Westlake Chemical (NYSE:WLK) Upgraded by ValuEngine to “Sell”

ValuEngine upgraded shares of Westlake Chemical (NYSE:WLK) from a strong sell rating to a sell rating in a research report released on Monday morning, ValuEngine reports.

A number of other equities research analysts have also recently weighed in on WLK. Alembic Global Advisors set a $63.00 price target on Dow Chemical and gave the company a buy rating in a research note on Thursday, May 2nd. Cowen restated a buy rating and issued a $6.50 price target on shares of Daseke in a research note on Monday, May 6th. UBS Group set a $54.00 price target on Westlake Chemical and gave the company a sell rating in a research note on Tuesday, July 2nd. Macquarie set a $74.00 price target on Westlake Chemical and gave the company a hold rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research upgraded Zymeworks from a hold rating to a buy rating and set a $19.00 price target on the stock in a research note on Saturday, April 27th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $82.52.

Shares of Westlake Chemical stock opened at $67.10 on Monday. Westlake Chemical has a 12-month low of $57.20 and a 12-month high of $109.87. The company has a market cap of $8.68 billion, a PE ratio of 8.59, a P/E/G ratio of 2.08 and a beta of 1.59. The company has a current ratio of 2.14, a quick ratio of 1.31 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average is $64.47.

Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.44). Westlake Chemical had a return on equity of 14.57% and a net margin of 9.18%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the company earned $2.20 EPS. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Analysts forecast that Westlake Chemical will post 4.54 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Wednesday, May 29th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Tuesday, May 28th. Westlake Chemical’s dividend payout ratio is 12.80%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nomura Asset Management Co. Ltd. grew its holdings in Westlake Chemical by 3.6% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 5,698 shares of the specialty chemicals company’s stock valued at $387,000 after buying an additional 198 shares in the last quarter. California State Teachers Retirement System grew its holdings in Westlake Chemical by 0.4% in the 1st quarter. California State Teachers Retirement System now owns 58,924 shares of the specialty chemicals company’s stock valued at $3,999,000 after buying an additional 225 shares in the last quarter. FIL Ltd grew its holdings in Westlake Chemical by 0.8% in the 1st quarter. FIL Ltd now owns 38,720 shares of the specialty chemicals company’s stock valued at $2,628,000 after buying an additional 321 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Westlake Chemical in the 1st quarter valued at $25,000. Finally, Icon Wealth Partners LLC acquired a new position in Westlake Chemical in the 1st quarter valued at $37,000. 28.21% of the stock is currently owned by hedge funds and other institutional investors.

About Westlake Chemical

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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Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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