Westlake Chemical Corporation (WLK) PT Raised to $61.00
Westlake Chemical Corporation (NYSE:WLK) had its price objective hoisted by research analysts at UBS AG from $56.00 to $61.00 in a research report issued on Friday. The brokerage presently has a “sell” rating on the specialty chemicals company’s stock. UBS AG’s price target would suggest a potential downside of 27.74% from the company’s current price.
WLK has been the subject of several other reports. Zacks Investment Research raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research report on Friday. Wells Fargo & Company reaffirmed a “positive” rating and issued a $94.00 target price (up from $77.00) on shares of Westlake Chemical Corporation in a research report on Wednesday, September 27th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $93.00 target price on shares of Westlake Chemical Corporation in a research report on Thursday, September 28th. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Instinet raised shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $81.20.
Shares of Westlake Chemical Corporation (NYSE WLK) opened at 84.42 on Friday. The company has a market capitalization of $10.89 billion, a P/E ratio of 24.13 and a beta of 1.63. Westlake Chemical Corporation has a 1-year low of $48.92 and a 1-year high of $85.86. The firm has a 50-day moving average of $80.79 and a 200 day moving average of $69.57.
Westlake Chemical Corporation (NYSE:WLK) last announced its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same quarter in the prior year, the company posted $0.85 EPS. The firm’s revenue for the quarter was up 82.2% compared to the same quarter last year. On average, equities research analysts expect that Westlake Chemical Corporation will post $4.85 earnings per share for the current year.
In related news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the completion of the transaction, the vice president now directly owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 71.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its position in Westlake Chemical Corporation by 162.8% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after acquiring an additional 1,410 shares during the period. Verity Asset Management Inc. purchased a new position in Westlake Chemical Corporation during the 2nd quarter valued at about $204,000. OppenheimerFunds Inc. purchased a new position in Westlake Chemical Corporation during the 1st quarter valued at about $205,000. Engineers Gate Manager LP purchased a new position in Westlake Chemical Corporation during the 2nd quarter valued at about $219,000. Finally, Private Advisor Group LLC lifted its position in Westlake Chemical Corporation by 3.1% during the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock valued at $229,000 after acquiring an additional 103 shares during the period. 31.97% of the stock is owned by institutional investors.
About Westlake Chemical Corporation
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.
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