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Petchems stocks fall as oil barely stays above $31/bbl: PCW index
HOUSTON, January 15, 2016 (PCW) – Petchems companies’ stocks continued to give up ground largely on crude’s collapse that saw it just above the $30/bbl mark mid-week and finishing Thursday barely above $31/bbl.
Other economic indicators, meanwhile, were relatively stable compared to the prior week.
The midstream sector was the biggest loser with its average stock price down $1.35, or 6.76%, to $18.56/share, largely led by Targa’s 12.5% decrease during the week. Trading volumes of the transportation company’s stock were far above average with the stock price entering oversold territory Wednesday, analysts said. At the close of business Thursday, several analysts changed their rating of the company to ‘Buy.’
The vinyls sector was next as its average stock price fell $1.40, or 4.38%, to $30.55/share during the week. Axiall led the pack again with its stock price hitting a 52-week low Wednesday, triggering buy ratings from some analysts. The company’s share price ultimately rallied Thursday, but finished the week down 12.72%.
The olefins/polyolefins sector saw its average stock price slide $1.77, or 3.22%, to $53.25/share. Williams again was the group’s biggest loser with its stock price down 11.26%, largely on Fitch’s downgrade of Williams Partners rating to BB+, effectively making it a junk bond.
The aromatics/refinery sector saw the slimmest declines as its average stock price shed $1.79, or 2.89%, to $60.03/share. Losses were stemmed by weekly gains from ExxonMobil, Chevron and P66 as investors sought out Big Oil stocks amid market chatter of potential consolidation and M&As in the face of collapsing crude prices. – Samantha Hartke
Midstream: Enterprise Products Partners, Energy Transfer Partners. Targa Resources, Markwest Energy Partners, Sunoco Logistics, Kinder Morgan, Boardwalk Pipeline Partners and Oneok.
Olefins/Polyolefins: Dow Chemical, Dupont, Eastman Chemical, Westlake Chemical, Williams, ExxonMobil, Shell, LyondellBasell, Axiall, Occidental Petroleum.
Aromatics/Refinery: ExxonMobil, Shell, Phillips 66, Tesoro, Valero, Alon USA Energy, Chevron, Marathon Petroleum and PBF Energy.
Vinyls: Westlake, Axiall, Occidental Petroleum, Olin, Ply Gem, Armstrong World Industries, PolyOne.