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Petchems stocks soften as crude collapses: PCW index
HOUSTON, July 28, 2016 (PCW) -– Petchems companies’ stocks faltered as crude lost about 8% of its value during the week.
The midstream sector was the hardest hit with its average stock price down $1.13/share, or 3.56%, to $30.61/share. Targa led the pack with its shares falling 8.74% on the week as several analysts downgraded the company’s stock to a ‘Hold’ rating. A few company executives were reported to have sold off their stock, according to securities filings made public this week.
The vinyls group was next as its average stock price fell 88 cents/share, or 2.26%, to $38.18/share. Olin bore the brunt of losses as its shares plummeted 18.87% during the week as the company released much weaker-than-expected guidance for its second quarter, due to depressed caustic soda prices.
The olefins/polyolefins sector saw its average stock price lose $1.12/share, or 1.81%, to $60.57/share. Williams took the biggest hit, losing 6.45% of its value week on week. Several analysts switched their ratings of the company’s stock to ‘Hold’ this week, based on recently released filings of some company executives selling off their stock. Williams will announce its second-quarter earnings next week.
Finally, the aromatics/refinery group’s average stock price fell $1.01/share, or 1.73%, to $57.20/share. Shell was in the lead as its stock shed 8.06% during the week. Shell reported its second-quarter earnings had collapsed some 72% from the year-ago period, hitting a nearly 11-year low on lower crude prices, weaker refining margins and oil and gas production losses. -– 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.