Westlake Chemical Co. (NYSE:WLK) has been assigned an average recommendation of “Hold” from the seventeen analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $97.50.
A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price target on Westlake Chemical from $105.00 to $112.00 and gave the company a “hold” rating in a report on Friday, June 4th. Zacks Investment Research downgraded Westlake Chemical from a “strong-buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research note on Monday, September 20th. Bank of America upgraded Westlake Chemical from an “underperform” rating to a “neutral” rating and set a $98.00 price objective for the company in a research note on Friday, July 16th. Piper Sandler assumed coverage on Westlake Chemical in a research note on Monday, September 13th. They set an “overweight” rating and a $109.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on Westlake Chemical from $123.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday.
In other Westlake Chemical news, CEO Albert Chao purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, August 11th. The stock was bought at an average price of $86.21 per share, with a total value of $258,630.00. Following the completion of the purchase, the chief executive officer now owns 441,939 shares in the company, valued at approximately $38,099,561.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 73.70% of the company’s stock.
Shares of NYSE WLK traded up $5.74 during trading on Monday, reaching $93.55. The stock had a trading volume of 943,218 shares, compared to its average volume of 596,263. Westlake Chemical has a one year low of $60.84 and a one year high of $106.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.34 and a current ratio of 2.99. The stock has a market cap of $11.99 billion, a PE ratio of 12.94, a P/E/G ratio of 0.14 and a beta of 1.47. The firm’s 50 day moving average price is $84.86 and its two-hundred day moving average price is $91.23.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings results on Tuesday, August 3rd. The specialty chemicals company reported $4.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.80 by $0.24. Westlake Chemical had a return on equity of 14.11% and a net margin of 10.29%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the previous year, the business earned $0.11 EPS. The business’s quarterly revenue was up 67.3% on a year-over-year basis. On average, research analysts expect that Westlake Chemical will post 12.28 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 8th. Stockholders of record on Tuesday, August 24th were paid a $0.2975 dividend. This is a boost from Westlake Chemical’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Monday, August 23rd. This represents a $1.19 annualized dividend and a dividend yield of 1.27%. Westlake Chemical’s dividend payout ratio is presently 51.97%.
About Westlake Chemical
Westlake Chemical Corp. manufactures and markets petrochemicals, polymers and fabricated building products. It operates through the following segments: Olefins and Vinyls. The Olefins segment manufactures ethylene, polyethylene and styrene and associated co-products at the manufacturing facility in Lake Charles and polyethylene at the Longview facility.
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