Westlake Chemical (WLK) Receives Buy Rating from Wells Fargo & Company
Westlake Chemical (NYSE:WLK)‘s stock had its “buy” rating restated by investment analysts at Wells Fargo & Company in a research note issued to investors on Thursday. They currently have a $112.00 price target on the specialty chemicals company’s stock, up from their previous price target of $105.00. Wells Fargo & Company’s price target would indicate a potential upside of 12.71% from the stock’s current price.
Several other brokerages have also weighed in on WLK. Royal Bank Of Canada reissued an “outperform” rating and set a $114.00 price objective (up from $103.00) on shares of Westlake Chemical in a report on Thursday, November 9th. Alembic Global Advisors reissued a “buy” rating on shares of Westlake Chemical in a report on Friday, November 24th. J P Morgan Chase & Co reissued a “buy” rating and set a $104.00 price objective on shares of Westlake Chemical in a report on Friday, November 24th. ValuEngine lowered Westlake Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, November 21st. Finally, Bank of America increased their price objective on Westlake Chemical from $88.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Westlake Chemical presently has an average rating of “Buy” and an average price target of $98.09.
Shares of Westlake Chemical (NYSE WLK) traded up $1.68 during midday trading on Thursday, reaching $99.37. The company’s stock had a trading volume of 620,225 shares, compared to its average volume of 858,899. Westlake Chemical has a 1-year low of $55.83 and a 1-year high of $99.71. The company has a market capitalization of $12,705.46, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 1.78 and a beta of 1.71. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74.
Several hedge funds have recently modified their holdings of WLK. Tortoise Capital Advisors L.L.C. raised its position in shares of Westlake Chemical by 6,376.2% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock worth $113,000 after buying an additional 1,339 shares in the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Westlake Chemical in the third quarter worth $137,000. Advisors Asset Management Inc. raised its position in shares of Westlake Chemical by 162.8% in 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 in the last quarter. Verity Asset Management Inc. purchased a new stake in shares of Westlake Chemical in the second quarter worth $204,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Westlake Chemical in the third quarter worth $204,000. Institutional investors own 30.42% of the company’s stock.
About Westlake Chemical
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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