Westlake (NYSE:WLK) Stock Price Expected to Rise, Truist Financial Analyst Says

Westlake (NYSE:WLK) had its target price boosted by equities researchers at Truist Financial from $117.00 to $127.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s price objective points to a potential upside of 10.42% from the company’s current price.

WLK has been the topic of several other reports. KeyCorp reaffirmed a “sector weight” rating on shares of Westlake in a report on Tuesday, December 16th. Weiss Ratings restated a “sell (d)” rating on shares of Westlake in a research report on Wednesday, January 21st. Mizuho upped their price target on shares of Westlake from $97.00 to $110.00 and gave the company a “neutral” rating in a report on Monday. UBS Group increased their price target on Westlake from $129.00 to $139.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Finally, Morgan Stanley set a $80.00 price objective on Westlake in a research note on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Westlake currently has a consensus rating of “Hold” and an average price target of $102.20.

Westlake Stock Performance

Shares of Westlake stock traded up $0.80 on Thursday, reaching $115.02. 53,893 shares of the stock were exchanged, compared to its average volume of 1,389,151. The business has a 50 day moving average price of $98.39 and a two-hundred day moving average price of $82.69. The firm has a market capitalization of $14.71 billion, a price-to-earnings ratio of -9.83 and a beta of 0.83. Westlake has a twelve month low of $56.33 and a twelve month high of $116.46. The company has a quick ratio of 1.65, a current ratio of 2.24 and a debt-to-equity ratio of 0.55.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, February 24th. The specialty chemicals company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $1.22. Westlake had a negative net margin of 13.50% and a negative return on equity of 1.22%. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the prior year, the company earned $0.06 EPS. Westlake’s quarterly revenue was down 10.9% on a year-over-year basis. Analysts anticipate that Westlake will post 6.48 earnings per share for the current fiscal year.

Insider Transactions at Westlake

In related news, CFO Mark Steven Bender sold 17,409 shares of Westlake stock in a transaction on Friday, February 27th. The shares were sold at an average price of $100.92, for a total value of $1,756,916.28. Following the sale, the chief financial officer owned 44,433 shares of the company’s stock, valued at approximately $4,484,178.36. This trade represents a 28.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Westlake

Large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Westlake in the third quarter valued at about $28,000. Quarry LP purchased a new stake in shares of Westlake during the fourth quarter worth about $31,000. Fifth Third Bancorp raised its position in shares of Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new position in Westlake in the 3rd quarter valued at about $53,000. Finally, Hantz Financial Services Inc. lifted its stake in Westlake by 180.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock valued at $57,000 after buying an additional 476 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.