Weekly Research Analysts’ Ratings Updates for Westlake Chemical (WLK)

Westlake Chemical (NYSE: WLK) has recently received a number of price target changes and ratings updates:

  • 11/7/2019 – Westlake Chemical had its price target raised by analysts at BMO Capital Markets from $71.00 to $76.00. They now have a “market perform” rating on the stock.
  • 11/7/2019 – Westlake Chemical had its price target raised by analysts at Wells Fargo & Co from $70.00 to $80.00. They now have a “market perform” rating on the stock.
  • 11/7/2019 – Westlake Chemical was downgraded by analysts at SunTrust Banks, Inc. from a “buy” rating to a “hold” rating. They now have a $75.00 price target on the stock.
  • 11/5/2019 – Westlake Chemical was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 11/1/2019 – Westlake Chemical was downgraded by analysts at Tudor Pickering from a “hold” rating to a “sell” rating.
  • 10/15/2019 – Westlake Chemical is now covered by analysts at Wells Fargo & Co. They set a “market perform” rating and a $70.00 price target on the stock.
  • 10/9/2019 – Westlake Chemical was downgraded by analysts at Citigroup Inc from a “buy” rating to a “neutral” rating. They now have a $61.00 price target on the stock, down previously from $79.00.
  • 10/3/2019 – Westlake Chemical had its price target lowered by analysts at Barclays PLC from $71.00 to $65.00. They now have an “equal weight” rating on the stock.
  • 9/18/2019 – Westlake Chemical had its price target lowered by analysts at Nomura from $53.00 to $51.00. They now have a “reduce” rating on the stock.

Westlake Chemical stock opened at $72.54 on Friday. Westlake Chemical Co. has a 1 year low of $55.82 and a 1 year high of $81.04. The firm has a 50 day moving average price of $64.87 and a 200 day moving average price of $64.17. The company has a market cap of $9.13 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 3.05 and a beta of 1.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.08 and a current ratio of 2.81.

Westlake Chemical (NYSE:WLK) last released its quarterly earnings data on Tuesday, November 5th. The specialty chemicals company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.22. Westlake Chemical had a net margin of 5.74% and a return on equity of 8.52%. The company had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the firm earned $2.35 earnings per share. Westlake Chemical’s revenue for the quarter was down 8.4% on a year-over-year basis. Sell-side analysts predict that Westlake Chemical Co. will post 3.77 EPS for the current year.

In other Westlake Chemical news, CAO George J. Mangieri sold 1,583 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $75.05, for a total transaction of $118,804.15. Following the completion of the sale, the chief accounting officer now directly owns 1,582 shares in the company, valued at $118,729.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 72.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Westlake Chemical by 1.7% during the second quarter. Vanguard Group Inc. now owns 4,699,524 shares of the specialty chemicals company’s stock worth $326,429,000 after buying an additional 77,773 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Westlake Chemical by 13,447.9% during the second 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 buying an additional 2,155,695 shares during the period. Victory Capital Management Inc. grew its stake 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 buying an additional 1,934,165 shares during the period. Maverick Capital Ltd. purchased a new stake in Westlake Chemical during the second quarter worth approximately $88,875,000. Finally, Janus Henderson Group PLC grew its stake in Westlake Chemical by 1,916.5% during the second quarter. Janus Henderson Group PLC now owns 661,881 shares of the specialty chemicals company’s stock worth $45,974,000 after buying an additional 629,057 shares during the period. Institutional investors own 30.40% of the company’s stock.

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.

Read More: What Does a Sell-Side Analyst Rating Mean?

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