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Petchems stocks a mixed bag as crude, indexes continue recovery: PCW index
HOUSTON, February 26, 2016 (PCW) -– Petchems companies’ stocks posted mixed results even as crude oil prices rose and economics indexes strengthened on the week.
The aromatics/refinery sector saw the biggest jump with its average stock price up $1.85, or3.43%, to $55.89/share. This was led by increases from PBF Energy and Tesoro of 13.96% and 13.27%, respectively, which could be attributed to improved West Coast gasoline cracks and several analysts upgrading the stocks of these companies to ‘Buys.’
The midstream sector, the most vulnerable of the segments to crude’s movements, saw its average stock price increase $0.31, or 1.47%, to $21.42/share. Sunoco Logistics led the pack here as it stock price rose 11.89% during the week. Sunoco reported its fourth-quarter earnings early Thursday, reversing its 4Q 2014 net loss to a profit in the fourth quarter of 2015, largely due to increased transported volumes of all products.
Meanwhile, the olefins/polyolefins group saw its average stock price fall 27 cents, or 0.49%, to $54.70/share. Westlake was the biggest loser with its stock price giving up 2.59% of its value during the week. Westlake also reported its 4Q earnings during the week, showing a year-on-year 39% decrease in its net income.
Finally, the vinyls sector’s average stock price was down 5 cents, or 0.16%, to $32.21/share. Olin was in the lead, seeing a 4.16% increase. Stock analysts noted institutional investors had flocked to the company’s shares during the week even as it was revealed Olin’s CEO had purchased 70,000 shares late last 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.