Celanese Corporation, previously known as Hoechst Celanese, is a Fortune 500 materials company. It is best known for being the world’s leading producer of acetyl, a chemical used in multiple applications. Celanese Corporation is more than 100 years old and is based out of Irving, Texas. Besides acetyl, Celanese also produces specialty polymers (used in consumer, medical, and automotive markets) and cellulose derivatives used to make cigarette filters. An expected bounce back in industrial activity, as well as increased infrastructure spending by the new Biden administration, is poised to provide tailwinds the companies like Celanese. It is certainly one of the candidates for the top chemical stocks to buy now.
Celanese Reports Positive Q42020 Earnings
In late January 2021, Celanese Corporation reported its fourth-quarter 2020 earnings. Revenues were up 11.2% year-on-year from $1.43 billion to $1.59 billion. Meanwhile, adjusted earnings per share were up from $1.99 to $2.09 on a year-on-year basis, while GAAP diluted earnings were up from $0.36 per share to $12.5 per share. The results make Celanese one of the top chemical stocks to buy.
Commenting on the future outlook for acetic acid, company CEO Lori Ryerkerk said, “Given also the strong recovery we see in acetic acid, our view to the future that acetic acid will continue to grow at GDP plus maybe a little bit more.” She further added, “So, starting with acetyls, we do expect a really robust first quarter as we guided to, and we do expect some normalization as we move into the second quarter.”
Chemicals Stocks To Buy Now
Some of the top chemical companies include Celanese Corporation, Huntsman Corporation, and Albemarle Corporation. Celanese is up 128% since the March 2020 market fall. Huntsman is up 124% since the March lows. Meanwhile, Albemarle’s stock has tripled since the March market crash. Celanese was trading at a 2% dividend yield on 19th February 2021, Huntsman was trading at a 2.25% yield, and Albemarle was trading at a 0.99% dividend yield.
