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Petchems stocks move up as crude jumps: PCW index
HOUSTON, August 19, 2016 (PCW) –- Petchems companies’ stocks made gains as crude rose nearly 11% during the week amid chatter of possible production freezes.
The midstream sector saw the biggest gains as its average stock price rose $1.39/share, or 4.34%, to $33.44/share. Kinder Morgan was in the lead with its shares up 8.76% week on week, largely on the bank of Morgan’s Stanley’s upgrade of the stock.
The olefins/polyolefins group was next as its average stock price was up $0.91/share, or 1.53%, to $60.47/share. Williams’ 6.8% jump pulled the basket higher, thanks to news breaking on Thursday that Enterprise Product Partners had approached the Tulsa-based company for a buyout. Reports stated Williams had turned down the deal.
The aromatics/refinery sector was next as its average stock price gained 81 cents/share, or 1.41%, to $58.42/share. Shell led the pack with its shares picking up 2.82% as Raymond James and Stifel Nicolaus upgraded the supermajor to a ‘Buy.’
The vinyls group’s average stock price moved up 20 cents/share, or 0.51%, to $38.77/share. Ply Gem’s 10.87% decline was tempered by gains in other companies’ shares. -– 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.