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Petchems stocks mostly lower on disappointing 1Q results: PCW index
HOUSTON, May 13, 2016 (PCW) -– Petchems companies’ stocks were mostly lower during the week, defying crude’s gains, as most firms reported softer earnings in the first quarter.
For the third consecutive week, the midstream segment bucked the overall trend with its average stock price up 19 cents, or 0.67%, to $29.10/share. Stock price losses on the week were reversed by Enterprise Product Partners’ 2.42% and Targa’s 3.08% gains. EPD reported its 1Q profit rose 2.9% year-on-year, while Targa’s quarterly dividend that beat the Street’s estimates led to heavy trading volumes Thursday.
The vinyls group took the week’s biggest hit with its average stock price down 64 cents, or 1.73%, to $36.62/share. Ply Gem and Armstrong World Industries led the pack in losses, thanks to softer 1Q results.
The aromatics/refinery segment was next. Its average stock price fell 45 cents, or 0.77% to $58.12/share. Alon was in the lead with its stock price declining 4.42% week-on-week. First-quarter earnings that missed analysts’ estimates by a mile led to several companies downgrading the company’s stock to a ‘sell.’
Finally, the olefins/polyolefins segment saw its average stock price shed 13 cents, or 0.23%, to $59.55/share. Williams bore the brunt of losses with its share price losing 7.39% during the week as buyout doubts continued to swirl and the company sunk to a 1Q net loss of $65 million. -– 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.