Westlake Chemical (WLK) Receives Outperform Rating from Wells Fargo & Co

Wells Fargo & Co reissued their outperform rating on shares of Westlake Chemical (NYSE:WLK) in a report released on Wednesday morning, The Fly reports. They currently have a $122.00 target price on the specialty chemicals company’s stock, up from their previous target price of $112.00.

WLK has been the subject of several other research reports. Nomura upgraded shares of Westlake Chemical from a neutral rating to a buy rating and set a $98.00 price target for the company in a report on Tuesday, September 26th. Deutsche Bank reiterated a buy rating and issued a $115.00 price target on shares of Westlake Chemical in a report on Wednesday, December 13th. Bank of America cut shares of Westlake Chemical from a neutral rating to an underperform rating and set a $105.00 price target for the company. in a report on Tuesday, January 16th. They noted that the move was a valuation call. SunTrust Banks reiterated a buy rating and issued a $93.00 price target on shares of Westlake Chemical in a report on Thursday, September 28th. Finally, ValuEngine upgraded shares of Westlake Chemical from a hold rating to a buy rating in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $104.00.

Westlake Chemical (WLK) opened at $110.13 on Wednesday. The firm has a market cap of $13,944.89, a P/E ratio of 23.94, a PEG ratio of 1.30 and a beta of 1.72. Westlake Chemical has a 1-year low of $59.58 and a 1-year high of $114.34. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74.

Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Tuesday, November 7th. The specialty chemicals company reported $1.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.26. Westlake Chemical had a net margin of 7.74% and a return on equity of 15.59%. sell-side analysts expect that Westlake Chemical will post 5.54 EPS for the current fiscal year.

In other news, CFO Mark Steven Bender sold 6,500 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $97.83, for a total value of $635,895.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Robert F. Buesinger sold 2,674 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $98.50, for a total transaction of $263,389.00. Following the completion of the sale, the executive vice president now directly owns 6,635 shares in the company, valued at approximately $653,547.50. The disclosure for this sale can be found here. In the last three months, insiders sold 293,122 shares of company stock worth $27,721,443. 71.70% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC lifted its position in shares of Westlake Chemical by 3.1% in the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after purchasing an additional 103 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Westlake Chemical by 5.7% in the second quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock worth $260,000 after purchasing an additional 211 shares in the last quarter. Voya Investment Management LLC lifted its position in shares of Westlake Chemical by 2.5% in the second quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock worth $785,000 after purchasing an additional 286 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Westlake Chemical by 6.8% in the second quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after purchasing an additional 435 shares in the last quarter. Finally, Bancorpsouth Inc. lifted its position in shares of Westlake Chemical by 12.1% in the second quarter. Bancorpsouth Inc. now owns 6,145 shares of the specialty chemicals company’s stock worth $407,000 after purchasing an additional 664 shares in the last quarter. 30.42% of the stock is currently owned by institutional investors and hedge funds.

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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.

The Fly

Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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