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Petchems stocks make gains as US dollar strengthens, crude stagnates: PCW index
HOUSTON, October 21, 2016 (PCW) – Petchems companies’ stocks made slim gains during the week as crude went relatively unchanged and the US dollar strengthened against the Euro.
The olefins/polyolefins sector saw the largest increase with its average stock price up $1.18/share, or 1.94%, to $62/07/share. Eastman Chemical led the pack, rising 5.89% week on week, ahead of the firm announcing its 3Q earnings next week.
The midstream group was next with the average stock price gaining 42 cents/share, or 1.32%, to $32.58/share. Sunoco Logistics was the biggest gainer, rising 3.13%, as several institutional investors increased their positions in the firm’s stock.
The aromatics/refinery sector was next with its average stock price advancing 42 cents/share, or 0.72%, to $58.92/share. Marathon Petroleum’s shares picked up 3.59% during the week as several analysts upgraded their ratings to a ‘Buy’ ahead of the firm’s 3Q earnings announcement next week.
Finally, the vinyls group saw a 13-cent uptick (0.33%) in its average share price to $39/share. Olin moved up 8.63% during the week as analysts reported several institutional investors significantly upped their positions in the company’s stock. – 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.