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Petchems stocks reverse course as crude rallies: PCW index
HOUSTON, January 29, 2016 (PCW) –- Petchems companies’ stocks made a strong comeback largely on the back of rallying crude, which rose 12.5% during the week.
The midstream sector, always the most sensitive to crude’s price movements, saw the biggest week-on-week increase with its average stock price up $3.03, or 17.87%, to $19.99/share, led Sunoco Logistics’ 22.61% rise during the week. The company on Thursday announced a 4Q cash distribution of $0.479/unit that beat the Street’s estimates.
The vinyls sector came in second as its average stock price gained $1.35, or 4.73%, to $29.98/share during the week. Occidental Petroleum led the pack here with its share price up 8.25% as SEC filings this week revealed that a number of hedge funds and institutional investors had added to their stakes in the company.
The olefins/polyolefins sector was next with its average stock price up $2.13, or 4.23%, to $52.52/share. Williams was in the lead with its stock up 20.26% on the week. Although the Tulsa-based company announced this week a tightening of its capital expenditure budget, many market analysts saw the stock’s rally as more of a ‘dead cat bounce’ than a true recovery.
The aromatics/refinery sector saw its average stock price advance $1.81, or 3.24%, to $57.71/share. Shell saw the biggest surge of 13.46% as stockholders finally gave the green light to the supermajor’s acquisition of BG Group this week. -- 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.