Westlake Chemical (NYSE:WLK) has been given a $94.00 price objective by equities research analysts at BMO Capital Markets in a research note issued on Thursday. The brokerage currently has a “hold” rating on the specialty chemicals company’s stock. BMO Capital Markets’ target price suggests a potential upside of 23.85% from the stock’s current price.
Several other research firms also recently commented on WLK. Zacks Investment Research raised Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. Royal Bank of Canada reaffirmed a “hold” rating and set a $108.00 price objective on shares of Westlake Chemical in a research note on Monday, August 6th. Nomura downgraded Westlake Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $120.00 to $108.00 in a research note on Wednesday, July 11th. Citigroup reduced their price objective on Westlake Chemical from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Wednesday, July 11th. Finally, Barclays initiated coverage on Westlake Chemical in a research note on Monday, October 8th. They set an “overweight” rating and a $100.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. Westlake Chemical currently has an average rating of “Hold” and a consensus target price of $112.12.
Shares of NYSE WLK opened at $75.90 on Thursday. The stock has a market capitalization of $10.32 billion, a P/E ratio of 9.19, a PEG ratio of 0.71 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 2.31 and a debt-to-equity ratio of 0.44. Westlake Chemical has a 52-week low of $68.40 and a 52-week high of $124.29.
Westlake Chemical (NYSE:WLK) last announced its earnings results on Tuesday, November 6th. The specialty chemicals company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.11. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Westlake Chemical had a return on equity of 19.75% and a net margin of 19.36%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.61 EPS. As a group, research analysts forecast that Westlake Chemical will post 8.66 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the company. LS Investment Advisors LLC purchased a new position in shares of Westlake Chemical during the 2nd quarter worth approximately $116,000. Flagship Harbor Advisors LLC purchased a new position in shares of Westlake Chemical during the 2nd quarter worth approximately $130,000. Daiwa Securities Group Inc. purchased a new position in shares of Westlake Chemical during the 2nd quarter worth approximately $157,000. Twin Tree Management LP purchased a new position in shares of Westlake Chemical during the 3rd quarter worth approximately $181,000. Finally, Korea Investment CORP purchased a new position in shares of Westlake Chemical during the 2nd quarter worth approximately $194,000. 30.35% of the stock is owned by institutional investors and hedge funds.
Westlake Chemical Company Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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