Deutsche Bank Reaffirms “Buy” Rating for Westlake Chemical (WLK)
Westlake Chemical (NYSE:WLK)‘s stock had its “buy” rating reissued by stock analysts at Deutsche Bank in a research note issued on Wednesday. They presently have a $115.00 target price on the specialty chemicals company’s stock. Deutsche Bank’s price objective suggests a potential upside of 13.29% from the stock’s current price.
Several other equities research analysts have also weighed in on WLK. Wells Fargo & Company reiterated a “buy” rating and issued a $112.00 target price (up from $105.00) on shares of Westlake Chemical in a report on Thursday, December 7th. SunTrust Banks restated a “buy” rating and set a $93.00 price objective on shares of Westlake Chemical in a report on Thursday, September 28th. Nomura upgraded shares of Westlake Chemical from a “neutral” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Tuesday, September 26th. Cowen raised their price objective on shares of Westlake Chemical from $70.00 to $78.00 and gave the stock an “outperform” rating in a report on Tuesday, August 22nd. Finally, Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a report on Friday, November 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Westlake Chemical currently has a consensus rating of “Buy” and a consensus target price of $99.50.
Westlake Chemical (WLK) traded up $0.63 on Wednesday, reaching $101.51. 1,194,772 shares of the company’s stock traded hands, compared to its average volume of 856,170. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $12,993.37, a price-to-earnings ratio of 20.17, a PEG ratio of 1.82 and a beta of 1.71. Westlake Chemical has a 12 month low of $55.83 and a 12 month high of $102.21.
Hedge funds have recently modified their holdings of the business. Tortoise Capital Advisors L.L.C. increased its stake in Westlake Chemical by 6,376.2% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after buying an additional 1,339 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new stake in Westlake Chemical in the 3rd quarter valued at $137,000. Advisors Asset Management Inc. increased its stake in Westlake Chemical by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after buying an additional 1,410 shares during the last quarter. Verity Asset Management Inc. acquired a new stake in Westlake Chemical in the 2nd quarter valued at $204,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Westlake Chemical in the 3rd quarter valued at $204,000. Hedge funds and other institutional investors own 30.42% of the company’s stock.
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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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