$1.23 EPS Expected for Westlake Chemical Corporation (NYSE:WLK) This Quarter
Brokerages forecast that Westlake Chemical Corporation (NYSE:WLK) will announce earnings per share of $1.23 for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Westlake Chemical Corporation’s earnings, with the highest EPS estimate coming in at $1.34 and the lowest estimate coming in at $1.04. Westlake Chemical Corporation reported earnings per share of $0.86 in the same quarter last year, which would indicate a positive year-over-year growth rate of 43%. The company is expected to announce its next quarterly earnings results on Tuesday, November 14th.
On average, analysts expect that Westlake Chemical Corporation will report full year earnings of $4.52 per share for the current financial year, with EPS estimates ranging from $4.27 to $4.68. For the next fiscal year, analysts expect that the firm will post earnings of $5.12 per share, with EPS estimates ranging from $4.85 to $5.85. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Westlake Chemical Corporation.
Westlake Chemical Corporation (NYSE:WLK) last posted its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the business posted $0.85 EPS. The company’s quarterly revenue was up 82.2% on a year-over-year basis.
Several research analysts have recently issued reports on WLK shares. Citigroup Inc. cut their price target on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating on the stock in a research report on Friday, April 14th. Royal Bank Of Canada reiterated a “buy” rating and issued a $75.00 price target on shares of Westlake Chemical Corporation in a research report on Tuesday, April 25th. Zacks Investment Research upgraded shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Friday, May 5th. Bank of America Corporation reiterated a “neutral” rating and issued a $68.00 price target on shares of Westlake Chemical Corporation in a research report on Monday, May 8th. Finally, Cowen and Company increased their price target on shares of Westlake Chemical Corporation from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, May 23rd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Westlake Chemical Corporation currently has a consensus rating of “Buy” and an average price target of $64.67.
Westlake Chemical Corporation (NYSE WLK) traded down 1.19% during mid-day trading on Tuesday, hitting $69.57. 523,395 shares of the company’s stock were exchanged. The stock has a market capitalization of $8.98 billion, a P/E ratio of 21.88 and a beta of 1.67. Westlake Chemical Corporation has a 52 week low of $46.35 and a 52 week high of $72.00. The firm has a 50 day moving average of $67.65 and a 200 day moving average of $64.70.
In related news, VP George J. Mangieri sold 6,578 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $62.21, for a total value of $409,217.38. Following the completion of the transaction, the vice president now directly owns 6,577 shares of the company’s stock, valued at $409,155.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 72.50% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its position in Westlake Chemical Corporation by 25.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 13,479 shares of the specialty chemicals company’s stock worth $756,000 after buying an additional 2,750 shares during the period. Regentatlantic Capital LLC bought a new position in Westlake Chemical Corporation during the first quarter worth approximately $206,000. Parametrica Management Ltd boosted its position in Westlake Chemical Corporation by 24.9% in the first quarter. Parametrica Management Ltd now owns 4,936 shares of the specialty chemicals company’s stock worth $326,000 after buying an additional 983 shares during the period. Fox Run Management L.L.C. bought a new position in Westlake Chemical Corporation during the first quarter worth approximately $410,000. Finally, Farmers & Merchants Investments Inc. boosted its position in Westlake Chemical Corporation by 43.8% in the first quarter. Farmers & Merchants Investments Inc. now owns 23,000 shares of the specialty chemicals company’s stock worth $1,519,000 after buying an additional 7,000 shares during the period. 29.86% of the stock is owned by hedge funds and other institutional investors.
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Westlake Chemical Corporation Company Profile
Westlake Chemical Corporation is a 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 consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.
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