Westlake Chemical (NYSE:WLK) Price Target Lowered to $82.00 at Barclays

Westlake Chemical (NYSE:WLK) had its price objective reduced by research analysts at Barclays from $90.00 to $82.00 in a research report issued to clients and investors on Thursday, March 21st, The Fly reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. Barclays‘s price objective would suggest a potential upside of 5.72% from the company’s current price. The analysts noted that the move was a valuation call.

Other equities analysts also recently issued reports about the stock. Cowen reaffirmed a “market perform” rating and set a $78.00 target price (down from $80.00) on shares of Westlake Chemical in a research note on Monday, February 25th. Nomura downgraded shares of Westlake Chemical from a “neutral” rating to a “reduce” rating and set a $72.00 target price on the stock. in a research note on Wednesday, January 30th. ValuEngine cut shares of Westlake Chemical from a “sell” rating to a “strong sell” rating in a research report on Monday, February 4th. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research report on Saturday, January 19th. Finally, Alembic Global Advisors reiterated a “buy” rating on shares of Westlake Chemical in a research report on Monday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $102.06.

Shares of NYSE WLK traded up $1.16 during trading on Thursday, hitting $77.56. The company had a trading volume of 846,300 shares, compared to its average volume of 971,524. Westlake Chemical has a fifty-two week low of $59.78 and a fifty-two week high of $124.29. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 9.93, a price-to-earnings-growth ratio of 0.87 and a beta of 1.44. The company has a quick ratio of 1.55, a current ratio of 2.40 and a debt-to-equity ratio of 0.44.

Westlake Chemical (NYSE:WLK) last announced its earnings results on Tuesday, February 19th. The specialty chemicals company reported $1.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($0.70). The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.10 billion. Westlake Chemical had a net margin of 11.53% and a return on equity of 17.83%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.62 EPS. Equities research analysts anticipate that Westlake Chemical will post 7.13 EPS for the current fiscal year.

In other Westlake Chemical news, Director H John Riley, Jr. sold 3,327 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $69.92, for a total transaction of $232,623.84. Following the completion of the transaction, the director now owns 22,652 shares in the company, valued at approximately $1,583,827.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 72.00% of the company’s stock.

Several large investors have recently modified their holdings of WLK. FMR LLC lifted its position in shares of Westlake Chemical by 15.0% during the 3rd quarter. FMR LLC now owns 8,481,032 shares of the specialty chemicals company’s stock worth $704,859,000 after buying an additional 1,108,088 shares during the last quarter. Norges Bank purchased a new stake in shares of Westlake Chemical during the 4th quarter worth approximately $32,294,000. Millennium Management LLC raised its position in Westlake Chemical by 102.6% in the 4th quarter. Millennium Management LLC now owns 834,024 shares of the specialty chemicals company’s stock valued at $55,187,000 after purchasing an additional 422,380 shares during the last quarter. Morgan Stanley raised its position in Westlake Chemical by 223.3% in the 3rd quarter. Morgan Stanley now owns 544,346 shares of the specialty chemicals company’s stock valued at $45,240,000 after purchasing an additional 375,952 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Westlake Chemical by 20.0% in the 3rd quarter. AQR Capital Management LLC now owns 1,853,189 shares of the specialty chemicals company’s stock valued at $154,018,000 after purchasing an additional 308,887 shares during the last quarter. Institutional investors and hedge funds own 28.00% of the company’s stock.

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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The Fly

Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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