Westlake Chemical (WLK) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Westlake Chemical (NYSE:WLK) released its quarterly earnings data on Tuesday. The specialty chemicals company reported $1.62 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.07), Morningstar.com reports. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Westlake Chemical had a net margin of 7.74% and a return on equity of 15.59%. The firm’s revenue was up 15.9% on a year-over-year basis. During the same period last year, the company earned $0.87 earnings per share.

Shares of Westlake Chemical (WLK) opened at $106.76 on Tuesday. Westlake Chemical has a twelve month low of $59.58 and a twelve month high of $115.19. The stock has a market cap of $13,783.51, a price-to-earnings ratio of 21.40, a P/E/G ratio of 1.23 and a beta of 1.62. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74.

The company also recently declared a dividend, which will be paid on Tuesday, March 13th. Investors of record on Tuesday, February 27th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, February 26th. Westlake Chemical’s dividend payout ratio (DPR) is presently 18.26%.

In other Westlake Chemical news, CFO Mark Steven Bender sold 6,500 shares of the company’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $97.83, for a total transaction of $635,895.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Albert Chao sold 45,000 shares of the company’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $94.76, for a total transaction of $4,264,200.00. Following the transaction, the chief executive officer now owns 299,018 shares of the company’s stock, valued at $28,334,945.68. The disclosure for this sale can be found here. Insiders have sold 182,262 shares of company stock worth $17,288,475 over the last three months. 72.50% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its position in Westlake Chemical by 7.5% during the fourth quarter. BlackRock Inc. now owns 1,555,400 shares of the specialty chemicals company’s stock worth $165,696,000 after acquiring an additional 108,434 shares during the period. Goldman Sachs Group Inc. raised its position in Westlake Chemical by 4.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,476,810 shares of the specialty chemicals company’s stock worth $157,324,000 after acquiring an additional 58,230 shares during the period. Bank of New York Mellon Corp raised its position in Westlake Chemical by 14.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,074,502 shares of the specialty chemicals company’s stock worth $114,466,000 after acquiring an additional 139,565 shares during the period. Royce & Associates LP raised its position in shares of Westlake Chemical by 1.1% in the third quarter. Royce & Associates LP now owns 748,884 shares of the specialty chemicals company’s stock valued at $62,225,000 after buying an additional 8,184 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Westlake Chemical by 6.5% in the third quarter. Ameriprise Financial Inc. now owns 708,449 shares of the specialty chemicals company’s stock valued at $58,874,000 after buying an additional 43,282 shares during the last quarter. Institutional investors own 32.76% of the company’s stock.

Several analysts have recently commented on the stock. ValuEngine raised shares of Westlake Chemical from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Alembic Global Advisors reaffirmed a “buy” rating on shares of Westlake Chemical in a report on Friday, November 24th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $114.00 price objective (up from $103.00) on shares of Westlake Chemical in a report on Thursday, November 9th. SunTrust Banks reaffirmed a “buy” rating and issued a $102.00 price objective (up from $93.00) on shares of Westlake Chemical in a report on Friday, November 17th. Finally, Bank of America downgraded shares of Westlake Chemical from a “neutral” rating to an “underperform” rating and set a $105.00 price objective on the stock. in a report on Tuesday, January 16th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical has a consensus rating of “Buy” and a consensus price target of $104.00.

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Westlake Chemical Company Profile

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.

Earnings History for Westlake Chemical (NYSE:WLK)

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