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Petchems stocks lower as crude tumbles: PCW index
HOUSTON, April 7, 2016 (PCW) -– Petchems companies’ stocks flagged this week as crude stumbled even as other economic indicators remained relatively stable.
The vinyls sector took the biggest hit with its average stock price down $1.45, or 4.12%, to $33.78/share. Armstrong World Industries led the pack in losses with its stock price 15.59% lower week-on-week amid unusually high trading volumes. Several institutional investors were said to have lowered their stake in the company this week. On Monday, its subsidiary Armstrong Flooring, North America’s largest producer of resilient and wood flooring products, completed its spinoff from AWI.
The midstream group was next with its average stock price falling 73 cents, or 2.93%, to $24.18/share. Sunoco Logistics took pole position in this group with its shares down 4.71% even as several analysts upgrade the company’s rating to a ‘Buy.’
The aromatics/refinery sector was next with its average stock price losing $1.40, or 2.31%, to $59.14/share. Tesoro saw the largest decline, falling 4.87% week-on-week as several large investors lowered their stake in the company. Additionally, gasoline cracks softened substantially during the week and Tesoro’s proposed oil terminal in Washington State faced opposition from the port authorities.
Finally, the olefins/polyolefins group’s average stock price shed $1.07, or 1.84%, to $57.23/share. Olefins prices continued to recover from recent multi-year lows, likely stemming further losses. Westlake’s stock price fall-off was in the lead, down 5.66% during the week. The company said this week it had upped its bid for Axiall Corporation, which was quickly spurned by the latter company. Westlake is now moving to a proxy fight in its bid to acquire Axiall.–- 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.