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Petchems stocks largely up as crude gets boost: PCW index
HOUSTON, September 9, 2016 (PCW) – Petchems companies’ stocks were largely higher during the week as crude oil saw a 10.3% jump during the same time frame even as economic indexes and the USD remained fairly steady.
The midstream sector most closely followed crude’s lead with its average stock price up $1.85/share, or 5.76%, to $33.95/share. Targa led the pack with its shares gaining 11.61% on the week as institutional investors bought heavily.
The aromatics/refinery group was next with its average stock price rising $2.67/share, or 4.69%, to $59.64/share. Tesoro saw the biggest jump with its shares increasing 11.17% as it announced it had bought Wisconsin-based renewable fuels firm Virent for an undisclosed amount.
The olefins/polyolefins sector followed with its average stock price advancing 83 cents/share, or 1.38%, to $61.46/share. Williams was the biggest gainer with its stock up 10.66% amid news of drastic reorganization measures in its corporate structure and possible sale or fee-for-service tolling agreement for its Geismar olefins plant. Further gains were likely stemmed by news late Thursday that Enterprise Product Partners had withdrawn its interest in buying Williams.
Finally, the vinyls group’s average stock price was nearly unchanged week-on-week at $40.37/share. Upticks in most prices of companies in this basket were undermined by Olin’s 6.54% decrease as several analysts downgraded the company’s stock to ‘Underperform.’ – 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.