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Lyondell Basell(LYB - Get Report) is an independent chemical company. It is a producer of polypropylene and polypropylene compounds and a producer of propylene oxide, polyethylene, ethylene and propylene.
Lyondell has been a favorite for Daniel Loeb's
Third Point for some time now. The hedge fund added another 4.4 million shares to its portfolio during the fourth quarter.
The stock also attracted David Einhorn's
Greenlight Capital and hedge fund Jana Partners, both buying about 2.5 million shares each in the company.
Lyondell, which emerged from bankruptcy last April,
swung to profit in the fourth quarter,
with net income coming in at $874 million or $1.54 per share compared with a year earlier loss of $850 million. Analysts were unsure what to make of the numbers as the company adopted "fresh start" accounting, which essentially revalued its balance sheet. The company through that move earned a tax benefit that boosted its earnings by 60 cents per share.
Outlook for the company is bullish, with all 12 analysts who cover the stock rating it a buy or outperform, according to
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