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Lyondell Chemical (NYSE: LYO) was mentioned twice as a stock to buy in this past weekend's Barron's Roundtable (subscription required), recommended by both Archie MacAllaster and John Neff. At $25, the stock is selling for 6.25x earnings, versus the S&P 500 which is selling for 15x to 16x earnings. What is particularly attractive about Lyondell is that it bought out its Venezuelan partner's 41% stake in the Citgo refinery and now fully owns this sizable refinery. This asset should generate a lot of cash flow for Lyondell's shareholders for years to come.
Lyondell put a good chunk of debt on its balance sheet to purchase the Citgo refinery stake, but has already reduced debt by $2 to $3 billion, according to MacAllaster, who put a $40 price target on the stock.
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