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Petchems stocks surge as crude, indexes strengthen: PCW index
HOUSTON, March 4, 2016 (PCW) -– Petchems companies’ stocks made gains week on week amid crude oil and economic indexes surges.
The midstream sector most closely followed WTI crude’s 4.54% increase during the week. Its average stock price was up $2.66, or 12.4%, to $24.08/share. In pole position was Oneok, whose shares climbed 24.47% on the week. Analysts have lifted their price targets for the Oklahoma-based company, with several calling it a ‘strong buy’ based on recent aggressive trading from institutional investors.
Next was the aromatics/refinery sector that saw its average stock price rise $3.47, or 6.22%, to $59.37/share. Alon USA Energy led the pack with a 14.39% gain during the week. On Monday, SEC filings showed the company paid out a quarterly dividend of $0.08/share, which beat Wall Street estimates.
The vinyls sector saw its average stock price climb $1.38, or 4.28%, to $33.59/share. Olin Corporation was the biggest mover in the group with its shares up 8.05% on news that several analysts had raised their price targets.
Finally, the olefins/polyolefins group’s average stock price rose $2.01, or 3.67%, to $56.71/share. Williams’ stock had a strong rally, advancing 12.85% week-on-week. Even as several analysts continued to downgrade the company’s stock rating from a ‘Hold’ to ‘Sell,’ several institutional investors moved in later in the week to buy, likely attracted by the deep discount to other companies in the same sector. – 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.