Westlake Chemical (WLK) Given “Hold” Rating at Royal Bank of Canada

Royal Bank of Canada restated their hold rating on shares of Westlake Chemical (NYSE:WLK) in a research report released on Monday, August 6th. The firm currently has a $108.00 target price on the specialty chemicals company’s stock.

Several other analysts have also commented on WLK. JPMorgan Chase & Co. lowered shares of Westlake Chemical from an overweight rating to a neutral rating and set a $110.00 price target on the stock. in a research report on Monday, April 9th. Cowen lifted their target price on shares of Westlake Chemical from $122.00 to $124.00 and gave the company an outperform rating in a research report on Friday, May 11th. ValuEngine upgraded shares of Westlake Chemical from a hold rating to a buy rating in a research report on Saturday, May 12th. MED reiterated a buy rating and issued a $130.00 target price on shares of Westlake Chemical in a research report on Thursday, May 17th. Finally, Sanford C. Bernstein assumed coverage on shares of Westlake Chemical in a research report on Wednesday, June 20th. They issued an outperform rating and a $150.00 target price on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $116.82.

Shares of NYSE:WLK traded down $0.21 during midday trading on Monday, reaching $94.57. The company’s stock had a trading volume of 683,400 shares, compared to its average volume of 816,030. The firm has a market capitalization of $12.71 billion, a P/E ratio of 17.23, a PEG ratio of 0.84 and a beta of 1.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.27 and a quick ratio of 1.51. Westlake Chemical has a twelve month low of $73.68 and a twelve month high of $124.29.

Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $2.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.52 by ($0.30). The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.19 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 EPS. equities analysts anticipate that Westlake Chemical will post 8.91 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Tuesday, August 28th will be paid a $0.25 dividend. This is an increase from Westlake Chemical’s previous quarterly dividend of $0.21. This represents a $1.00 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Monday, August 27th. Westlake Chemical’s dividend payout ratio (DPR) is currently 18.28%.

Hedge funds have recently modified their holdings of the business. Advisors Preferred LLC purchased a new position in Westlake Chemical during the first quarter worth about $101,000. LS Investment Advisors LLC purchased a new position in Westlake Chemical during the second quarter worth about $116,000. Flagship Harbor Advisors LLC purchased a new position in Westlake Chemical during the second quarter worth about $130,000. C M Bidwell & Associates Ltd. purchased a new position in Westlake Chemical during the first quarter worth about $142,000. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Westlake Chemical in the 2nd quarter valued at approximately $157,000. 31.50% of the stock is currently owned by institutional investors.

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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