Zacks: Brokerages Expect Westlake Chemical Corporation (WLK) to Post $1.38 EPS

Equities research analysts predict that Westlake Chemical Corporation (NYSE:WLK) will announce earnings per share (EPS) of $1.38 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Westlake Chemical Corporation’s earnings, with the highest EPS estimate coming in at $1.50 and the lowest estimate coming in at $1.18. Westlake Chemical Corporation reported earnings per share of $0.86 during the same quarter last year, which would suggest a positive year-over-year growth rate of 60.5%. The company is scheduled to report its next earnings results on Tuesday, November 14th.

According to Zacks, analysts expect that Westlake Chemical Corporation will report full-year earnings of $4.74 per share for the current fiscal year, with EPS estimates ranging from $4.55 to $5.23. For the next year, analysts expect that the business will report earnings of $5.72 per share, with EPS estimates ranging from $4.85 to $7.17. Zacks’ earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Westlake Chemical Corporation.

Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The business’s revenue for the quarter was up 82.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.85 EPS.

A number of brokerages have issued reports on WLK. SunTrust Banks, Inc. restated a “buy” rating and set a $93.00 target price on shares of Westlake Chemical Corporation in a report on Thursday, September 28th. Wells Fargo & Company restated a “positive” rating and set a $94.00 target price (up previously from $77.00) on shares of Westlake Chemical Corporation in a report on Wednesday, September 27th. Nomura upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a report on Tuesday, September 26th. Instinet upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a report on Tuesday, September 26th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Westlake Chemical Corporation in a report on Wednesday, September 6th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical Corporation has an average rating of “Buy” and an average target price of $77.22.

Westlake Chemical Corporation (NYSE:WLK) traded down 0.46% during mid-day trading on Tuesday, reaching $84.53. The company’s stock had a trading volume of 672,359 shares. The company has a market cap of $10.91 billion, a price-to-earnings ratio of 24.16 and a beta of 1.63. The stock’s 50 day moving average is $78.73 and its 200 day moving average is $68.84. Westlake Chemical Corporation has a 12 month low of $48.92 and a 12 month high of $85.36.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 18th. Stockholders of record on Friday, September 1st were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.99%. This is a positive change from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. Westlake Chemical Corporation’s dividend payout ratio (DPR) is currently 24.00%.

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In other news, VP Mark Steven Bender sold 13,794 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total transaction of $968,614.68. Following the sale, the vice president now owns 44,449 shares of the company’s stock, valued at $3,121,208.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 71.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of Westlake Chemical Corporation by 15.1% during the first quarter. Morgan Stanley now owns 26,028 shares of the specialty chemicals company’s stock worth $1,718,000 after purchasing an additional 3,413 shares during the period. Polaris Greystone Financial Group LLC raised its position in Westlake Chemical Corporation by 9.9% in the 2nd quarter. Polaris Greystone Financial Group LLC now owns 17,272 shares of the specialty chemicals company’s stock valued at $1,144,000 after buying an additional 1,554 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Westlake Chemical Corporation in the 1st quarter valued at approximately $273,000. LSV Asset Management acquired a new stake in Westlake Chemical Corporation in the 2nd quarter valued at approximately $10,940,000. Finally, TIAA CREF Investment Management LLC raised its position in Westlake Chemical Corporation by 14.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock valued at $103,990,000 after buying an additional 202,453 shares during the last quarter. 31.97% of the stock is currently owned by institutional investors.

Westlake Chemical Corporation Company Profile

Westlake Chemical Corporation is a global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

Get a free copy of the Zacks research report on Westlake Chemical Corpo

According to Zacks, analysts expect that Westlake Chemical Corporation will report full-year earnings of $4.74 per share for the current fiscal year, with EPS estimates ranging from $4.55 to $5.23. For the next year, analysts expect that the business will report earnings of $5.72 per share, with EPS estimates ranging from $4.85 to $7.17. Zacks’ earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Westlake Chemical Corporation.

Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The business’s revenue for the quarter was up 82.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.85 EPS.

A number of brokerages have issued reports on WLK. SunTrust Banks, Inc. restated a “buy” rating and set a $93.00 target price on shares of Westlake Chemical Corporation in a report on Thursday, September 28th. Wells Fargo & Company restated a “positive” rating and set a $94.00 target price (up previously from $77.00) on shares of Westlake Chemical Corporation in a report on Wednesday, September 27th. Nomura upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a report on Tuesday, September 26th. Instinet upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a report on Tuesday, September 26th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Westlake Chemical Corporation in a report on Wednesday, September 6th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical Corporation has an average rating of “Buy” and an average target price of $77.22.

Westlake Chemical Corporation (NYSE:WLK) traded down 0.46% during mid-day trading on Tuesday, reaching $84.53. The company’s stock had a trading volume of 672,359 shares. The company has a market cap of $10.91 billion, a price-to-earnings ratio of 24.16 and a beta of 1.63. The stock’s 50 day moving average is $78.73 and its 200 day moving average is $68.84. Westlake Chemical Corporation has a 12 month low of $48.92 and a 12 month high of $85.36.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 18th. Stockholders of record on Friday, September 1st were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.99%. This is a positive change from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. Westlake Chemical Corporation’s dividend payout ratio (DPR) is currently 24.00%.

COPYRIGHT VIOLATION NOTICE: This piece of content was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this piece of content on another publication, it was illegally copied and reposted in violation of United States & international copyright & trademark law. The correct version of this piece of content can be viewed at https://ledgergazette.com/2017/10/08/zacks-brokerages-expect-westlake-chemical-corporation-wlk-to-post-1-38-eps.html.

In other news, VP Mark Steven Bender sold 13,794 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total transaction of $968,614.68. Following the sale, the vice president now owns 44,449 shares of the company’s stock, valued at $3,121,208.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 71.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of Westlake Chemical Corporation by 15.1% during the first quarter. Morgan Stanley now owns 26,028 shares of the specialty chemicals company’s stock worth $1,718,000 after purchasing an additional 3,413 shares during the period. Polaris Greystone Financial Group LLC raised its position in Westlake Chemical Corporation by 9.9% in the 2nd quarter. Polaris Greystone Financial Group LLC now owns 17,272 shares of the specialty chemicals company’s stock valued at $1,144,000 after buying an additional 1,554 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Westlake Chemical Corporation in the 1st quarter valued at approximately $273,000. LSV Asset Management acquired a new stake in Westlake Chemical Corporation in the 2nd quarter valued at approximately $10,940,000. Finally, TIAA CREF Investment Management LLC raised its position in Westlake Chemical Corporation by 14.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock valued at $103,990,000 after buying an additional 202,453 shares during the last quarter. 31.97% of the stock is currently owned by institutional investors.

Westlake Chemical Corporation Company Profile

Westlake Chemical Corporation is a global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

Get a free copy of the Zacks research report on Westlake Chemical Corporation (WLK)

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Earnings History and Estimates for Westlake Chemical Corporation (NYSE:WLK)

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