Wells Fargo & Co Lowers Westlake Chemical (NYSE:WLK) Price Target to $75.00

Westlake Chemical (NYSE:WLK) had its price target cut by stock analysts at Wells Fargo & Co from $80.00 to $75.00 in a report released on Wednesday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Co‘s target price would indicate a potential upside of 6.81% from the company’s previous close.

A number of other research firms have also commented on WLK. Tudor Pickering lowered Westlake Chemical from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Barclays dropped their price target on Westlake Chemical from $71.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Bank of America raised their price target on Westlake Chemical from $65.00 to $66.00 and gave the stock an “underperform” rating in a research report on Friday, December 20th. Nomura dropped their price target on Westlake Chemical from $53.00 to $51.00 and set a “reduce” rating on the stock in a research report on Wednesday, September 18th. Finally, SunTrust Banks lowered Westlake Chemical from a “buy” rating to a “hold” rating and set a $75.00 target price on the stock. in a research report on Thursday, November 7th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Westlake Chemical currently has an average rating of “Hold” and a consensus price target of $70.39.

NYSE WLK opened at $70.22 on Wednesday. The firm has a market cap of $8.69 billion, a P/E ratio of 8.99, a P/E/G ratio of 2.53 and a beta of 1.68. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.81 and a quick ratio of 2.08. The stock’s 50-day moving average is $69.08 and its 200-day moving average is $66.01. Westlake Chemical has a one year low of $55.82 and a one year high of $81.04.

Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.25 EPS for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.22. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.16 billion. Westlake Chemical had a return on equity of 8.52% and a net margin of 5.74%. Westlake Chemical’s revenue was down 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.35 earnings per share. Equities analysts anticipate that Westlake Chemical will post 3.85 EPS for the current year.

In other Westlake Chemical news, CAO George J. Mangieri sold 1,583 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $75.05, for a total value of $118,804.15. Following the completion of the transaction, the chief accounting officer now directly owns 1,582 shares in the company, valued at $118,729.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 72.60% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Westlake Chemical by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 4,699,524 shares of the specialty chemicals company’s stock worth $326,429,000 after acquiring an additional 77,773 shares during the period. Maverick Capital Ltd. boosted its stake in shares of Westlake Chemical by 155.0% during the 3rd quarter. Maverick Capital Ltd. now owns 3,262,432 shares of the specialty chemicals company’s stock worth $213,755,000 after acquiring an additional 1,982,920 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Westlake Chemical by 13,447.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,171,725 shares of the specialty chemicals company’s stock worth $150,848,000 after acquiring an additional 2,155,695 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Westlake Chemical by 5,430.6% during the 2nd quarter. Victory Capital Management Inc. now owns 1,969,781 shares of the specialty chemicals company’s stock worth $136,820,000 after acquiring an additional 1,934,165 shares during the period. Finally, State Street Corp boosted its stake in shares of Westlake Chemical by 0.7% during the 3rd quarter. State Street Corp now owns 930,419 shares of the specialty chemicals company’s stock worth $60,961,000 after acquiring an additional 6,459 shares during the period. Institutional investors own 30.50% of the company’s stock.

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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Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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