LyondellBasell Industries (LYB): A High UK Dividend Stock Capitalizing on Higher Polyethylene Prices LyondellBasell Industries (NYSE:LYB) is one of the UK’s highest-dividend stocks.
The company pays a quarterly dividend of $0.69 per share, translating to a dividend yield of about 6.86%
On May 22, LyondellBasell Industries (NYSE:LYB) declared a $0.69-per-share dividend, paid on June 8. On May 28, Wells Fargo upgraded the stock to Overweight from Equal Weight and raised the price target to $98 from $80. The stock is currently trading at $58.25.
The upgrade and price target hike are in response to expectations that the company is well-positioned to benefit from higher polyethylene prices. The prices have increased by $0.30 a pound since the US-Iran war started. Wells Fargo expects the higher Polyethylene prices to trigger another round of upward earnings revisions as the company continues to capitalize on exports.