 million shares in 2017, returning $866 million to its shareholders.
In a year, the company’s shares have moved up 43.4% compared with the
LyondellBasell Industries N.V. Quote
Zacks Rank & Stocks to Consider
LyondellBasell is a Zacks Rank #3 (Hold) stock.
Some better-ranked companies in the basic materials space are FMC Corp. (NYSE:FMC) , Celanese Corp. (NYSE:CE) and Koninklijke DSM NV (OTC:RDSMY) . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see Zacks Investment Research
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