Shares of Westlake Chemical Corporation (NYSE:WLK) have been given a consensus rating of “Buy” by the thirteen analysts that are covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $62.43.

Several equities research analysts have commented on WLK shares. Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a research report on Friday, August 4th. Cowen and Company reissued a “buy” rating and set a $70.00 price target on shares of Westlake Chemical Corporation in a research report on Friday, July 14th. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Friday, May 5th. Finally, Citigroup Inc. dropped their target price on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Friday, April 14th.

Westlake Chemical Corporation (WLK) traded up 0.26% during trading on Friday, reaching $69.34. 1,007,309 shares of the company’s stock traded hands. Westlake Chemical Corporation has a 12 month low of $47.55 and a 12 month high of $72.00. The firm has a 50 day moving average price of $68.53 and a 200-day moving average price of $65.05. The firm has a market cap of $8.95 billion, a PE ratio of 19.82 and a beta of 1.67.

Westlake Chemical Corporation (NYSE:WLK) last issued its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same period in the previous year, the firm posted $0.85 EPS. The company’s revenue for the quarter was up 82.2% on a year-over-year basis. On average, analysts forecast that Westlake Chemical Corporation will post $4.64 earnings per share for the current fiscal year.

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In other news, VP George J. Mangieri sold 6,578 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $62.21, for a total value of $409,217.38. Following the sale, the vice president now directly owns 6,577 shares of the company’s stock, valued at approximately $409,155.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 71.70% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of WLK. Strs Ohio bought a new position in shares of Westlake Chemical Corporation during the first quarter worth approximately $16,314,000. Private Advisor Group LLC bought a new position in shares of Westlake Chemical Corporation during the first quarter worth approximately $215,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Westlake Chemical Corporation during the first quarter worth approximately $273,000. Pacer Advisors Inc. raised its position in shares of Westlake Chemical Corporation by 11.7% in the first quarter. Pacer Advisors Inc. now owns 5,967 shares of the specialty chemicals company’s stock worth $394,000 after buying an additional 627 shares during the period. Finally, BlueCrest Capital Management Ltd bought a new position in shares of Westlake Chemical Corporation during the first quarter worth approximately $5,638,000. 29.86% of the stock is currently owned by institutional investors.

Westlake Chemical Corporation Company Profile

Westlake Chemical Corporation is a 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 consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

Analyst Recommendations for Westlake Chemical Corporation (NYSE:WLK)

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