Westlake Chemical (WLK) Stock Rating Reaffirmed by Wells Fargo & Company

Westlake Chemical (NYSE:WLK)‘s stock had its “buy” rating reiterated by equities research analysts at Wells Fargo & Company in a research report issued to clients and investors on Thursday. They presently have a $112.00 price objective on the specialty chemicals company’s stock, up from their previous price objective of $105.00. Wells Fargo & Company’s price objective suggests a potential upside of 12.25% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Johnson Rice began coverage on Westlake Chemical in a research report on Monday, November 6th. They issued an “accumulate” rating and a $100.00 price objective for the company. SunTrust Banks reaffirmed a “buy” rating and issued a $86.00 target price on shares of Westlake Chemical in a research report on Wednesday, September 6th. Cowen raised their target price on Westlake Chemical from $70.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 22nd. ValuEngine cut Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Finally, Alembic Global Advisors reaffirmed a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $98.09.

Shares of Westlake Chemical (NYSE:WLK) opened at $99.78 on Thursday. Westlake Chemical has a 12-month low of $55.83 and a 12-month high of $100.70. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59. The firm has a market capitalization of $12,820.00, a P/E ratio of 19.58, a PEG ratio of 1.77 and a beta of 1.72.

In other Westlake Chemical news, Director Robert T. Blakely sold 4,367 shares of the stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $92.33, for a total transaction of $403,205.11. Following the completion of the transaction, the director now directly owns 11,700 shares in the company, valued at $1,080,261. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert F. Buesinger sold 5,214 shares of the stock in a transaction on Friday, November 17th. The stock was sold at an average price of $93.82, for a total value of $489,177.48. Following the transaction, the executive vice president now owns 14,523 shares of the company’s stock, valued at $1,362,547.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293,122 shares of company stock valued at $27,721,443. 71.70% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. raised its stake in Westlake Chemical by 6,376.2% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock worth $113,000 after acquiring an additional 1,339 shares in the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in Westlake Chemical during the third quarter worth $137,000. Advisors Asset Management Inc. raised its stake in Westlake Chemical by 162.8% during the second 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 in the last quarter. Verity Asset Management Inc. acquired a new position in Westlake Chemical during the second quarter worth $204,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in Westlake Chemical during the third quarter worth $204,000. Hedge funds and other institutional investors own 30.42% of the company’s stock.

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About Westlake Chemical

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.

Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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