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Petchems stocks post mixed results at height of earnings season: PCW index
HOUSTON, February 4, 2016 (PCW) –- Petchems companies’ stocks proved a mixed bag Thursday as economic indicators provided conflicting direction.
Although crude oil was softer, dipping briefly below the $30/bbl mark mid-week, a weaker US dollar against the Euro and stronger showings in the Dow Jones Industrial Average and S&P 500 Index provided bullish support for some companies.
The aromatics/refinery sector proved to be the most vulnerable to crude’s $2/bbl loss week-on-week with its average stock price down $1.26, or 2.19%, to $56.45/share. Marathon Petroleum’s 13.13% stock price decline yanked the group lower as it reported on Wednesday that its net profit fell about 77% during the fourth quarter.
The vinyls sector saw the week’s biggest increase as its average stock price rose $1.36, or 4.55%, to $31.35/share. Axiall’s meteoric stock price gains of 96.43% during the week brought the entire segment higher. Ever since Axiall rejected Westlake Chemical’s $2 billion buyout bid, Axiall’s stock price has been on the rise amid heavy trading as major shareholders contended the offer was less than adequate.
The olefins/polyolefins sector was next with its average stock price up $2.09, or 3.97%, to $54.61/share. Dow and DuPont’s stock prices saw weekly gains of 14% and 13.6% as both companies reported earnings that beat Street estimate. Dow also reported its 4Q net income rose quarter-over-quarter. Additionally, Dow’s current CEO Andrew Liveris announced he would be leaving the company by 2Q 2017, a move that emboldened market players who had attributed Dow’s weaker performance over the past few year to Liveris.
Finally, the midstream sector saw its average stock price slip $0.05, or 0.23%, to $19.95/share. Energy Transfer Partners’ 11% decline in its stock price offset gains from other companies in the segment. Ratings agencies early during the week lower ETP’s credit rating. -- 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.