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Petchems stocks extend gains as crude continues climb: PCW Index
HOUSTON, April 22, 2016 (PCW) -– Petchems companies’ stocks added on to gains from the previous week as crude futures continued to strengthen, as did other economic indexes.
WTI finished Thursday up $1.68/bbl from the prior week, an increase of 4.05%.
The midstream segment continued to follow crude’s lead as its average stock price rose $2.41, or 9.26%, to $28.42/share. Targa was in the lead with its stock price up 19.68%. This week, the company announced 1Q dividends of 91 cents/share, up 10% from 1Q 2015, prompting several analysts to upgrade their ratings of the company’s stock to a "Buy."
The vinyls group was next. Its average stock price rose $1.51, or 4.2%, to $37.37/share. Olin saw a whopping increase of 17.53% week on week on larger-than-average trading volumes. Securities filings this week showed Olin’s CEO purchased a significant amount of company stock recently, leading several analysts to restate their "Buy" ratings.
The olefins/polyolefins sector’s average stock price climbed $1.54, or 2.55%, to $61.74/share. Westlake Chemical led the pack as its stock price rose 10.5% during the week amid heavy trading.
The aromatics/refinery group saw its average stock price increase 88 cents, or 1.43%, to $61.97/share. Chevron saw the biggest week-on-week gains with its shares up 3.49%. The supermajor this week announced it would sell off its Hawaiian assets in a bid to improve its cash flow ahead of reporting 1Q earnings.–- 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.