Westlake Chemical (NYSE:WLK)‘s stock had its “buy” rating restated by equities research analysts at MED in a research report issued on Thursday. They currently have a $130.00 price objective on the specialty chemicals company’s stock. MED’s price target points to a potential upside of 7.19% from the company’s previous close.
A number of other analysts also recently issued reports on WLK. Cowen lifted their price objective on Westlake Chemical from $122.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, May 11th. ValuEngine raised Westlake Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, May 12th. Deutsche Bank lifted their price objective on Westlake Chemical from $115.00 to $124.00 and gave the stock a “hold” rating in a research note on Thursday, February 22nd. Royal Bank of Canada reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Westlake Chemical in a research note on Tuesday, April 17th. Finally, UBS reaffirmed a “sell” rating and issued a $87.00 price objective (up previously from $80.00) on shares of Westlake Chemical in a research note on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $116.81.
NYSE:WLK opened at $121.28 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.22 and a current ratio of 1.79. Westlake Chemical has a 1 year low of $60.23 and a 1 year high of $122.35. The company has a market capitalization of $15.65 billion, a price-to-earnings ratio of 22.17, a PEG ratio of 1.14 and a beta of 1.56.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings data on Thursday, May 3rd. The specialty chemicals company reported $2.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.09 by $0.11. Westlake Chemical had a return on equity of 17.77% and a net margin of 17.61%. The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company posted $1.06 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. equities analysts expect that Westlake Chemical will post 8.71 earnings per share for the current fiscal year.
In other news, SVP Andrew Kenner sold 24,318 shares of Westlake Chemical stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $110.61, for a total value of $2,689,813.98. Following the completion of the transaction, the senior vice president now owns 20,005 shares in the company, valued at approximately $2,212,753.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert F. Buesinger sold 1,447 shares of Westlake Chemical stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $118.88, for a total value of $172,019.36. Following the completion of the transaction, the executive vice president now owns 2,642 shares of the company’s stock, valued at approximately $314,080.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,085 shares of company stock valued at $14,481,611. Company insiders own 72.00% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of WLK. Convergence Investment Partners LLC purchased a new position in Westlake Chemical during the 4th quarter valued at $1,964,000. Schwab Charles Investment Management Inc. boosted its holdings in Westlake Chemical by 95.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 374,624 shares of the specialty chemicals company’s stock valued at $39,719,000 after acquiring an additional 182,734 shares during the period. CAPROCK Group Inc. purchased a new position in Westlake Chemical during the 4th quarter valued at $254,000. State of Alaska Department of Revenue purchased a new position in Westlake Chemical during the 4th quarter valued at $244,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in Westlake Chemical during the 4th quarter valued at $462,000. Institutional investors own 30.75% of the company’s stock.
About Westlake Chemical
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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