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Petchems stocks advance as crude, indexes continue ascent: PCW index
HOUSTON, August 12, 2016 (PCW) -– Petchems companies’ stocks advanced on the back of crude gains and continued improvements in economic indexes.
The olefins/polyolefins sector saw the week’s biggest gains with its average stock price up 83 cents/share, or 1.41%, to $59.56/share. Westlake Chemical was in the lead with its shares gaining 6.77% during the week on heavier-than-average trading as several analysts upgraded their ratings.
The midstream group was next as its average stock price rose 43 cents/share, or 1.36%, to $32.05/share. Targa led the pack with its stock up 4.45% although trading volumes were noticeably light. Analysts noted, however, noted the company’s stock price has moved past its 50-day moving average, which might have triggered some buying on the part of institutional investors.
The vinyls sector’s average stock price advanced 48 cents/share, or 1.27%, to $38.58/share as Westlake’s 6.77% stock climb pulled the overall group higher.
Finally, the aromatics/refinery group’s average stock price ticked up 55 cents/share, or 0.97%, to $57.61/share. Marathon Petroleum’s 3.13% gain on the week saw the lion’s share of gains in the sector as analysts upgraded the company’s rating to a ‘Buy.’ This triggered some heavy buying volumes in midweek. –- 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.