Royal Bank Of Canada Reaffirms “Buy” Rating for Westlake Chemical Co. (WLK)
Westlake Chemical Co. (NYSE:WLK)‘s stock had its “buy” rating reiterated by analysts at Royal Bank Of Canada in a research note issued to investors on Wednesday.
A number of other analysts have also recently weighed in on the company. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $86.00 price target on shares of Westlake Chemical in a research report on Wednesday. Cowen and Company boosted their price target on Westlake Chemical from $70.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 22nd. Zacks Investment Research cut Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. BidaskClub raised Westlake Chemical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Finally, J P Morgan Chase & Co boosted their price target on Westlake Chemical from $70.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 31st. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $68.56.
Westlake Chemical (NYSE WLK) traded down 0.52% during midday trading on Wednesday, hitting $76.58. The stock had a trading volume of 812,908 shares. The company’s 50-day moving average price is $72.12 and its 200 day moving average price is $66.47. The stock has a market cap of $9.88 billion, a P/E ratio of 21.88 and a beta of 1.62. Westlake Chemical has a 12-month low of $48.13 and a 12-month high of $79.13.
Westlake Chemical (NYSE:WLK) last announced its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Westlake Chemical had a return on equity of 16.26% and a net margin of 8.05%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same quarter in the previous year, the firm earned $0.85 earnings per share. The business’s quarterly revenue was up 82.2% compared to the same quarter last year. On average, equities research analysts predict that Westlake Chemical will post $4.68 earnings per share for the current fiscal year.
TRADEMARK VIOLATION NOTICE: This news story was originally reported by American Banking News and is owned by of American Banking News. If you are reading this news story on another website, it was stolen and reposted in violation of international copyright laws. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/09/10/royal-bank-of-canada-reaffirms-buy-rating-for-westlake-chemical-co-wlk.html.
In other news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total value of $968,614.68. Following the transaction, the vice president now directly owns 44,449 shares in the company, valued at $3,121,208.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 71.70% of the company’s stock.
Several institutional investors have recently bought and sold shares of WLK. BlackRock Inc. increased its stake in shares of Westlake Chemical by 14,246.4% in the first quarter. BlackRock Inc. now owns 1,699,615 shares of the specialty chemicals company’s stock worth $112,260,000 after purchasing an additional 1,687,768 shares during the period. Janus Henderson Group PLC bought a new position in shares of Westlake Chemical in the second quarter worth about $90,442,000. TIAA CREF Investment Management LLC increased its stake in shares of Westlake Chemical by 215.3% in the first quarter. TIAA CREF Investment Management LLC now owns 1,368,155 shares of the specialty chemicals company’s stock worth $90,367,000 after purchasing an additional 934,281 shares during the period. Balyasny Asset Management LLC increased its stake in shares of Westlake Chemical by 293.5% in the second quarter. Balyasny Asset Management LLC now owns 623,929 shares of the specialty chemicals company’s stock worth $41,310,000 after purchasing an additional 465,365 shares during the period. Finally, FMR LLC increased its stake in shares of Westlake Chemical by 15.0% in the second quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock worth $185,981,000 after purchasing an additional 366,537 shares during the period. Institutional investors and hedge funds own 31.98% of the company’s stock.
Westlake Chemical 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.
Receive News & Ratings for Westlake Chemical Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Co. and related companies with MarketBeat.com's FREE daily email newsletter.