$2.12 Billion in Sales Expected for Westlake Chemical Co. (NYSE:WLK) This Quarter

Analysts expect that Westlake Chemical Co. (NYSE:WLK) will post $2.12 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Westlake Chemical’s earnings. The lowest sales estimate is $2.09 billion and the highest is $2.14 billion. Westlake Chemical reported sales of $2.24 billion during the same quarter last year, which would suggest a negative year over year growth rate of 5.4%. The business is expected to announce its next earnings report before the market opens on Tuesday, August 6th.

According to Zacks, analysts expect that Westlake Chemical will report full-year sales of $8.42 billion for the current financial year, with estimates ranging from $8.30 billion to $8.57 billion. For the next financial year, analysts expect that the company will post sales of $9.25 billion, with estimates ranging from $8.99 billion to $9.61 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Westlake Chemical.

Westlake Chemical (NYSE:WLK) last posted its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.38 by ($0.44). The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Westlake Chemical had a net margin of 9.18% and a return on equity of 14.57%. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.20 earnings per share.

Several equities analysts have issued reports on the stock. Nomura decreased their price objective on shares of Westlake Chemical from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, July 2nd. Barclays reaffirmed a “sell” rating on shares of RenaissanceRe in a report on Tuesday, July 2nd. Alembic Global Advisors set a $63.00 price objective on shares of Dow Chemical and gave the company a “buy” rating in a report on Thursday, May 2nd. Royal Bank of Canada raised their price target on shares of NVIDIA to $200.00 and gave the stock an “outperform” rating in a research note on Monday, May 13th. Finally, Cowen reissued a “buy” rating and issued a $6.50 price target on shares of Daseke in a research note on Monday, May 6th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $82.52.

Large investors have recently bought and sold shares of the company. Vanguard Group Inc boosted its holdings in shares of Westlake Chemical by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 5,269,764 shares of the specialty chemicals company’s stock valued at $437,970,000 after acquiring an additional 112,200 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Westlake Chemical by 18.1% during the 4th quarter. Advisors Asset Management Inc. now owns 41,699 shares of the specialty chemicals company’s stock valued at $2,759,000 after acquiring an additional 6,379 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Westlake Chemical by 1,839.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,901 shares of the specialty chemicals company’s stock valued at $721,000 after acquiring an additional 10,339 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Westlake Chemical by 18.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,376 shares of the specialty chemicals company’s stock valued at $2,606,000 after acquiring an additional 6,021 shares in the last quarter. Finally, Advisor Group Inc. boosted its holdings in shares of Westlake Chemical by 227.0% during the 4th quarter. Advisor Group Inc. now owns 3,165 shares of the specialty chemicals company’s stock valued at $210,000 after acquiring an additional 2,197 shares in the last quarter. 28.21% of the stock is currently owned by hedge funds and other institutional investors.

WLK traded up $1.75 during midday trading on Friday, hitting $68.85. 703,394 shares of the company traded hands, compared to its average volume of 956,819. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.14 and a quick ratio of 1.31. The stock has a market cap of $8.78 billion, a P/E ratio of 8.82, a price-to-earnings-growth ratio of 2.03 and a beta of 1.59. Westlake Chemical has a 52-week low of $57.20 and a 52-week high of $109.87. The stock’s 50 day moving average price is $64.63.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Wednesday, May 29th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.45%. The ex-dividend date was Tuesday, May 28th. Westlake Chemical’s dividend payout ratio is currently 12.80%.

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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