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Huntsman (HUN) Closes Sale of Venator Shares; Receives $100M

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Zacks Equity Research
·2 min read
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Huntsman Corporation HUN recently announced the completion of the sale of shares of Venator Materials PLC to funds advised by SK Capital Partners, LP.

Roughly 42.4 million ordinary shares of Venator have been sold and Huntsman received around $100 million in cash. The figure includes $8 million for a 30-month option for the sale of the remaining roughly 9.7 million shares held by Huntsman for $2.15 per share.

Huntsman realized a total benefit of roughly $250 million in cash in 2020, including the $150 million cash tax savings from offsetting the capital loss on the sale of Venator against the capital gain realized on sale of chemical intermediaries and surfactants businesses.

Shares of Huntsman have gained 4.1% in the past year compared with 9.2% rise of the industry.

Huntsman is on track in integrating two downstream acquisitions completed earlier this year and delivering more than $100 million of targeted annualized savings from its cost-optimization initiative by the end of next year. The company is also focused on growth of its differentiated businesses and enhancing shareholders’ value.

Huntsman Corporation Price and Consensus

 

Huntsman Corporation Price and Consensus
Huntsman Corporation Price and Consensus

Huntsman Corporation price-consensus-chart | Huntsman Corporation Quote

 

Zacks Rank & Key Picks

Huntsman currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks worth considering in the basic materials space are Bunge Limited BG, BHP Group BHP and Clearwater Paper Corporation CLW.

Bunge has a projected earnings growth rate of 43% for the current year. The company’s shares have gained around 12.7% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

BHP has an expected earnings growth rate of around 32.4% for the current year. The company’s shares have gained around 19.6% in the past year. It currently flaunts a Zacks Rank #1.

Clearwater has an expected earnings growth rate of 1,960.9% for the current year. The company’s shares have surged around 73% in the past year. It currently sports a Zacks Rank #1.

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