Wall Street analysts forecast that Westlake Chemical Co. (NYSE:WLK) will report $2.05 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Westlake Chemical’s earnings, with the highest sales estimate coming in at $2.12 billion and the lowest estimate coming in at $1.96 billion. Westlake Chemical posted sales of $1.74 billion during the same quarter last year, which would indicate a positive year over year growth rate of 17.8%. The firm is expected to report its next quarterly earnings results on Tuesday, February 20th.

According to Zacks, analysts expect that Westlake Chemical will report full-year sales of $2.05 billion for the current year, with estimates ranging from $7.99 billion to $8.15 billion. For the next financial year, analysts expect that the firm will report sales of $8.44 billion per share, with estimates ranging from $8.22 billion to $8.59 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Westlake Chemical.

WLK has been the topic of a number of recent research reports. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Westlake Chemical in a research report on Friday, August 4th. Zacks Investment Research cut shares of Westlake Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Cowen increased their price target on shares of Westlake Chemical from $70.00 to $78.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 22nd. SunTrust Banks reaffirmed a “buy” rating and set a $86.00 price target on shares of Westlake Chemical in a report on Wednesday, September 6th. Finally, Instinet upgraded shares of Westlake Chemical from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $96.45.

In other Westlake Chemical news, CEO Albert Chao sold 25,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total value of $2,358,500.00. Following the sale, the chief executive officer now owns 299,018 shares of the company’s stock, valued at approximately $28,209,358.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert T. Blakely sold 4,367 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $92.33, for a total transaction of $403,205.11. Following the completion of the sale, the director now directly owns 11,700 shares in the company, valued at approximately $1,080,261. The disclosure for this sale can be found here. Insiders have sold 283,948 shares of company stock worth $26,822,159 over the last 90 days. 72.50% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. California Public Employees Retirement System lifted its position in shares of Westlake Chemical by 1.8% during the 2nd quarter. California Public Employees Retirement System now owns 113,600 shares of the specialty chemicals company’s stock valued at $7,521,000 after buying an additional 2,000 shares during the last quarter. Morgan Stanley lifted its position in shares of Westlake Chemical by 15.1% in the first quarter. Morgan Stanley now owns 26,028 shares of the specialty chemicals company’s stock worth $1,718,000 after buying an additional 3,413 shares in the last quarter. Polaris Greystone Financial Group LLC raised its position in Westlake Chemical by 9.9% during the second quarter. Polaris Greystone Financial Group LLC now owns 17,272 shares of the specialty chemicals company’s stock valued at $1,144,000 after purchasing an additional 1,554 shares during the period. Alliancebernstein L.P. raised its position in Westlake Chemical by 165.2% during the second quarter. Alliancebernstein L.P. now owns 45,411 shares of the specialty chemicals company’s stock valued at $3,007,000 after purchasing an additional 28,285 shares during the period. Finally, TIAA CREF Investment Management LLC grew its position in Westlake Chemical by 14.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,570,608 shares of the specialty chemicals company’s stock worth $103,990,000 after purchasing an additional 202,453 shares during the period. 30.42% of the stock is owned by institutional investors.

Shares of Westlake Chemical (WLK) opened at $97.93 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.59 and a current ratio of 2.31. Westlake Chemical has a 52-week low of $54.11 and a 52-week high of $98.12. The company has a market cap of $12,309.10, a PE ratio of 19.11, a price-to-earnings-growth ratio of 1.73 and a beta of 1.67.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Monday, November 27th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, November 24th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.86%. Westlake Chemical’s payout ratio is 18.26%.

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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.

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Earnings History and Estimates for Westlake Chemical (NYSE:WLK)

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