Westlake Chemical Shares Gap Up After Dividend Announcement (WLK)
Westlake Chemical (NYSE:WLK)’s share price gapped up before the market opened on Monday following a dividend announcement from the company, Stock Ratings Network.com reports. The stock had previously closed at $93.13, but opened at $93.56. Westlake Chemical shares last traded at $94.83, with a volume of 165,339 shares trading hands.
The newly announced dividend is scheduled for Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 0.71%.
A number of research firms have recently commented on WLK. Analysts at SunTrust upgraded shares of Westlake Chemical from a “reduce” rating to a “neutral” rating in a research note on Monday, August 18th. Separately, analysts at Cowen and Company raised their price target on shares of Westlake Chemical from $75.00 to $100.00 in a research note on Friday, August 8th. They now have an “outperform” rating on the stock. Finally, analysts at Zacks upgraded shares of Westlake Chemical from a “neutral” rating to an “outperform” rating in a research note on Wednesday, August 6th. They now have a $92.20 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Westlake Chemical presently has an average rating of “Buy” and a consensus target price of $90.44.
The stock has a 50-day moving average of $88.20 and a 200-day moving average of $75.81. The company has a market cap of $12.666 billion and a price-to-earnings ratio of 18.81.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.26 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.44 by $0.18. The company had revenue of $998.60 million for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the company posted $2.17 earnings per share. Westlake Chemical’s revenue was up 6.3% compared to the same quarter last year. On average, analysts predict that Westlake Chemical will post $5.49 earnings per share for the current fiscal year.
Westlake Chemical Corporation, is a vertically integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products.
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