SunTrust Banks, Inc. Reaffirms “Buy” Rating for Westlake Chemical Corporation (WLK)
Westlake Chemical Corporation (NYSE:WLK)‘s stock had its “buy” rating reissued by equities research analysts at SunTrust Banks, Inc. in a research report issued to clients and investors on Friday. They currently have a $93.00 price objective on the specialty chemicals company’s stock. SunTrust Banks, Inc.’s target price indicates a potential upside of 8.43% from the company’s current price. SunTrust Banks also issued estimates for Westlake Chemical Corporation’s FY2018 earnings at $7.48 EPS.
A number of other brokerages also recently weighed in on WLK. Cowen and Company restated a “buy” rating and issued a $70.00 target price on shares of Westlake Chemical Corporation in a research note on Friday, July 14th. Nomura upgraded Westlake Chemical Corporation from a “neutral” rating to a “buy” rating and set a $98.00 target price on the stock in a research note on Tuesday, September 26th. Zacks Investment Research downgraded Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. BidaskClub upgraded Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Finally, UBS Group AG (USA) boosted their target price on Westlake Chemical Corporation from $56.00 to $61.00 and gave the stock a “sell” rating in a research note on Friday, October 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $84.50.
Westlake Chemical Corporation (NYSE:WLK) opened at $85.77 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.31 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $11,049.72, a price-to-earnings ratio of 20.39, a P/E/G ratio of 2.11 and a beta of 1.67.
Westlake Chemical Corporation (NYSE:WLK) last announced its 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 Corporation had a return on equity of 13.68% and a net margin of 6.57%. The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter in the previous year, the business earned $0.85 EPS. The company’s revenue was up 82.2% compared to the same quarter last year. analysts forecast that Westlake Chemical Corporation will post 4.84 earnings per share for the current year.
WARNING: This story was originally posted by American Banking News and is the property of of American Banking News. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.americanbankingnews.com/2017/11/04/suntrust-banks-inc-reaffirms-buy-rating-for-westlake-chemical-corporation-wlk.html.
In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of the business’s stock in a transaction 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 owns 44,449 shares of the company’s stock, valued at approximately $3,121,208.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 71.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. HL Financial Services LLC bought a new position in shares of Westlake Chemical Corporation in the third quarter worth $210,000. Global X MANAGEMENT CO LLC increased its holdings in shares of Westlake Chemical Corporation by 11.8% in the third quarter. Global X MANAGEMENT CO LLC now owns 9,952 shares of the specialty chemicals company’s stock worth $827,000 after purchasing an additional 1,052 shares during the period. Jennison Associates LLC bought a new position in shares of Westlake Chemical Corporation in the third quarter worth $3,362,000. Scout Investments Inc. increased its holdings in shares of Westlake Chemical Corporation by 0.4% in the third quarter. Scout Investments Inc. now owns 334,446 shares of the specialty chemicals company’s stock worth $27,789,000 after purchasing an additional 1,404 shares during the period. Finally, Jaffetilchin Investment Partners LLC bought a new position in shares of Westlake Chemical Corporation in the third quarter worth $369,000. 32.04% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Westlake Chemical Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Corporation and related companies with MarketBeat.com's FREE daily email newsletter.