Wall Street analysts expect Westlake Chemical Co. (NYSE:WLK) to announce $1.08 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Westlake Chemical’s earnings, with estimates ranging from $0.93 to $1.19. Westlake Chemical reported earnings per share of $2.35 in the same quarter last year, which would suggest a negative year-over-year growth rate of 54%. The company is scheduled to announce its next quarterly earnings report on Tuesday, November 5th.
On average, analysts expect that Westlake Chemical will report full year earnings of $3.75 per share for the current year, with EPS estimates ranging from $3.44 to $4.06. For the next fiscal year, analysts anticipate that the firm will report earnings of $4.75 per share, with EPS estimates ranging from $4.20 to $5.30. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that cover Westlake Chemical.
Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Tuesday, August 6th. The specialty chemicals company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.08. Westlake Chemical had a return on equity of 11.05% and a net margin of 7.39%. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same period last year, the firm posted $2.12 EPS. The business’s revenue was down 4.1% on a year-over-year basis.
Several equities research analysts have recently commented on the company. Citigroup set a $79.00 target price on Westlake Chemical and gave the company a “buy” rating in a research note on Monday, July 15th. Barclays cut Westlake Chemical from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $72.00 to $71.00 in a research note on Tuesday, July 2nd. UBS Group set a $54.00 target price on Westlake Chemical and gave the company a “sell” rating in a research note on Tuesday, July 2nd. BMO Capital Markets lowered their target price on Westlake Chemical from $75.00 to $71.00 and set a “market perform” rating for the company in a research note on Friday, August 9th. Finally, Bank of America cut Westlake Chemical from a “buy” rating to an “underperform” rating in a research note on Friday, August 16th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. Westlake Chemical presently has an average rating of “Hold” and an average price target of $77.05.
WLK stock traded up $1.64 during midday trading on Monday, reaching $65.90. 514,415 shares of the company’s stock traded hands, compared to its average volume of 544,591. The company has a 50-day simple moving average of $61.85 and a two-hundred day simple moving average of $66.12. Westlake Chemical has a 1-year low of $55.82 and a 1-year high of $87.67. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 8.44, a PEG ratio of 2.77 and a beta of 1.62. The company has a quick ratio of 1.33, a current ratio of 2.07 and a debt-to-equity ratio of 0.47.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Tuesday, August 27th were given a $0.2625 dividend. The ex-dividend date was Monday, August 26th. This represents a $1.05 annualized dividend and a dividend yield of 1.59%. Westlake Chemical’s dividend payout ratio is currently 13.44%.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Westlake Chemical by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 4,699,524 shares of the specialty chemicals company’s stock worth $326,429,000 after purchasing an additional 77,773 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Westlake Chemical by 13,447.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,171,725 shares of the specialty chemicals company’s stock worth $150,848,000 after purchasing an additional 2,155,695 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Westlake Chemical by 5,430.6% during the second quarter. Victory Capital Management Inc. now owns 1,969,781 shares of the specialty chemicals company’s stock worth $136,820,000 after acquiring an additional 1,934,165 shares in the last quarter. Maverick Capital Ltd. bought a new position in Westlake Chemical during the second quarter worth about $88,875,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Westlake Chemical by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,172,825 shares of the specialty chemicals company’s stock worth $77,597,000 after acquiring an additional 8,496 shares in the last quarter. Institutional investors and hedge funds own 30.64% of the company’s stock.
About Westlake Chemical
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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.
Recommended Story: Systematic Risk
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.