Celanese Corporation (CE), headquartered in Irving, Texas, is a significant player in the specialty materials and chemical industries. With a market cap of $14.48 billion, Celanese operates a diverse portfolio of innovative products, delivering high-performance solutions to customers across various industries, including automotive, healthcare, and consumer goods.
Companies valued at $10 billion or more are generally described as "large-cap stocks," Celanese is a prime example of this. Celanese serves customers across various industries, establishing itself as a global specialty materials and chemical sector leader.
CE shares are trading 23% below their 52-week high of $172.16, which they hit on Mar. 28. The stock has declined 4.7% over the past three months, underperforming the broader Nasdaq Composite ($NASX), which has gained 3.3% over the same time frame.
In the longer term, CE is down 14.7% on a YTD basis. However, the shares have gained 7% over the past 52 weeks. In comparison, the Nasdaq has gained 20.4% in 2024 and rallied 36.8% over the past year.
CE has been trading below its 200-day moving average since mid-July to confirm its bearish trend. Also, it has been trading below its 50-day moving since early May, with some fluctuations.
On Aug. 1, CE reported its Q2 results. Its adjusted EPS of $2.38 fell short of the consensus estimates of $2.80. Also, the company’s revenue of $2.65 billion missed Wall Street forecasts of $2.73 billion. CE expects full-year adjusted EPS to be between $10.25 to $10.75 per share. CE shares declined 4.4% on the day the results were released.
Highlighting the contrast in performance, CE's competitor, LyondellBasell Industries N.V. (LYB), has outperformed the stock. LYB has gained 1.1% on a YTD basis.
Analysts are moderately bullish about CE's prospects despite its weak price performance. The stock has a consensus rating of "Moderate Buy" from 17 analysts in coverage. The mean price target is $148.58, suggesting a premium of 12.1% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
