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Petchems stocks up as crude, indexes rally: PCW index
HOUSTON, July 15, 2016 (PCW) -– Petchems companies’ stocks rose this week as crude and economic indexes staged a recovery.
The olefins/polyolefins group was in the lead with its average stock price up $3.29/share, or 5.72%, to $60.92/share. Williams’ stock price buoyed the group, picking up 15.97% on the week after having been battered for several months as its proposed buyout by Energy Transfer hung in the balance. Additionally, reports surfaced during the week suggesting Williams was on the verge of selling its Canadian division with several highly interested buyers waiting in the wings.
The aromatics/refinery group’s average stock price rose $2.31/share, or 4.11%, to $58.42/share. Alon took pole position with its shares up 9.72% week-on-week as several analysts upgraded their ratings. The company announced this week it had formed a special committee to examine a potential sale to refinery firm Delek.
The vinyls sector was next with its average stock price seeing a $1.44/share increase, or 3.83%, to $38.93/share. Westlake Chemical saw the biggest rise at 8.51% as several analysts upgraded their ratings.
The midstream sector’s average stock price gained 90 cents/share, or 2.89%, to $32.05/share. Kinder Morgan’s stock leaped 13.59% as the firm divested its stakes in a Gulf Coast refined products pipeline and a Southeast natural gas line, in a bid to decrease its debt ahead of earnings season. –- 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.