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Praxair (PX) to Buy Helium from Polskie, Shares Up 0.5%
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Industrial gas producer and supplier Praxair Inc. (PX - Free Report) recently signed an agreement with Polskie Gornictwo Naftowe i Gazownictwo SA to purchase liquid helium from the latter. The move is in sync with the company’s aim to better serve its huge global client base.
Financial terms of the contract were kept under wraps.
As revealed, Polskie Gornictwo Naftowe, the sole producer of helium in Central Europe, is one of the leading companies operating in the Polish natural gas market. The firm extracts and refines helium from gases produced in its natural gas fields.
The contract will enhance Praxair’s helium-supply capabilities, thereby helping it meet the growing global demand for the product. Since the announcement of the contract on Jul 12, the company’s share price rose approximately 0.5%.
Earlier in Sep 2015, Praxair had signed a long-term agreement with Castleton Commodities International for refining and purchasing helium from the latter. Also, the company agreed to source approximately 100 million scf of helium annually from Nacogdoches Oil & Gas’ helium-bearing gas field in Apache County, AZ.
We believe such expansionary initiatives will help Praxair to satisfy the growing preference of customers for its world-class products and services. Also, increasing use of industrial gases in manufacturing, transportation, healthcare, food & beverages, and metal fabrication industries will prove to be a boon for industrial gas producers. Particularly, helium is used in magnetic resonance imaging, fiber optic and semiconductor manufacturing, lifting for blimps and balloons, automobile airbags and leak detection.
However, despite bright prospects, certain near-term headwinds continue to weigh on Praxair’s performance. The stock currently carries a Zacks Rank #3 (Hold) with a market capitalization of $33.5 billion.
Praxair is slated to release second-quarter 2016 results on Jul 28, 2016, before the market opens. The Zacks Consensus Estimate for the quarter is pegged at $1.35 per share.
Better-ranked stocks in the chemical diversified industry include Albemarle Corporation (ALB - Free Report) , Axiall Corporation and Huntsman Corporation (HUN - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
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Praxair (PX) to Buy Helium from Polskie, Shares Up 0.5%
Industrial gas producer and supplier Praxair Inc. (PX - Free Report) recently signed an agreement with Polskie Gornictwo Naftowe i Gazownictwo SA to purchase liquid helium from the latter. The move is in sync with the company’s aim to better serve its huge global client base.
Financial terms of the contract were kept under wraps.
As revealed, Polskie Gornictwo Naftowe, the sole producer of helium in Central Europe, is one of the leading companies operating in the Polish natural gas market. The firm extracts and refines helium from gases produced in its natural gas fields.
The contract will enhance Praxair’s helium-supply capabilities, thereby helping it meet the growing global demand for the product. Since the announcement of the contract on Jul 12, the company’s share price rose approximately 0.5%.
Earlier in Sep 2015, Praxair had signed a long-term agreement with Castleton Commodities International for refining and purchasing helium from the latter. Also, the company agreed to source approximately 100 million scf of helium annually from Nacogdoches Oil & Gas’ helium-bearing gas field in Apache County, AZ.
We believe such expansionary initiatives will help Praxair to satisfy the growing preference of customers for its world-class products and services. Also, increasing use of industrial gases in manufacturing, transportation, healthcare, food & beverages, and metal fabrication industries will prove to be a boon for industrial gas producers. Particularly, helium is used in magnetic resonance imaging, fiber optic and semiconductor manufacturing, lifting for blimps and balloons, automobile airbags and leak detection.
However, despite bright prospects, certain near-term headwinds continue to weigh on Praxair’s performance. The stock currently carries a Zacks Rank #3 (Hold) with a market capitalization of $33.5 billion.
Praxair is slated to release second-quarter 2016 results on Jul 28, 2016, before the market opens. The Zacks Consensus Estimate for the quarter is pegged at $1.35 per share.
PRAXAIR INC Price
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Better-ranked stocks in the chemical diversified industry include Albemarle Corporation (ALB - Free Report) , Axiall Corporation and Huntsman Corporation (HUN - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>