Active Basic Materials News: Eastman Chemical Company (EMN), Phillips 66 (PSX)

Eastman Chemical Company (EMN) ended last trading session with a change of 0 percent. It trades at an average volume of 1.19M shares versus 2.28M shares recorded at the end of last trading session. The share price of $77.63 is at a distance of 24.64 percent from its 52-week low and down -5.44 percent versus its peak. The company has a market cap of $11.36B and currently has 146.32M shares outstanding. The share price is currently -2.79 percent versus its SMA20, -1.02 percent versus its SMA50, and 8.58 percent versus its SMA200. The stock has a weekly performance of -2.39 percent and is 3.22 percent year-to-date as of the recent close.

On March 13, 2017 Eastman Chemical Company (EMN) announced it has been recognized by the Ethisphere Institute as a World`s Most Ethical Company® for the fourth consecutive year. The prestigious honor underscores Eastman`s commitment to leading with the highest ethical business standards and practices.

“At Eastman, we understand that, to be successful, we must build trust and confidence with our stakeholders,” said Mark J. Costa, Eastman`s chairman and chief executive officer. “I`m beyond proud of our Eastman team for their commitment to conducting business with honesty and integrity every day and for earning this recognition once again this year.”

Phillips 66 (PSX) recently recorded 0.19 percent change and currently at $79.01 is 9.8 percent away from its 52-week low and down -10.39 percent versus its peak. It has a past 5-day performance of 0.37 percent and trades at an average volume of 2.33M shares. The stock has a 1-month performance of 0.49 percent and is -7.84 percent year-to-date as of the recent close. There were about 524.17M shares outstanding which made its market cap $41.41B. The share price is currently 0.6 percent versus its SMA20, -2.49 percent versus its SMA50, and -0.48 percent versus its SMA200.

February 3, 2017 — Phillips 66 (PSX) announces fourth-quarter earnings of $163 million, compared with $511 million in the third quarter of 2016. Adjusted earnings were $83 million, a decrease of $473 million from the previous quarter.

“During 2016, we delivered strong operating performance, advanced our growth projects, managed costs, and rewarded our shareholders,” said Greg Garland, chairman and CEO of Phillips 66. “We achieved record safety performance and refining utilization rates, started up the Freeport LPG export facility and returned $2.3 billion to shareholders through dividends and share repurchases. However, fourth-quarter financial results were disappointing, and reflect challenging market conditions.”

“We expect to generate additional free cash flow and create shareholder value as we complete major growth projects in 2017. Our portfolio of refining, midstream, chemicals and marketing assets positions us to capture opportunities across the value chain. We remain committed to operating excellence and growing our higher-valued businesses, while maintaining a strong balance sheet and disciplined capital allocation.”