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SCL

Stepan Company

$77.09

6.95 (9.91%)

, KOP

Koppers Holdings

$32.60

0.33 (1.02%)

12:37
10/18/16
10/18
12:37
10/18/16
12:37

Chemical maker Stepan surges after Q3 results beat expectations, dividend hike

Shares of Stepan Company (SCL), a producer of specialty and intermediate chemicals, are surging in afternoon trading after reporting third quarter financial results that surpassed analysts' expectations. With its Q3 earnings report, the company announced a dividend increase. WHAT'S NEW: Before the market open this morning, Stepan morning reported Q3 adjusted earnings per share of $1.06 on revenue of $445M against analysts' estimates of 95c and $444.5M, respectively. Adjusted net income increased 16% to $24.5M year-over-year as polymer operating income jumped 10% to $27.1M versus the prior year. The company attributes the increase to a 10% increase in volumes. The company noted that on October 3, it closed on its acquisition of Tebras/PBC in Brazil, which will allow Stepan to expand and diversify its customer base in Brazil and provide an opportunity to sell the company's broader surfactant portfolio. OUTLOOK: Stepan President and Chief Executive Officer F. Quinn Stepan, Jr. commented that "After a record nine months, we anticipate headwinds in the fourth quarter due to higher raw material costs versus fourth quarter of 2015, scheduled maintenance shutdown of our phthalic anhydride unit and accelerated depreciation resulting from the closure of our Canadian plant." The executive said Stepan's base business should continue to benefit from higher polyol volumes, increased asset utilization and enhanced internal efficiencies and said he believes the Company is positioned for continued growth in 2017. DIVIDEND RAISE: Separately, Stepan said this morning that on October 17, its board declared a 7.9% increase in its quarterly cash dividend to 20.5c per share. The increased dividend, which is payable on December 15, to common stockholders of record on November 30, marks the forty-ninth consecutive year in which the quarterly dividend rate on the company's common stock has increased. PRICE ACTION: Shares of Stepan are up 9.8% to $76.98 in afternoon trading. OTHERS TO WATCH: shares of other specialty chemical makers are also up in afternoon trading, including Koppers Holdings (KOP), KMG Chemicals (KMG) and Huntsman (HUN).

SCL

Stepan Company

$77.09

6.95 (9.91%)

KOP

Koppers Holdings

$32.60

0.33 (1.02%)

KMG

KMG Chemicals

$29.36

0.31 (1.07%)

HUN

Huntsman

$15.75

0.09 (0.57%)

  • 18

    Oct

  • 28

    Oct

SCL Stepan Company
$77.09

6.95 (9.91%)

03/18/16
WLSD
03/18/16
DOWNGRADE
WLSD
Hold
Stepan Company downgraded to Hold from Buy at Wellington Shields
05/03/16
GHSC
05/03/16
DOWNGRADE
GHSC
Neutral
Stepan Company downgraded to Neutral from Accumulate at Seaport Global
Seaport Global downgraded Stepan to Neutral and increased its price target to $63 from $61 citing balanced risk/reward.
KOP Koppers Holdings
$32.60

0.33 (1.02%)

06/08/16
06/08/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: Koppers Holdings (KOP) initiated with an Outperform at Barrington with analyst Rudolf Hokanson saying the shares offer a "unique opportunity to participate in a transformation of an established company." 2. Zebra Technologies (ZBRA) initiated with a Neutral at Goldman with analyst Matthew Cabral noting he is concerned by recent margin weakness and see risks from consumer devices in certain use cases. 3. QEP Resources (QEP) initiated with a Buy at Drexel Hamilton. 4. Liberty SiriusXM (LSXMA) initiated with a Buy at Deutsche Bank. 5. Cubic (CUB) initiated with a Buy at Canaccord. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/08/16
BRRR
06/08/16
INITIATION
Target $39
BRRR
Outperform
Koppers Holdings initiated with an Outperform at Barrington
Barrington analyst Rudolf Hokanson started Koppers Holdings with an Outperform rating and $39 price target. The shares offer a "unique opportunity to participate in a transformation of an established company," Hokanson tells investors in a research note.
07/18/16
MONN
07/18/16
DOWNGRADE
MONN
Neutral
Koppers Holdings downgraded to Neutral from Buy at Monness Crespi
03/14/16
MONN
03/14/16
UPGRADE
MONN
Buy
Koppers Holdings upgraded to Buy from Neutral at Monness Crespi
KMG KMG Chemicals
$29.36

0.31 (1.07%)

12/11/15
12/11/15
UPGRADE

On The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AvalonBay (AVB) upgraded to Outperform at Baird... C&J Energy (CJES) upgraded to Buy from Neutral at Citi... Cablevision (CVC) upgraded to Overweight from Neutral at JPMorgan... Colfax (CFX) upgraded to Outperform from Market Perform at Cowen... Flex (FLEX) upgraded to Buy from Neutral at Citi... Granite upgraded to Outperform from Market Perform at FBR Capital... Helmerich & Payne (HP) upgraded to Neutral from Sell at Citi... Hologic (HOLX) upgraded on checks, growth outlook at Stifel... KMG Chemicals (KMG) upgraded to Buy from Accumulate at Seaport Global... LaSalle Hotel (LHO) upgraded to Outperform from Neutral at Credit Suisse... Landstar System (LSTR) upgraded to Outperform from Market Perform at Avondale... Nabors Industries (NBR) upgraded to Buy from Neutral at Citi... National Oilwell (NOV) upgraded to Neutral from Sell at Citi... NuVasive (NUVA) upgraded to Neutral from Underperform at BofA/Merrill... Ollie's Bargain Outlet (OLLI) upgraded to Buy from Neutral at BofA/Merrill... Parsley Energy (PE) upgraded to Outperform from Sector Perform at Iberia... Patterson-UTI (PTEN) upgraded to Buy from Neutral at Citi... Pebblebrook Hotel (PEB) upgraded to Outperform from Neutral at Credit Suisse... Superior Energy (SPN) upgraded to Buy from Neutral at Citi... Veeco (VECO) upgraded to Hold from Sell at Summit Research... Weatherford (WFT) upgraded to Buy from Neutral at Citi.
12/11/15
GHSC
12/11/15
UPGRADE
Target $26
GHSC
Buy
KMG Chemicals upgraded to Buy from Accumulate at Seaport Global
Seaport Global analyst Michael Harrison upgraded KMG Chemicals to Buy citing the better than expected Q1 report and valuation. Harrison said KMG is benefiting from volume growth, lower raw material and freight costs, and completion of recent restructuring efforts. The analyst said valuation gives little credit for current earnings power or further value creation through M&A. Harrison maintained is $26 price target on KMG Chemicals shares.
HUN Huntsman
$15.75

0.09 (0.57%)

03/07/16
UBSW
03/07/16
NO CHANGE
Target $14
UBSW
Buy
Huntsman shares offer compelling opportunity, says UBS
UBS said Huntsman shares offer a compelling opportunity, citing the earnings potential of its cyclical businesses and its review of alternatives for its TiO2 division. UBS reiterated its Buy rating and $14 price target on Huntsman shares.
02/11/16
KEYB
02/11/16
DOWNGRADE
KEYB
Sector Weight
Huntsman downgraded to Sector Weight from Overweight at KeyBanc
07/11/16
NOMU
07/11/16
NO CHANGE
NOMU
Buy
Olin and Huntsman remain Top Picks for 2H 2016 at Nomura
Nomura analyst Aleksey Yefremov said Olin (OLN) and Huntsman (HUN) remain Top Picks heading into 2H 2016. The analyst sees stronger evidence of recovery in chlor-alkali and TiO2, combined with above-average FCF yields for both Buy rated names.

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WMT

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$70.88

0.21 (0.30%)

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GMED

Globus Medical

$21.89

0.12 (0.55%)

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JNJ

Johnson & Johnson

$111.96

0.58 (0.52%)

, ALIOF

Actelion

$206.01

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CE

Celanese

$79.10

0.3 (0.38%)

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HMST

HomeStreet

$29.35

-0.2 (-0.68%)

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$29.35

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GMED

Globus Medical

$21.89

0.12 (0.55%)

BGS

B&G Foods

$42.50

0.2 (0.47%)

ZEN

Zendesk

$21.17

0.34 (1.63%)

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ZEN

Zendesk

$21.17

0.34 (1.63%)

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AIXG

Aixtron

$3.97

-0.05 (-1.24%)

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President Obama blocks China's Fujian from acquiring Aixtron, CNBC reports »

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CX

CEMEX

$7.83

0.09 (1.16%)

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SRNE

Sorrento Therapeutics

$5.15

-0.1 (-1.90%)

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MBRX

Moleculin Biotech

$2.63

-0.14 (-5.05%)

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NEOG

Neogen

$61.59

-1.46 (-2.32%)

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RRC

Range Resources

$36.36

-0.23 (-0.63%)

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EOG

EOG Resources

$103.74

-1.01 (-0.96%)

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HMST

HomeStreet

$29.35

-0.2 (-0.68%)

, UMBF

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$77.00

-0.43 (-0.56%)

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UMB Financial

$77.00

-0.43 (-0.56%)

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UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

, IM

Ingram Micro

$38.88

1.31 (3.49%)

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$77.00

-0.43 (-0.56%)

IM

Ingram Micro

$38.88

1.31 (3.49%)

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GMED

Globus Medical

$21.89

0.12 (0.55%)

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Talen Energy

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AIXG

Aixtron

$3.97

-0.05 (-1.24%)

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DB

Deutsche Bank

$15.74

-0.32 (-1.99%)

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ALB

Albemarle

$84.86

-0.79 (-0.92%)

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FOR

Forestar Group

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FANG

Diamondback Energy

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OSIR

Osiris

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