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Petchems stocks falter as crude weakens, US dollar strengthens: PCW index
HOUSTON, March 24, 2016 (PCW) -– Petchems companies’ stocks slid during the holiday-shortened week as crude slipped below the $40/bbl mark and the US dollar softened against the Euro.
The midstream sector, which usually follows crude’s lead, was the week’s biggest loser. Its average stock price fell $1.36/share, or 5.42%, to $23.66/share. Targa saw the largest increase with its stock price up 7.18% on increased buying from institutional investors and upgraded ratings from several analysts.
The olefins/polyolefins sector’s average stock price shed $1.48/share, or 2.48%, to $58.35/share. Williams continued to drag the entire group down as its share price fell 8.45% week-on-week. Not only did several large funds reduce their stakes in the Tulsa-based company this week, but several analysts only revised downward their estimates of Williams’ 2Q earnings.
The vinyls group was next with its average stock price 60 cents/share, or 1.72%, lower at $34.31/share. Occidental Petroleum led the pack in losses with its stock down 3.35% during the week. The late sell-off largely came on the back of news that the company’s CEO, Stephen Chazen sold a sizeable number of his shares last week, according to an SEC filing.
Finally, the aromatics/refinery sector saw its average stock price soften $1.03/share, or 1.68%, to $60.21/share. Phillips 66 saw the largest tumble as its shares fell 7.08% as heavy options activity on the refiner’s stocks and increased short calls were seen.– 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.