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Petchems stocks crumble as crude falls below $30/bbl: PCW index
HOUSTON, February 12, 2016 (PCW) -– Petchems companies’ stocks took a beating during the week as WTI crude fell sharply, finishing Thursday below $30/bbl.
Adding further bearish support were softer performances by the Dow Jones Industrial Average and S&P 500.
The midstream sector took the hardest fall with its average stock price down $3.85, or 19.3%, to $16.10/share. Targa led the pack in losses with its stock price down 34.3% in the wake of the company’s release of its preliminary 4Q results, showing large writedowns and a near 50% drop in the value of its recent acquisition Atlas Energy.
The aromatics/refinery sector was next with its average stock price down $3.70, or 6.55%, to $52.75/share. The biggest loser was Marathon Petroleum, whose stock price set a 12-month low of $30.83/share Thursday. Several analysts this week downgraded their price target on Marathon’s stock.
The olefins/polyolefins sector saw its average stock price slide $3.24, or 5.93%, to $51.37/share with losses once again led by Williams. The Tulsa-based company’s stock price shed 29.12% during the week as concerns continued to plague its impending sale to Energy Transfer.
Finally, the vinyls sector’s average stock price declined $1.25, or 3.98%, to $30.10/share. Westlake Chemical took pole position with its stock price losing 8.5% on the week ahead of its 4Q earnings release next week as investors pressured the company to make another bid for Axiall Corporation. –- 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.