Westlake Chemical Corporation (NYSE:WLK) had its target price raised by equities researchers at UBS AG from $56.00 to $61.00 in a research report issued on Friday, www.benzinga.com reports. The brokerage currently has a “sell” rating on the specialty chemicals company’s stock. UBS AG’s price objective would suggest a potential downside of 27.80% from the stock’s current price.

A number of other analysts have also issued reports on WLK. Zacks Investment Research upgraded shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research note on Friday. Royal Bank Of Canada reiterated a “buy” rating on shares of Westlake Chemical Corporation in a research note on Friday, August 4th. SunTrust Banks, Inc. reiterated a “buy” rating and set a $93.00 price target on shares of Westlake Chemical Corporation in a research note 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 research note on Tuesday, September 26th. Finally, Cowen and Company boosted their price target on shares of Westlake Chemical Corporation from $78.00 to $92.00 and gave the stock an “outperform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical Corporation currently has an average rating of “Buy” and a consensus target price of $78.64.

Westlake Chemical Corporation (WLK) opened at 84.49 on Friday. The company has a 50-day moving average of $80.24 and a 200 day moving average of $69.40. The stock has a market cap of $10.90 billion, a P/E ratio of 24.15 and a beta of 1.63. Westlake Chemical Corporation has a 1-year low of $48.92 and a 1-year high of $85.55.

Westlake Chemical Corporation (NYSE:WLK) last issued its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.02. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2 billion. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The business’s revenue for the quarter was up 82.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 earnings per share. Analysts predict that Westlake Chemical Corporation will post $4.85 EPS for the current year.

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In related news, VP Mark Steven Bender sold 13,794 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the sale, the vice president now directly owns 44,449 shares in the company, valued at $3,121,208.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 71.70% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its stake in shares of Westlake Chemical Corporation by 162.8% during the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after buying an additional 1,410 shares during the period. Verity Asset Management Inc. purchased a new stake in shares of Westlake Chemical Corporation during the second quarter worth approximately $204,000. OppenheimerFunds Inc. purchased a new stake in shares of Westlake Chemical Corporation during the first quarter worth approximately $205,000. Engineers Gate Manager LP purchased a new stake in shares of Westlake Chemical Corporation during the second quarter worth approximately $219,000. Finally, Private Advisor Group LLC increased its stake in shares of Westlake Chemical Corporation by 3.1% during the second 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 period. Hedge funds and other institutional investors own 31.97% of the company’s stock.

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.

Analyst Recommendations for Westlake Chemical Corporation (NYSE:WLK)

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