Barclays Reiterates Buy Rating for Westlake Chemical (WLK)

Westlake Chemical (NYSE:WLK)‘s stock had its “buy” rating reissued by investment analysts at Barclays in a note issued to investors on Sunday, AnalystRatings.com reports. They presently have a $72.00 price objective on the specialty chemicals company’s stock. Barclays‘s target price points to a potential upside of 13.39% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Alembic Global Advisors set a $105.00 price target on shares of Westlake Chemical and gave the company a “buy” rating in a report on Thursday. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Susquehanna Bancshares reiterated a “neutral” rating and set a $75.00 price target (down from $88.00) on shares of Westlake Chemical in a report on Tuesday, February 26th. Cowen reiterated a “market perform” rating and set a $78.00 price target (down from $80.00) on shares of Westlake Chemical in a report on Monday, February 25th. Finally, Cascend Securities assumed coverage on shares of Westlake Chemical in a report on Friday, April 5th. They set a “buy” rating and a $94.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. Westlake Chemical currently has a consensus rating of “Hold” and an average target price of $99.56.

Shares of Westlake Chemical stock traded up $1.84 during trading hours on Friday, reaching $63.50. The company’s stock had a trading volume of 2,101,433 shares, compared to its average volume of 953,737. Westlake Chemical has a one year low of $59.78 and a one year high of $124.29. The company has a quick ratio of 1.55, a current ratio of 2.40 and a debt-to-equity ratio of 0.44. The company has a market cap of $8.17 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 0.74 and a beta of 1.44.

Westlake Chemical (NYSE:WLK) last issued its quarterly earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.94 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.44). The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.09 billion. Westlake Chemical had a net margin of 9.18% and a return on equity of 14.68%. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.20 earnings per share. As a group, sell-side analysts expect that Westlake Chemical will post 7.13 earnings per share 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 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 completion of 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 filing with the SEC, which is available through this link. 72.60% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Carillon Tower Advisers Inc. purchased a new stake in Westlake Chemical during the first quarter valued at approximately $9,042,000. Victory Capital Management Inc. lifted its position in Westlake Chemical by 11.9% during the first quarter. Victory Capital Management Inc. now owns 35,616 shares of the specialty chemicals company’s stock valued at $2,417,000 after acquiring an additional 3,790 shares during the last quarter. Shufro Rose & Co. LLC lifted its position in Westlake Chemical by 20.5% during the first quarter. Shufro Rose & Co. LLC now owns 12,050 shares of the specialty chemicals company’s stock valued at $818,000 after acquiring an additional 2,050 shares during the last quarter. Janus Henderson Group PLC increased its stake in Westlake Chemical by 8.0% during the 1st quarter. Janus Henderson Group PLC now owns 32,824 shares of the specialty chemicals company’s stock valued at $2,227,000 after purchasing an additional 2,443 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Westlake Chemical by 30.2% during the 1st quarter. SG Americas Securities LLC now owns 8,103 shares of the specialty chemicals company’s stock valued at $550,000 after purchasing an additional 1,878 shares in the last quarter. 28.16% of the stock is owned by 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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