Westlake Chemical (NYSE:WLK) Price Target Cut to $51.00

Westlake Chemical (NYSE:WLK) had its price target trimmed by Nomura from $53.00 to $51.00 in a report published on Wednesday, BenzingaRatingsTable reports. The brokerage currently has a reduce rating on the specialty chemicals company’s stock.

A number of other equities analysts have also recently commented on the company. ValuEngine raised Westlake Chemical from a sell rating to a hold rating in a report on Wednesday, August 21st. Barclays cut Westlake Chemical from an overweight rating to an equal weight rating and reduced their target price for the company from $72.00 to $71.00 in a report on Tuesday, July 2nd. UBS Group set a $54.00 target price on Westlake Chemical and gave the company a sell rating in a report on Tuesday, July 2nd. Macquarie set a $74.00 target price on Westlake Chemical and gave the company a hold rating in a report on Tuesday, July 2nd. Finally, Bank of America cut Westlake Chemical from a buy rating to an underperform rating in a report on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $76.93.

NYSE WLK opened at $65.10 on Wednesday. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 2.66 and a beta of 1.62. Westlake Chemical has a twelve month low of $55.82 and a twelve month high of $87.65. The company has a current ratio of 2.07, a quick ratio of 1.33 and a debt-to-equity ratio of 0.47. The stock has a 50-day moving average of $61.52 and a 200 day moving average of $65.92.



Westlake Chemical (NYSE:WLK) last announced its earnings results on Tuesday, August 6th. The specialty chemicals company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.08. Westlake Chemical had a return on equity of 11.05% and a net margin of 7.39%. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the prior year, the firm earned $2.12 earnings per share. The business’s revenue was down 4.1% compared to the same quarter last year. Equities analysts predict that Westlake Chemical will post 3.75 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Tuesday, August 27th were given a $0.2625 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 1.61%. Westlake Chemical’s dividend payout ratio (DPR) is presently 13.44%.

Several hedge funds have recently bought and sold shares of WLK. Huntington National Bank purchased a new stake in shares of Westlake Chemical in the second quarter valued at approximately $25,000. CSat Investment Advisory L.P. purchased a new stake in shares of Westlake Chemical in the second quarter valued at approximately $25,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Westlake Chemical in the second quarter valued at approximately $28,000. Icon Wealth Partners LLC purchased a new stake in shares of Westlake Chemical in the first quarter valued at approximately $37,000. Finally, TCG Advisors LP purchased a new stake in shares of Westlake Chemical in the first quarter valued at approximately $39,000. Institutional investors and hedge funds own 30.65% of the company’s stock.

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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