Brokerages Expect Westlake Chemical Corporation (WLK) Will Post Quarterly Sales of $2.12 Billion
Wall Street analysts expect Westlake Chemical Corporation (NYSE:WLK) to announce sales of $2.12 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Westlake Chemical Corporation’s earnings, with the lowest sales estimate coming in at $2.08 billion and the highest estimate coming in at $2.20 billion. Westlake Chemical Corporation reported sales of $1.28 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 65.6%. The company is expected to report its next quarterly earnings results on Tuesday, November 14th.
On average, analysts expect that Westlake Chemical Corporation will report full-year sales of $2.12 billion for the current financial year, with estimates ranging from $7.93 billion to $8.15 billion. For the next fiscal year, analysts anticipate that the company will report sales of $8.15 billion per share, with estimates ranging from $7.98 billion to $8.40 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow 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 earnings per share (EPS) for the quarter, beating the 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 prior year, the business posted $0.85 earnings per share. The company’s revenue was up 82.2% on a year-over-year basis.
WLK has been the topic of a number of research reports. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $93.00 price target on shares of Westlake Chemical Corporation in a report on Thursday, September 28th. Nomura upgraded shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 price target on the stock in a report on Tuesday, September 26th. Instinet upgraded shares of Westlake Chemical Corporation from a “neutral” rating to a “buy” rating in a report on Tuesday, September 26th. Royal Bank Of Canada reiterated a “buy” rating on shares of Westlake Chemical Corporation in a report on Wednesday, September 6th. Finally, Cowen and Company reiterated a “buy” rating and issued a $70.00 price target on shares of Westlake Chemical Corporation in a report on Friday, July 14th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $77.22.
Shares of Westlake Chemical Corporation (WLK) opened at 83.78 on Thursday. Westlake Chemical Corporation has a 52-week low of $48.92 and a 52-week high of $85.36. The firm’s 50-day moving average is $77.91 and its 200 day moving average is $68.59. The stock has a market capitalization of $10.81 billion, a price-to-earnings ratio of 23.94 and a beta of 1.63.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 18th. Stockholders of record on Friday, September 1st were issued a $0.21 dividend. The ex-dividend date was Wednesday, August 30th. This is an increase from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.00%. Westlake Chemical Corporation’s payout ratio is 24.00%.
In other news, VP Mark Steven Bender sold 13,794 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total value of $968,614.68. Following the sale, the vice president now directly owns 44,449 shares in the company, valued at approximately $3,121,208.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 72.50% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC increased its holdings in shares of Westlake Chemical Corporation by 3.1% in the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after buying an additional 103 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Westlake Chemical Corporation by 3.4% during the 1st quarter. Amalgamated Bank now owns 5,445 shares of the specialty chemicals company’s stock worth $360,000 after purchasing an additional 177 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Westlake Chemical Corporation by 5.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the specialty chemicals company’s stock worth $260,000 after purchasing an additional 211 shares during the period. Voya Investment Management LLC boosted its stake in shares of Westlake Chemical Corporation by 2.5% during the 2nd quarter. Voya Investment Management LLC now owns 11,852 shares of the specialty chemicals company’s stock worth $785,000 after purchasing an additional 286 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of Westlake Chemical Corporation by 4.5% during the 2nd quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock worth $451,000 after purchasing an additional 296 shares during the period. Hedge funds and other institutional investors own 31.97% of the company’s stock.
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About Westlake Chemical Corporation
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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