Equities research analysts expect Westlake Chemical Co. (NYSE:WLK) to announce earnings of $2.44 per share for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Westlake Chemical’s earnings. The lowest EPS estimate is $2.17 and the highest is $2.72. Westlake Chemical posted earnings per share of $1.21 in the same quarter last year, which indicates a positive year-over-year growth rate of 101.7%. The business is expected to announce its next quarterly earnings report on Thursday, August 2nd.
On average, analysts expect that Westlake Chemical will report full-year earnings of $8.57 per share for the current year, with EPS estimates ranging from $7.90 to $9.47. For the next financial year, analysts forecast that the business will report earnings of $8.95 per share, with EPS estimates ranging from $8.15 to $10.05. Zacks’ earnings per share averages are an average based on a survey of research firms that follow Westlake Chemical.
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, beating the consensus estimate of $2.09 by $0.11. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.14 billion. Westlake Chemical had a return on equity of 17.77% and a net margin of 17.61%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 earnings per share.
A number of equities analysts have recently weighed in on the company. MED reiterated a “buy” rating and set a $130.00 target price on shares of Westlake Chemical in a research note on Thursday. Cowen increased their target price 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 upgraded Westlake Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, May 12th. Deutsche Bank increased their target price on Westlake Chemical from $115.00 to $124.00 and gave the stock a “hold” rating in a research note on Thursday, February 22nd. Finally, Royal Bank of Canada reissued a “buy” rating and set a $130.00 price target on shares of Westlake Chemical in a research report on Tuesday, April 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $116.81.
Shares of NYSE WLK traded up $0.45 during trading hours on Friday, reaching $121.28. 565,044 shares of the stock were exchanged, compared to its average volume of 881,884. The firm has a market cap of $15.66 billion, a P/E ratio of 22.17, a price-to-earnings-growth ratio of 1.14 and a beta of 1.56. The company has a current ratio of 1.79, a quick ratio of 1.22 and a debt-to-equity ratio of 0.47. Westlake Chemical has a 52 week low of $60.23 and a 52 week high of $122.35.
In other Westlake Chemical news, EVP Robert F. Buesinger sold 1,447 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 2,642 shares of the company’s stock, valued at approximately $314,080.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Andrew Kenner sold 24,318 shares of the firm’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $110.61, for a total value of $2,689,813.98. Following the completion of the sale, the senior vice president now directly owns 20,005 shares in the company, valued at approximately $2,212,753.05. The disclosure for this sale can be found here. Insiders have sold 128,085 shares of company stock worth $14,481,611 in the last three months. 72.00% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Prudential Financial Inc. raised its position in shares of Westlake Chemical by 95.7% in the 1st quarter. Prudential Financial Inc. now owns 763,942 shares of the specialty chemicals company’s stock worth $84,913,000 after acquiring an additional 373,510 shares in the last quarter. Capital Growth Management LP bought a new position in shares of Westlake Chemical during the first quarter valued at about $40,014,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Westlake Chemical during the fourth quarter valued at about $30,257,000. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Westlake Chemical by 12,324.5% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 205,874 shares of the specialty chemicals company’s stock valued at $21,931,000 after acquiring an additional 204,217 shares during the last quarter. Finally, Mackay Shields LLC bought a new position in shares of Westlake Chemical during the first quarter valued at about $22,351,000. 30.75% of the stock is currently owned by hedge funds and other institutional investors.
Westlake Chemical Company Profile
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.
Get a free copy of the Zacks research report on Westlake Chemical (WLK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Westlake Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical and related companies with MarketBeat.com's FREE daily email newsletter.