Westlake Chemical Corp. (WLK) Coverage Initiated at Tudor Pickering
Stock analysts at Tudor Pickering started coverage on shares of Westlake Chemical Corp. (NYSE:WLK) in a report released on Thursday, The Fly reports. The brokerage set a “hold” rating on the stock.
WLK has been the topic of a number of other reports. Vetr upgraded shares of Westlake Chemical Corp. from a “hold” rating to a “strong-buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, September 6th. Nomura set a $53.00 target price on shares of Westlake Chemical Corp. and gave the stock a “hold” rating in a research report on Monday, August 1st. RBC Capital Markets upgraded shares of Westlake Chemical Corp. from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $47.00 to $59.00 in a research report on Tuesday, August 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Westlake Chemical Corp. from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Finally, Cowen and Company lifted their price objective on shares of Westlake Chemical Corp. from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, September 1st. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $58.60.
Westlake Chemical Corp. (NYSE:WLK) traded down 0.93% during midday trading on Thursday, hitting $53.22. 450,560 shares of the stock were exchanged. Westlake Chemical Corp. has a one year low of $39.48 and a one year high of $63.56. The stock has a market cap of $6.85 billion, a P/E ratio of 13.28 and a beta of 1.88. The firm has a 50-day moving average price of $51.67 and a 200-day moving average price of $47.34.
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Westlake Chemical Corp. (NYSE:WLK) last announced its earnings results on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by $0.11. The business 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 business’s revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the business posted $1.41 earnings per share. On average, equities research analysts anticipate that Westlake Chemical Corp. will post $3.69 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd were issued a $0.1906 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.76 dividend on an annualized basis and a yield of 1.43%. This is an increase from Westlake Chemical Corp.’s previous quarterly dividend of $0.18. Westlake Chemical Corp.’s dividend payout ratio (DPR) is 18.91%.
In other news, VP George J. Mangieri sold 30,714 shares of Westlake Chemical Corp. stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.00, for a total transaction of $1,597,128.00. Following the completion of the transaction, the vice president now owns 54,609 shares of the company’s stock, valued at approximately $2,839,668. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 71.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new position in Westlake Chemical Corp. during the second quarter valued at about $36,154,000. AMP Capital Investors Ltd increased its position in Westlake Chemical Corp. by 13.3% in the first quarter. AMP Capital Investors Ltd now owns 148,144 shares of the company’s stock valued at $6,950,000 after buying an additional 17,390 shares during the period. BlueMountain Capital Management LLC increased its position in Westlake Chemical Corp. by 44.3% in the first quarter. BlueMountain Capital Management LLC now owns 20,269 shares of the company’s stock valued at $938,000 after buying an additional 6,227 shares during the period. OMERS ADMINISTRATION Corp increased its position in Westlake Chemical Corp. by 196.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 66,100 shares of the company’s stock valued at $3,060,000 after buying an additional 43,800 shares during the period. Finally, Natixis purchased a new position in Westlake Chemical Corp. during the first quarter valued at about $18,288,000. 30.29% of the stock is owned by institutional investors and hedge funds.
About Westlake Chemical Corp.
Westlake Chemical Corporation is a vertically integrated global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.
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