Analysts at Tudor Pickering assumed coverage on shares of Westlake Chemical Corp. (NYSE:WLK) in a report issued on Thursday. The brokerage set a “hold” rating and a $53.00 price target on the stock. Tudor Pickering’s price target would suggest a potential upside of 1.24% from the company’s previous close.
Other analysts also recently issued reports about the company. TheStreet upgraded Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, August 23rd. Vetr upgraded Westlake Chemical Corp. from a “hold” rating to a “buy” rating and set a $54.51 target price on the stock in a research report on Tuesday, August 23rd. SunTrust Banks Inc. raised Westlake Chemical Corp. from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $52.00 in a report on Wednesday, June 15th. Nomura set a $53.00 price target on Westlake Chemical Corp. and gave the stock a “hold” rating in a report on Monday, August 1st. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and issued a $51.00 price target on shares of Westlake Chemical Corp. in a report on Friday, September 30th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $56.40.
Westlake Chemical Corp. (NYSE:WLK) opened at 52.35 on Thursday. The company’s 50-day moving average price is $51.76 and its 200-day moving average price is $47.42. Westlake Chemical Corp. has a one year low of $39.48 and a one year high of $63.56. The stock has a market capitalization of $6.74 billion, a PE ratio of 13.06 and a beta of 1.88.
Westlake Chemical Corp. (NYSE:WLK) last posted its earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $0.96 by $0.11. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Westlake Chemical Corp. had a return on equity of 15.42% and a net margin of 12.48%. The firm’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.41 earnings per share. Equities research analysts predict that Westlake Chemical Corp. will post $3.69 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Friday, September 2nd were paid a $0.1906 dividend. This is a positive change from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend was Wednesday, August 31st. Westlake Chemical Corp.’s dividend payout ratio is presently 18.91%.
In related news, VP George J. Mangieri sold 30,714 shares of the company’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.00, for a total value of $1,597,128.00. Following the completion of the transaction, the vice president now directly owns 54,609 shares in the company, valued at $2,839,668. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 71.70% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of WLK. CIBC Asset Management Inc increased its stake in Westlake Chemical Corp. by 0.7% in the second quarter. CIBC Asset Management Inc now owns 5,510 shares of the company’s stock worth $236,000 after buying an additional 38 shares during the period. Menta Capital LLC increased its stake in Westlake Chemical Corp. by 1.9% in the first quarter. Menta Capital LLC now owns 16,080 shares of the company’s stock worth $745,000 after buying an additional 300 shares during the period. Algert Global LLC increased its stake in Westlake Chemical Corp. by 2.3% in the second quarter. Algert Global LLC now owns 23,541 shares of the company’s stock worth $1,010,000 after buying an additional 521 shares during the period. M&T Bank Corp increased its stake in Westlake Chemical Corp. by 10.3% in the first quarter. M&T Bank Corp now owns 6,178 shares of the company’s stock worth $286,000 after buying an additional 576 shares during the period. Finally, TrimTabs Asset Management LLC increased its stake in Westlake Chemical Corp. by 2.0% in the second quarter. TrimTabs Asset Management LLC now owns 30,284 shares of the company’s stock worth $1,300,000 after buying an additional 590 shares during the period. 30.29% of the stock is owned by hedge funds and other institutional investors.
Westlake Chemical Corp. Company Profile