Westlake Chemical Corp. (WLK) Research Coverage Started at Tudor Pickering
Several other research analysts also recently issued reports on the stock. TheStreet upgraded shares of Westlake Chemical Corp. from a hold rating to a buy rating in a research note on Tuesday, August 23rd. Vetr upgraded shares of Westlake Chemical Corp. from a hold rating to a strong-buy rating and set a $59.00 target price on the stock in a research note on Tuesday, September 6th. JPMorgan Chase & Co. upped their target price on shares of Westlake Chemical Corp. from $55.00 to $56.00 and gave the stock an overweight rating in a research note on Tuesday, August 16th. Nomura set a $53.00 target price on shares of Westlake Chemical Corp. and gave the stock a hold rating in a research note on Monday, August 1st. Finally, Cowen and Company boosted their price objective on shares of Westlake Chemical Corp. from $60.00 to $65.00 and gave the company an outperform rating in a report on Thursday, September 1st. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Westlake Chemical Corp. presently has an average rating of Buy and a consensus price target of $56.40.
Westlake Chemical Corp. (NYSE:WLK) opened at 52.86 on Thursday. Westlake Chemical Corp. has a 12-month low of $39.48 and a 12-month high of $63.56. The company has a 50-day moving average of $51.81 and a 200 day moving average of $47.48. The company has a market capitalization of $6.81 billion, a P/E ratio of 13.19 and a beta of 1.88.
Westlake Chemical Corp. (NYSE:WLK) last issued its earnings results on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by $0.11. The firm earned $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. Westlake Chemical Corp. had a return on equity of 15.42% and a net margin of 12.48%. The company’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.41 EPS. Equities research analysts forecast that Westlake Chemical Corp. will post $3.69 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd were issued a dividend of $0.1906 per share. This is a boost from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Wednesday, August 31st. Westlake Chemical Corp.’s dividend payout ratio is currently 18.91%.
In other Westlake Chemical Corp. news, VP George J. Mangieri sold 30,714 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $52.00, for a total transaction of $1,597,128.00. Following the completion of the sale, the vice president now directly owns 54,609 shares of the company’s stock, valued at $2,839,668. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 71.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Smith Graham & Co. Investment Advisors LP boosted its stake in shares of Westlake Chemical Corp. by 15.5% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 81,226 shares of the company’s stock worth $4,346,000 after buying an additional 10,930 shares during the period. MSI Financial Services Inc boosted its stake in shares of Westlake Chemical Corp. by 22.4% in the third quarter. MSI Financial Services Inc now owns 3,493 shares of the company’s stock worth $187,000 after buying an additional 640 shares during the period. Algert Global LLC boosted its stake in shares of Westlake Chemical Corp. by 3.5% in the third quarter. Algert Global LLC now owns 24,357 shares of the company’s stock worth $1,303,000 after buying an additional 816 shares during the period. Wolverine Asset Management LLC purchased a new stake in shares of Westlake Chemical Corp. during the second quarter worth about $1,073,000. Finally, Royal Bank of Canada boosted its stake in shares of Westlake Chemical Corp. by 2,427.8% in the second quarter. Royal Bank of Canada now owns 27,224 shares of the company’s stock worth $1,169,000 after buying an additional 26,147 shares during the period. 30.31% of the stock is owned by hedge funds and other institutional investors.
Westlake Chemical Corp. Company Profile
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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