Orlen Falls to Week-Low as Zachodni Advises Sell: Warsaw Mover
PKN Orlen SA (PKN) slid to a week-low after Bank Zachodni WBK SA recommended selling Poland’s biggest oil refiner on expectations of lower refining margins.
The stock declined 0.5 percent to 45.76 zloty, the lowest since Nov. 16, at the close in Warsaw. Trading volume was 45 percent of the daily average over the past three months, according to data compiled by Bloomberg.
Zachodni initiated coverage of Orlen with a share-price estimate of 41.5 zloty, compared with a 40.37 zloty average from 15 analysts surveyed by Bloomberg.
“Operating results for the refinery segment are likely to fall in 2013,” Tomasz Kasowicz, a Warsaw-based analyst at Zachodni, said in a note today. The petrochemical margins may also come under pressure in the next two years as “new, export- oriented poly-olefin capacities from the U.S. may begin to flood European markets,” he said.
To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.