Westlake Chemical (WLK) PT Lowered to $62.00 at Royal Bank of Canada

Westlake Chemical (NYSE:WLK) had its price objective trimmed by Royal Bank of Canada to $62.00 in a report published on Monday morning, The Fly reports. The firm currently has a sector perform rating on the specialty chemicals company’s stock.

Several other research firms also recently weighed in on WLK. Barclays reaffirmed a buy rating and issued a $72.00 price objective on shares of Westlake Chemical in a report on Sunday, May 5th. Cascend Securities assumed coverage on shares of Westlake Chemical in a report on Friday, April 5th. They issued a buy rating and a $94.00 price objective for the company. Alembic Global Advisors set a $105.00 price objective on shares of Westlake Chemical and gave the stock a buy rating in a report on Thursday, May 2nd. Susquehanna Bancshares reaffirmed a neutral rating and issued a $75.00 price objective (down previously from $88.00) on shares of Westlake Chemical in a report on Tuesday, February 26th. Finally, Nomura raised shares of Westlake Chemical from a reduce rating to a neutral rating and upped their price objective for the stock from $70.00 to $79.00 in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. Westlake Chemical presently has an average rating of Hold and a consensus price target of $94.88.

Westlake Chemical stock opened at $58.34 on Monday. The stock has a market cap of $7.84 billion, a PE ratio of 7.47, a PEG ratio of 1.31 and a beta of 1.44. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.14 and a quick ratio of 1.55. Westlake Chemical has a one year low of $57.39 and a one year high of $124.29.



Westlake Chemical (NYSE:WLK) last released 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 return on equity of 14.57% and a net margin of 9.18%. The firm’s revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.20 EPS. Equities research analysts predict that Westlake Chemical will post 5.69 EPS for the current year.

In other Westlake Chemical news, Director H John Riley, Jr. sold 3,327 shares of the company’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 72.60% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Board of Administration of Florida Retirement System lifted its holdings in Westlake Chemical by 0.3% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 51,617 shares of the specialty chemicals company’s stock valued at $3,415,000 after acquiring an additional 140 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Westlake Chemical by 3.6% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 5,698 shares of the specialty chemicals company’s stock valued at $387,000 after acquiring an additional 198 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Westlake Chemical by 0.4% in the 1st quarter. California State Teachers Retirement System now owns 58,924 shares of the specialty chemicals company’s stock valued at $3,999,000 after acquiring an additional 225 shares during the last quarter. Callahan Advisors LLC lifted its holdings in Westlake Chemical by 6.7% in the 4th quarter. Callahan Advisors LLC now owns 4,290 shares of the specialty chemicals company’s stock valued at $284,000 after acquiring an additional 270 shares during the last quarter. Finally, FIL Ltd lifted its holdings in Westlake Chemical by 0.8% in the 1st quarter. FIL Ltd now owns 38,720 shares of the specialty chemicals company’s stock valued at $2,628,000 after acquiring an additional 321 shares during the last quarter. 28.14% of the stock is owned by institutional investors.

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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