Wells Fargo & Company Forecasts Strong Price Appreciation for Westlake (NYSE:WLK) Stock

Westlake (NYSE:WLK) had its target price boosted by analysts at Wells Fargo & Company from $110.00 to $125.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 6.91% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Mizuho raised their price objective on shares of Westlake from $97.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Citigroup increased their price target on Westlake from $124.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, March 12th. Morgan Stanley set a $80.00 price target on Westlake in a research report on Monday, December 15th. Bank of America reaffirmed a “neutral” rating and set a $119.00 price objective on shares of Westlake in a research note on Monday. Finally, UBS Group increased their target price on Westlake from $129.00 to $139.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $105.53.

Westlake Trading Down 2.1%

Westlake stock traded down $2.48 during mid-day trading on Monday, hitting $116.92. The stock had a trading volume of 186,741 shares, compared to its average volume of 1,375,904. The stock has a 50-day simple moving average of $102.54 and a two-hundred day simple moving average of $84.08. The company has a current ratio of 2.24, a quick ratio of 1.65 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $14.96 billion, a PE ratio of -9.98 and a beta of 0.75. Westlake has a 12 month low of $56.33 and a 12 month high of $120.00.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, February 24th. The specialty chemicals company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the company posted $0.06 EPS. The company’s revenue was down 10.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Westlake will post 6.48 EPS for the current year.

Insider Buying and Selling

In other Westlake news, CFO Mark Steven Bender sold 17,409 shares of Westlake stock in a transaction that occurred 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 transaction, the chief financial officer owned 44,433 shares of the company’s stock, valued at approximately $4,484,178.36. The trade was a 28.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Westlake

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

About Westlake

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.