BMO Capital Markets set a $75.00 price objective on Westlake Chemical (NYSE:WLK) in a report released on Friday morning, TipRanks reports. The brokerage currently has a hold rating on the specialty chemicals company’s stock.
Other research analysts also recently issued reports about the stock. Alembic Global Advisors set a $105.00 price objective on shares of Westlake Chemical and gave the company a buy rating in a research report on Thursday, May 2nd. Barclays reissued a buy rating and set a $72.00 price objective on shares of Westlake Chemical in a research report on Sunday. Susquehanna Bancshares reissued a neutral rating and set a $75.00 price objective (down from $88.00) on shares of Westlake Chemical in a research report on Tuesday, February 26th. Zacks Investment Research raised shares of Westlake Chemical from a sell rating to a hold rating in a research report on Saturday, April 27th. Finally, Cowen reaffirmed a market perform rating and issued a $78.00 target price (down from $80.00) on shares of Westlake Chemical in a research report on Monday, February 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. Westlake Chemical presently has an average rating of Hold and an average target price of $97.75.
Shares of Westlake Chemical stock opened at $61.99 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.55 and a debt-to-equity ratio of 0.44. The firm has a market cap of $8.17 billion, a price-to-earnings ratio of 7.94, a P/E/G ratio of 0.74 and a beta of 1.44. Westlake Chemical has a 12-month low of $59.78 and a 12-month high of $124.29.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.94 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.38 by ($0.44). The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Westlake Chemical had a net margin of 9.18% and a return on equity of 14.68%. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.20 earnings per share. On average, analysts forecast that Westlake Chemical will post 7.13 earnings per share for the current year.
In other news, Director H John Riley, Jr. sold 3,327 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $69.92, for a total value of $232,623.84. Following the sale, the director now directly owns 22,652 shares of the company’s stock, valued at approximately $1,583,827.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 72.60% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in WLK. State Board of Administration of Florida Retirement System boosted its stake in Westlake Chemical by 0.3% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 51,617 shares of the specialty chemicals company’s stock worth $3,415,000 after purchasing an additional 140 shares in the last quarter. Callahan Advisors LLC boosted its stake in Westlake Chemical by 6.7% in the 4th quarter. Callahan Advisors LLC now owns 4,290 shares of the specialty chemicals company’s stock worth $284,000 after purchasing an additional 270 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Westlake Chemical in the 1st quarter worth about $25,000. Nissay Asset Management Corp Japan ADV boosted its stake in Westlake Chemical by 12.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,206 shares of the specialty chemicals company’s stock worth $278,000 after purchasing an additional 472 shares in the last quarter. Finally, Penserra Capital Management LLC bought a new position in Westlake Chemical in the 4th quarter worth about $37,000. 28.16% of the stock is currently owned by hedge funds and other institutional investors.
Westlake Chemical Company Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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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