85.95 -0.21 (-0.24%)
After hours: 5:15PM EDT
|Bid||85.00 x 1200|
|Ask||88.00 x 1400|
|Day's range||84.81 - 86.45|
|52-week range||79.98 - 124.30|
|PE ratio (TTM)||7.13|
|Earnings date||5 Nov 2018 - 9 Nov 2018|
|Forward dividend & yield||1.00 (1.16%)|
|1y target est||110.35|
On September 18, Celanese announced that it will increase acetate tow prices. The price increase will be effective on November 1 or as the contract allows. The prices will increase across all of the acetate tow grades. The increase will impact Eastern Europe and Asia. Celanese will increase the acetate tow prices by $1.00 per kilogram.
Celanese (CE), a specialty chemical company, has outperformed its selected peers so far in 2018. YTD (year-to-date), Celanese has risen ~6%. Its peer Eastman Chemical (EMN) has risen 5% YTD. LyondellBasell (LYB) and Westlake Chemical (WLK) have fallen 7.4% and 21.2%, respectively, YTD. However, CE has underperformed the S&P 500 (SPY), which has gained 8.6% in the same period.
The latest short interest report on August 31 indicates that Celanese’s (CE) short interest is at the lowest point since the beginning of 2018. According to the latest report, CE’s short interest as a percentage of its outstanding shares is 1.44%.
Over the past six years, data indicate that Celanese (CE) has been generating positive free cash flows. In that period, CE has generated an average free cash flow of $362 million. At the end of the second quarter of 2018, it generated a free cash flow of $562 million.
At the end of the second quarter of 2018, Celanese (CE) reported debt of ~$.3.6 billion. Its debt remained stable at ~$3 billion between 2012 and 2016. However, at the end of 2017, Celanese raised 300 million euros to fund its qualified US pension plans. As a result, CE’s debt is at its highest level in more than six years.
On September 4, LyondellBasell (LYB) and joint venture partner Covestro announced they had initiated a new project at their site in Maasvlakte-Rotterdam in the Netherlands. The new initiative is expected to reduce annual levels of carboxylic acid and reduce carbon-dioxide emissions by 140,000 metric tons. This project is a step towards the Netherlands’ target to reduce carbon-dioxide emissions by 49% by 2030.
On August 30, 2018, a press release from Eastman Chemical said that Tritan will be used by Apollo Brands, a part of Apollo Hospitals Enterprise. The Indian government’s BPA ban related to food contact products has resulted in Apollo selecting Eastman’s Tritan, which is BPA-free. Eastman Tritan has FDA approval and also holds many global certifications.
On August 30, LyondellBasell (LYB) announced that Shandong Chambroad Petrochemicals selected its Hostalen Advanced Cascade Process technology. This technology will be used for 350KTA high-density polyethylene, which will be built in Binzhou City in the Shandong province. However, LyondellBasell didn’t disclose the financial aspects of the deal.
As of August 28, LyondellBasell has gained 4.2% in 2018. Westlake Chemical (WLK) and Olin (OLN) have fallen 8% and 11.2%, respectively, while Eastman Chemical (EMN) has gained 6.7%. However, LyondellBasell didn’t outperform the broader market S&P 500 (SPY), which has gained ~8.4% during the same period.
LyondellBasell (LYB) declared its third-quarter dividend in a press release on August 22. To be part of the dividend, investors should hold LyondellBasell shares at the end of September 5 in the company’s records. LyondellBasell is expected to pay the dividend on September 12.
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On August 17, Westlake Chemical (WLK) increased its quarterly dividend. Westlake Chemical will pay $0.25 per share—compared to the earlier dividend rate of $0.21 per share, which represents an increase of 19.0% over the previous dividend. To be eligible for the dividend, investors should hold the stock by the close on August 28. The dividend is expected to be paid on September 12.
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