Celanese Corporation
CE
recently announced the extension of its long-term contract with Linde Gas Singapore Pte. Limited. The extension was done for the supply of carbon monoxide to its Singapore acetyls chemical facility located at Jurong Island.
Linde operates large integrated gasification facilities in Singapore to produce hydrogen and carbon monoxide. It has been supplying Celanese since 2004, which began its acetic acid operations in Singapore in 2000.
The production of acetic acid involves carbon monoxide as its key feedstock. The extension of the contract will offer Celanese’s Singapore facility with an ongoing, reliable and strategically-advantageous supply of carbon monoxide for its 600 kiloton acetic acid plant and acetyls production processes.
The collaboration with Linde enabled Celanese to enhance its operational flexibility in support of its long-term strategy. It is based on low cost, flexible production that is designed to meet customers’ needs globally.
Shares of Celanese have gained 19.1% in the past year compared with 15.8% rise of the
industry
.
Celanese, in its last earnings call, stated that the global demand during the fourth quarter recovered and end-markets progressed toward pre-pandemic levels. It expects current demand conditions to persist and favorable Acetyl Chain industry dynamics to continue in the first quarter of 2021. It expects contributions from its controllable actions as well as demand recovery to help it deliver adjusted earnings of $9.50-$10 per share in 2021.
Celanese Corporation Price and Consensus
Celanese Corporation price-consensus-chart
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Celanese Corporation Quote
Zacks Rank & Key Picks
Celanese currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the basic materials space are
Fortescue Metals Group Limited
FSUGY
,
BHP Group
BHP
and
Impala Platinum Holdings Limited
IMPUY
.
Fortescue has a projected earnings growth rate of 74.2% for the current fiscal. The company’s shares have surged around 150% in a year. It currently sports a Zacks Rank #1(Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
BHP has an expected earnings growth rate of 59.5% for the current fiscal. The company’s shares have gained around 35.2% in the past year. It currently flaunts a Zacks Rank #1.
Impala has an expected earnings growth rate of 189.4% for the current fiscal. The company’s shares have rallied around 51.4% in the past year. It currently sports a Zacks Rank #1.
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