Westlake Chemical Corporation (WLK) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Westlake Chemical Corporation (NYSE:WLK) from a hold rating to a buy rating in a report released on Friday. They currently have $95.00 price target on the specialty chemicals company’s stock.

According to Zacks, “Westlake Chemical Corporation is a vertically integrated international manufacturer and supplier of petrochemicals, polymers and fabricated products. The company’s range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC, PVC Pipe, PVC windows, fence and decking components. “

Other research analysts have also recently issued reports about the stock. Royal Bank Of Canada reissued a buy rating on shares of Westlake Chemical Corporation in a research note on Friday, August 4th. Cowen and Company reissued a buy rating and set a $70.00 price objective on shares of Westlake Chemical Corporation in a research note on Friday, July 14th. SunTrust Banks, Inc. reissued a buy rating and set a $93.00 price objective on shares of Westlake Chemical Corporation in a research note on Thursday, September 28th. Nomura raised shares of Westlake Chemical Corporation from a neutral rating to a buy rating and set a $98.00 price objective for the company in a research note on Tuesday, September 26th. Finally, Instinet raised shares of Westlake Chemical Corporation from a neutral rating to a buy rating in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $81.20.

Shares of Westlake Chemical Corporation (NYSE WLK) opened at 84.42 on Friday. Westlake Chemical Corporation has a 52-week low of $48.92 and a 52-week high of $85.86. The stock has a market capitalization of $10.89 billion, a price-to-earnings ratio of 24.13 and a beta of 1.63. The stock has a 50 day moving average price of $80.79 and a 200-day moving average price of $69.60.

Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period last year, the firm earned $0.85 EPS. The company’s revenue for the quarter was up 82.2% on a year-over-year basis. On average, equities research analysts predict that Westlake Chemical Corporation will post $4.85 EPS for the current fiscal year.

WARNING: “Westlake Chemical Corporation (WLK) Upgraded at Zacks Investment Research” was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this article on another site, it was illegally copied and reposted in violation of US & international trademark & copyright laws. The correct version of this article can be read at https://ledgergazette.com/2017/10/16/westlake-chemical-corporation-wlk-upgraded-at-zacks-investment-research.html.

The company also recently announced a quarterly dividend, which was paid on Monday, September 18th. Shareholders of record on Friday, September 1st were paid a $0.21 dividend. This is a boost from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. This represents a $0.84 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Wednesday, August 30th. Westlake Chemical Corporation’s payout ratio is presently 24.00%.

In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical Corporation stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the sale, the vice president now directly owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 71.70% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in WLK. Advisors Asset Management Inc. grew its stake in Westlake Chemical Corporation by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after acquiring an additional 1,410 shares during the period. Verity Asset Management Inc. purchased a new stake in Westlake Chemical Corporation in the 2nd quarter worth approximately $204,000. OppenheimerFunds Inc. purchased a new stake in Westlake Chemical Corporation in the 1st quarter worth approximately $205,000. Engineers Gate Manager LP purchased a new stake in Westlake Chemical Corporation in the 2nd quarter worth approximately $219,000. Finally, Private Advisor Group LLC grew its stake in Westlake Chemical Corporation by 3.1% in the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after acquiring an additional 103 shares during the period. 31.97% of the stock is owned by hedge funds and other 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)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

NYSE WLK) opened at 84.42 on Friday. Westlake Chemical Corporation has a 52-week low of $48.92 and a 52-week high of $85.86. The stock has a market capitalization of $10.89 billion, a price-to-earnings ratio of 24.13 and a beta of 1.63. The stock has a 50 day moving average price of $80.79 and a 200-day moving average price of $69.60.

Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period last year, the firm earned $0.85 EPS. The company’s revenue for the quarter was up 82.2% on a year-over-year basis. On average, equities research analysts predict that Westlake Chemical Corporation will post $4.85 EPS for the current fiscal year.

WARNING: “Westlake Chemical Corporation (WLK) Upgraded at Zacks Investment Research” was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this article on another site, it was illegally copied and reposted in violation of US & international trademark & copyright laws. The correct version of this article can be read at https://ledgergazette.com/2017/10/16/westlake-chemical-corporation-wlk-upgraded-at-zacks-investment-research.html.

The company also recently announced a quarterly dividend, which was paid on Monday, September 18th. Shareholders of record on Friday, September 1st were paid a $0.21 dividend. This is a boost from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. This represents a $0.84 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Wednesday, August 30th. Westlake Chemical Corporation’s payout ratio is presently 24.00%.

In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical Corporation stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the sale, the vice president now directly owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 71.70% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in WLK. Advisors Asset Management Inc. grew its stake in Westlake Chemical Corporation by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after acquiring an additional 1,410 shares during the period. Verity Asset Management Inc. purchased a new stake in Westlake Chemical Corporation in the 2nd quarter worth approximately $204,000. OppenheimerFunds Inc. purchased a new stake in Westlake Chemical Corporation in the 1st quarter worth approximately $205,000. Engineers Gate Manager LP purchased a new stake in Westlake Chemical Corporation in the 2nd quarter worth approximately $219,000. Finally, Private Advisor Group LLC grew its stake in Westlake Chemical Corporation by 3.1% in the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after acquiring an additional 103 shares during the period. 31.97% of the stock is owned by hedge funds and other 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)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Westlake Chemical Corporation (NYSE:WLK)

Receive News & Ratings for Westlake Chemical Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply