Westlake Chemical Cut to “Neutral” at Zacks (WLK)
Westlake Chemical (NYSE:WLK) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued on Thursday. They currently have a $100.20 price objective on the stock. Zacks‘s target price would indicate a potential upside of 2.45% from the company’s current price.
A number of other analysts have also recently weighed in 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 Susquehanna raised their price target on shares of Westlake Chemical from $95.00 to $100.00 in a research note on Wednesday, August 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $92.04.
Shares of Westlake Chemical (NYSE:WLK) traded down 0.14% during mid-day trading on Thursday, hitting $97.66. 171,635 shares of the company’s stock traded hands. Westlake Chemical has a one year low of $50.57 and a one year high of $98.44. The stock’s 50-day moving average is $90.50 and its 200-day moving average is $77.76. The company has a market cap of $13.036 billion and a price-to-earnings ratio of 19.66.
Westlake Chemical (NYSE:WLK) last released its earnings data 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. Analysts expect that Westlake Chemical will post $5.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Shareholders of record on Friday, September 5th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Wednesday, September 3rd. This is a positive change from Westlake Chemical’s previous quarterly dividend of $0.13.
In other Westlake Chemical news, Director James Chao unloaded 42,379 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $93.57, for a total value of $3,965,403.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Westlake Chemical Corporation, is a vertically integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products.
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