BUZZ-LyondellBasell falls after slashing dividend
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LyondellBasell's shares fell 2% to $54.22 after the company announced a significant dividend cut from 69 cents to just 1 cent per share. CEO Peter Vanacker stated this decision was made to better position the company amid challenging market conditions. Analysts from Tudor, Pickering, Holt & Co. noted the dividend yield now stands at 5%, higher than Dow's 4.5% and the average of 3% in their coverage group. Year-to-date, LyondellBasell's shares have increased by 27.7%.
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