Wells Fargo & Co Reiterates Outperform Rating for Westlake Chemical (NYSE:WLK)

Westlake Chemical (NYSE:WLK)‘s stock had its “outperform” rating reiterated by stock analysts at Wells Fargo & Co in a research note issued to investors on Wednesday, January 17th, 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. Wells Fargo & Co’s target price would indicate a potential upside of 14.85% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Deutsche Bank reaffirmed a “buy” rating and set a $115.00 price target on shares of Westlake Chemical in a research note on Wednesday, December 13th. Morgan Stanley started coverage on shares of Westlake Chemical in a research note on Tuesday, January 9th. They set an “equal weight” rating and a $120.00 price target for the company. UBS Group lifted their price target on shares of Westlake Chemical from $56.00 to $61.00 and gave the company a “sell” rating in a research note on Friday, October 13th. Alembic Global Advisors reissued a “buy” rating and issued a $110.00 price objective on shares of Westlake Chemical in a research note on Wednesday, December 20th. Finally, Bank of America boosted their price objective on shares of Westlake Chemical from $88.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Westlake Chemical currently has an average rating of “Buy” and a consensus target price of $104.00.

Shares of Westlake Chemical (NYSE:WLK) traded up $3.57 during midday trading on Wednesday, reaching $106.23. 648,552 shares of the company’s stock traded hands, compared to its average volume of 786,364. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. Westlake Chemical has a twelve month low of $59.58 and a twelve month high of $115.19. The company has a market capitalization of $13,254.17, a P/E ratio of 22.71, a P/E/G ratio of 1.18 and a beta of 1.62.

In other news, Director Robert T. Blakely sold 4,367 shares of the business’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total transaction of $403,205.11. Following the sale, the director now directly owns 11,700 shares of the company’s stock, valued at $1,080,261. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $635,895.00. The disclosure for this sale can be found here. Insiders sold 237,225 shares of company stock worth $22,460,769 over the last ninety days. Corporate insiders own 72.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC lifted its position in Westlake Chemical by 3.1% during the second quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after purchasing an additional 103 shares during the period. The Manufacturers Life Insurance Company lifted its position in Westlake Chemical by 5.7% during the second quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock valued at $260,000 after purchasing an additional 211 shares during the period. Voya Investment Management LLC lifted its position in Westlake Chemical by 2.5% during the second quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock valued at $785,000 after purchasing an additional 286 shares during the period. Principal Financial Group Inc. lifted its position in Westlake Chemical by 6.8% during the second quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after purchasing an additional 435 shares during the period. Finally, Bancorpsouth Inc. lifted its position in Westlake Chemical by 12.1% during the second quarter. Bancorpsouth Inc. now owns 6,145 shares of the specialty chemicals company’s stock valued at $407,000 after purchasing an additional 664 shares during the period. Institutional investors own 30.57% 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.

The Fly

Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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