Westlake Chemical (NYSE:WLK) had its target price cut by Nomura from $100.00 to $92.00 in a research report released on Monday. They currently have a neutral rating on the specialty chemicals company’s stock.
WLK has been the topic of a number of other research reports. Barclays began coverage on Westlake Chemical in a research report on Monday, October 8th. They issued an overweight rating and a $100.00 target price on the stock. ValuEngine lowered Westlake Chemical from a sell rating to a strong sell rating in a research report on Wednesday, October 3rd. Deutsche Bank cut their target price on Westlake Chemical from $115.00 to $105.00 and set a buy rating on the stock in a research report on Wednesday, September 26th. Morgan Stanley cut their price objective on Westlake Chemical from $120.00 to $96.00 and set a hold rating on the stock in a report on Wednesday, September 26th. Finally, Tudor Pickering downgraded Westlake Chemical from a buy rating to a hold rating in a report on Wednesday, September 19th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $111.00.
Shares of WLK opened at $77.17 on Monday. The stock has a market capitalization of $10.78 billion, a P/E ratio of 14.10, a P/E/G ratio of 0.74 and a beta of 1.51. Westlake Chemical has a 12-month low of $76.87 and a 12-month high of $124.29. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.51 and a current ratio of 2.27.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.30). The company had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. Westlake Chemical’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $1.21 earnings per share. Analysts expect that Westlake Chemical will post 8.76 earnings per share for the current year.
Institutional investors have recently bought and sold shares of the company. LS Investment Advisors LLC purchased a new stake in Westlake Chemical during the 2nd quarter worth about $116,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Westlake Chemical during the second quarter worth approximately $130,000. Daiwa Securities Group Inc. purchased a new stake in shares of Westlake Chemical during the second quarter worth approximately $157,000. Korea Investment CORP purchased a new stake in shares of Westlake Chemical during the second quarter worth approximately $194,000. Finally, Standard Life Aberdeen plc purchased a new stake in shares of Westlake Chemical during the second quarter worth approximately $226,000. 30.81% of the stock is currently owned by institutional investors and hedge funds.
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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