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Petchems stocks see mixed, minimal movements despite crude’s crash: PCW index
HOUSTON, September 2, 2016 (PCW) – Petchems companies’ stocks posted mixed but slight movements during the week, effectively defying crude’s 8.8% decline during the same time frame.
The aromatics/refinery group was the hardest hit with its average stock price down 65 cents/share, or 1.13%, to $56.96/share. PBF Energy saw the largest loss with its shares falling 4.55% on the week amid volatile trading and heavy volumes. Analysts said the volatility had attracted a larger-than-average amount of speculative trading to the company’s stock over the past two weeks.
The olefins/polyolefins sector was next with its average stock price losing 32 cents/share, or 0.52%, to $60.62/share. Shell led the pack in losses with its shares falling 2.17% during the week as analysts cautioned investors on Shell’s ballooning debt. This week, the supermajor attempted to assuage some of that investor jitters by selling off some Gulf of Mexico assets to EnVen Energy Ventures for $425 million in cash.
The midstream group was flat week on week with its average stock price at $32.10/share.
And finally, the vinyls group’s average stock price ticked up 1 cent/share, or 0.02%, to $39.31/share. Ply Gem buoyed the group as its shares rose 2% on the week amid several analysts upgrading the company’s credit rating to B1. – 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.