Westlake Chemical Corporation (WLK) Receives $63.57 Average PT from Brokerages

Westlake Chemical Corporation (NYSE:WLK) has earned an average rating of “Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $67.43.

Several research firms have commented on WLK. Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a research report on Wednesday. SunTrust Banks, Inc. restated a “buy” rating and set a $86.00 price objective on shares of Westlake Chemical Corporation in a report on Wednesday. Cowen and Company upped their price objective on shares of Westlake Chemical Corporation from $70.00 to $78.00 and gave the company an “outperform” rating in a report on Tuesday, August 22nd. BidaskClub upgraded shares of Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Finally, Zacks Investment Research downgraded shares of Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th.

Shares of Westlake Chemical Corporation (NYSE:WLK) traded down 0.52% during mid-day trading on Tuesday, hitting $76.58. 812,908 shares of the stock were exchanged. The stock’s 50 day moving average is $72.12 and its 200-day moving average is $66.47. The stock has a market cap of $9.88 billion, a PE ratio of 21.88 and a beta of 1.62. Westlake Chemical Corporation has a 12 month low of $48.13 and a 12 month high of $79.13.

Westlake Chemical Corporation (NYSE:WLK) last released its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2 billion. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company’s quarterly revenue was up 82.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 earnings per share. On average, analysts anticipate that Westlake Chemical Corporation will post $4.68 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 18th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.21 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 1.10%. This is an increase from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. Westlake Chemical Corporation’s dividend payout ratio is 24.00%.

In related news, VP Mark Steven Bender sold 13,794 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the transaction, the vice president now owns 44,449 shares in the company, valued at approximately $3,121,208.78. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 71.70% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Westlake Chemical Corporation by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 4,277,676 shares of the specialty chemicals company’s stock worth $283,225,000 after buying an additional 75,728 shares during the period. FMR LLC increased its holdings in Westlake Chemical Corporation by 15.0% in the 2nd quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock worth $185,981,000 after buying an additional 366,537 shares during the period. BlackRock Inc. increased its holdings in Westlake Chemical Corporation by 14,246.4% in the 1st quarter. BlackRock Inc. now owns 1,699,615 shares of the specialty chemicals company’s stock worth $112,260,000 after buying an additional 1,687,768 shares during the period. TIAA CREF Investment Management LLC increased its holdings in Westlake Chemical Corporation by 14.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock worth $103,990,000 after buying an additional 202,453 shares during the period. Finally, Janus Henderson Group PLC acquired a new position in Westlake Chemical Corporation in the 2nd quarter worth approximately $90,442,000. Institutional investors own 31.98% of the company’s stock.

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About Westlake Chemical Corporation

Westlake Chemical Corporation is a global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

Analyst Recommendations for Westlake Chemical Corporation (NYSE:WLK)

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