Westlake Chemical (NYSE:WLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $120.00 target price on the specialty chemicals company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.94% from the company’s current price.
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. “
Several other research analysts also recently commented on WLK. Citigroup reaffirmed a “buy” rating and set a $133.00 target price on shares of Westlake Chemical in a report on Wednesday. UBS Group boosted their target price on Westlake Chemical from $80.00 to $87.00 and gave the company a “sell” rating in a research report on Wednesday. ValuEngine raised Westlake Chemical from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Alembic Global Advisors reissued a “buy” rating on shares of Westlake Chemical in a report on Friday, November 24th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $114.00 target price (up previously from $103.00) on shares of Westlake Chemical in a research note on Thursday, November 9th. 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 issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $110.21.
Westlake Chemical (NYSE WLK) traded up $2.19 during trading on Wednesday, reaching $109.15. The company’s stock had a trading volume of 773,533 shares, compared to its average volume of 798,636. Westlake Chemical has a 12-month low of $59.58 and a 12-month high of $115.19. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.59 and a current ratio of 2.31. The company has a market cap of $13,810.00, a price-to-earnings ratio of 23.72, a PEG ratio of 1.23 and a beta of 1.62.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings results on Tuesday, February 20th. The specialty chemicals company reported $1.62 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.69 by ($0.07). Westlake Chemical had a net margin of 7.74% and a return on equity of 15.59%. The business had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the previous year, the business posted $0.87 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. equities analysts expect that Westlake Chemical will post 5.58 earnings per share for the current year.
In other Westlake Chemical news, CEO Albert Chao sold 45,000 shares of the business’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $94.76, for a total value of $4,264,200.00. Following the sale, the chief executive officer now owns 299,018 shares in the company, valued at approximately $28,334,945.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 owns 6,635 shares in the company, valued at approximately $653,547.50. The disclosure for this sale can be found here. Insiders have sold a total of 172,153 shares of company stock worth $16,326,098 in the last quarter. Corporate insiders own 72.50% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Voya Investment Management LLC boosted its position in Westlake Chemical by 2.5% in the 2nd quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock valued at $785,000 after buying an additional 286 shares during the period. State Street Corp lifted its position in Westlake Chemical by 6.0% during the second quarter. State Street Corp now owns 575,374 shares of the specialty chemicals company’s stock valued at $38,095,000 after acquiring an additional 32,736 shares during the last quarter. 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 acquiring an additional 211 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new position in Westlake Chemical during the 3rd quarter valued at approximately $204,000. Finally, First Trust Advisors LP increased its stake in Westlake Chemical by 31.2% during the 3rd quarter. First Trust Advisors LP now owns 337,640 shares of the specialty chemicals company’s stock valued at $28,055,000 after purchasing an additional 80,322 shares in the last quarter. Institutional investors own 32.76% of the company’s stock.
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Westlake Chemical 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.
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