Westlake Chemical Corp. (WLK) Sees Strong Trading Volume
Shares of Westlake Chemical Corp. (NYSE:WLK) saw an uptick in trading volume on Tuesday . 1,052,419 shares were traded during mid-day trading, an increase of 2% from the previous session’s volume of 1,029,965 shares.The stock last traded at $51.94 and had previously closed at $50.64.
A number of brokerages recently issued reports on WLK. Nomura set a $53.00 price objective on shares of Westlake Chemical Corp. and gave the company a “hold” rating in a report on Monday, August 1st. Vetr lowered shares of Westlake Chemical Corp. from a “strong-buy” rating to a “buy” rating and set a $48.76 price objective for the company. in a report on Monday, July 11th. Cowen and Company reiterated an “outperform” rating and issued a $60.00 price objective (up previously from $53.00) on shares of Westlake Chemical Corp. in a report on Monday, June 13th. JPMorgan Chase & Co. raised their price objective on shares of Westlake Chemical Corp. from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, May 16th. Finally, TheStreet raised shares of Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Westlake Chemical Corp. has a consensus rating of “Buy” and a consensus price target of $58.25.
The company has a market cap of $6.62 billion and a price-to-earnings ratio of 12.83. The firm’s 50-day moving average is $46.55 and its 200 day moving average is $45.66.
Westlake Chemical Corp. (NYSE:WLK) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by $0.11. During the same period in the prior year, the firm earned $1.41 EPS. The business earned $1.09 billion during the quarter, compared to analysts’ expectations of $1.06 billion. The business’s revenue was down 8.3% on a year-over-year basis. On average, equities analysts anticipate that Westlake Chemical Corp. will post $3.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd will be given a $0.1906 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.76 annualized dividend and a yield of 1.50%. This is a boost from Westlake Chemical Corp.’s previous quarterly dividend of $0.18.
A number of hedge funds recently made changes to their positions in the stock. Airain ltd bought a new stake in shares of Westlake Chemical Corp. during the fourth quarter valued at $2,186,000. Trexquant Investment LP bought a new stake in shares of Westlake Chemical Corp. during the fourth quarter valued at $1,700,000. Principal Financial Group Inc. increased its stake in shares of Westlake Chemical Corp. by 32.6% in the fourth quarter. Principal Financial Group Inc. now owns 226,815 shares of the company’s stock valued at $12,320,000 after buying an additional 55,794 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Westlake Chemical Corp. by 103.5% in the fourth quarter. Wells Fargo & Company MN now owns 219,425 shares of the company’s stock valued at $11,919,000 after buying an additional 111,589 shares during the last quarter.
Westlake Chemical Corporation is a vertically integrated global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.
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