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Petchems stocks post mixed results as crude, USD strengthen: PCW index
HOUSTON, March 11, 2016 (PCW) –- Petchems companies’ stocks proved to be a mixed bag during the week even as crude rallied and the US dollar strengthened against the Euro.
The midstream sector, which usually follows crude’s lead, led the pack in losses this week. Its average stock price was down 89 cents/share, or 3.58%, to $23.19/share. Sunoco Logistics took the biggest hit with its stock price down 10.34% during the week. Interestingly, the company announced this week the first US ethane exports to Europe via its Mariner East pipeline and Marcus Hook export terminal. Still, several institutional investors sold off Sunoco stock after many analysts gave the company a ‘Hold’ rating midweek arguing the stock price had reached its market cap.
The vinyls group was next in losses with its average stock price down 61 cents/share, or 1.81%, to $32.98/share. Olin was in the lead with its stock price down 6.47% week-on-week as several equities analysts lowered their 2Q earnings forecasts for the company this week.
The aromatics sector saw minimal gains with its average stock up 40 cents/share, or 0.68%, to $59.77/share. Gains were led by Chevron, whose stock price climbed 7.32% during the week, largely on the back of a bullish analyst’s day on Wednesday where the supermajor announced spending cuts, but also announced increased revenues going forward with first liquefied natural gas supplies flowing from its Gorgon plant in Australia.
Finally, the olefins/polyolefins group’s average stock price rose 23 cents/share, or 0.4%, to $56.94/share. A 6.36% stock price increase at LyondellBasell (due to increased institutional investor buying) was tempered by a 12.16% decrease in Williams’ stock price, as it was announced that Williams’ intended buyer, Energy Transfer made a private offering to some investors to help finance the proposed acquisition.– 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.