Westlake Chemical (NYSE:WLK) PT Lowered to $64.00 at Barclays

Westlake Chemical (NYSE:WLK) had its price target cut by Barclays from $75.00 to $64.00 in a report issued on Monday, BenzingaRatingsTable reports. They currently have an equal weight rating on the specialty chemicals company’s stock.

Other analysts have also recently issued reports about the company. ValuEngine cut Westlake Chemical from a buy rating to a hold rating in a report on Tuesday, February 4th. Royal Bank of Canada decreased their price objective on Westlake Chemical from $78.00 to $63.00 and set a sector perform rating on the stock in a report on Wednesday, February 19th. Bank of America upped their price objective on Westlake Chemical from $65.00 to $66.00 and gave the stock an underperform rating in a report on Friday, December 20th. Citigroup decreased their price objective on Westlake Chemical from $74.00 to $65.00 and set a neutral rating on the stock in a report on Wednesday, February 19th. Finally, Cfra cut Westlake Chemical from a buy rating to a hold rating and decreased their price objective for the stock from $80.00 to $64.00 in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $70.16.

Shares of WLK opened at $56.29 on Monday. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.70. Westlake Chemical has a 1 year low of $55.51 and a 1 year high of $78.08. The business’s 50 day simple moving average is $65.19 and its 200-day simple moving average is $65.39. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.21 and a quick ratio of 1.46.

Westlake Chemical (NYSE:WLK) last issued its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($0.50). The firm had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.93 billion. Westlake Chemical had a return on equity of 7.08% and a net margin of 5.19%. The firm’s revenue was down 5.6% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. On average, sell-side analysts expect that Westlake Chemical will post 3.26 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 25th will be given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, February 24th. Westlake Chemical’s dividend payout ratio is currently 32.21%.

In other news, CEO Albert Chao sold 51,592 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $62.42, for a total transaction of $3,220,372.64. Following the transaction, the chief executive officer now owns 421,448 shares of the company’s stock, valued at approximately $26,306,784.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 72.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ increased its position in shares of Westlake Chemical by 60.0% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 2,400 shares of the specialty chemicals company’s stock valued at $168,000 after purchasing an additional 900 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Westlake Chemical by 379.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,625 shares of the specialty chemicals company’s stock valued at $172,000 after acquiring an additional 2,078 shares during the last quarter. First Mercantile Trust Co. grew its position in Westlake Chemical by 31.8% in the 3rd quarter. First Mercantile Trust Co. now owns 2,849 shares of the specialty chemicals company’s stock valued at $186,000 after acquiring an additional 687 shares during the last quarter. Teza Capital Management LLC bought a new position in Westlake Chemical in the 4th quarter valued at $236,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Westlake Chemical in the 4th quarter valued at $236,000. 29.00% of the stock is currently owned by hedge funds and other institutional investors.

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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