NEW YORK (TheStreet) -- Shares of LyondellBasell Industries (LYB) - Get Report are falling 4.56% to $75.42 in afternoon trading on Friday after reporting weaker-than-expected earnings and revenue for the 2016 second quarter.
Before the market open, the Houston-based chemicals company reported adjusted earnings of $2.45 per share, missing analysts' estimates of $2.51 per share.
Revenue fell to $7.33 billion from $9.15 billion a year ago and fell short of analysts' estimates of $7.61 billion.
The company hiked its second-quarter interim dividend by 9% to 85 cents per share and authorized a fourth stock buyback program for another 10% of shares throughout the next 18 months.
So far this quarter, chemical and polyolefin markets have "generally been well balanced with trends similar to the second quarter," CEO Bob Patel said in a statement.
But refining and oxyfuel margins have declined, Patel added.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
LyondellBasell's strengths such as its notable return on equity and attractive valuation levels. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: LYB
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.