$2.14 Billion in Sales Expected for Westlake Chemical Co. (WLK) This Quarter

Equities analysts expect Westlake Chemical Co. (NYSE:WLK) to post $2.14 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Westlake Chemical’s earnings, with the highest sales estimate coming in at $2.20 billion and the lowest estimate coming in at $2.06 billion. Westlake Chemical reported sales of $1.94 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 10.3%. The firm is scheduled to announce its next earnings report on Tuesday, May 1st.

According to Zacks, analysts expect that Westlake Chemical will report full year sales of $2.14 billion for the current year, with estimates ranging from $8.39 billion to $8.68 billion. For the next financial year, analysts expect that the firm will post sales of $8.80 billion per share, with estimates ranging from $8.57 billion to $9.13 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Westlake Chemical.

Westlake Chemical (NYSE:WLK) last released its quarterly earnings data on Tuesday, February 20th. The specialty chemicals company reported $1.62 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.69 by ($0.07). Westlake Chemical had a net margin of 16.22% and a return on equity of 16.48%. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same period in the previous year, the business earned $0.87 earnings per share. The business’s quarterly revenue was up 15.9% on a year-over-year basis.

Several brokerages have recently issued reports on WLK. UBS Group reiterated a “sell” rating and issued a $87.00 price target (up previously from $80.00) on shares of Westlake Chemical in a research note on Wednesday, February 21st. Morgan Stanley initiated coverage on Westlake Chemical in a report on Tuesday, January 9th. They set an “equal weight” rating and a $120.00 price objective for the company. Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. ValuEngine downgraded Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Finally, Wells Fargo & Co reaffirmed a “buy” rating and set a $112.00 price objective (up from $105.00) on shares of Westlake Chemical in a research note on Thursday, December 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $111.43.

Shares of Westlake Chemical (WLK) opened at $118.14 on Wednesday. The stock has a market capitalization of $15,281.89, a P/E ratio of 20.57, a PEG ratio of 1.20 and a beta of 1.59. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.76 and a quick ratio of 1.30. Westlake Chemical has a 52-week low of $59.58 and a 52-week high of $121.30.

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 13th. Shareholders of record on Tuesday, February 27th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Monday, February 26th. Westlake Chemical’s payout ratio is 8.41%.

In other news, SVP Andrew Kenner sold 6,028 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $120.00, for a total value of $723,360.00. Following the completion of the sale, the senior vice president now directly owns 17,465 shares of the company’s stock, valued at $2,095,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert F. Buesinger sold 19,349 shares of Westlake Chemical stock in a transaction on Monday, March 5th. The shares were sold at an average price of $113.04, for a total value of $2,187,210.96. Following the completion of the transaction, the executive vice president now owns 14,731 shares in the company, valued at approximately $1,665,192.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,080 shares of company stock worth $11,545,548. 72.50% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in WLK. ARP Americas LP bought a new position in shares of Westlake Chemical in the fourth quarter valued at approximately $2,408,000. Systematic Financial Management LP purchased a new position in Westlake Chemical in the third quarter valued at approximately $1,238,000. James Investment Research Inc. lifted its position in shares of Westlake Chemical by 6.6% during the fourth quarter. James Investment Research Inc. now owns 163,634 shares of the specialty chemicals company’s stock worth $17,432,000 after acquiring an additional 10,074 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Westlake Chemical by 252.9% during the third quarter. JPMorgan Chase & Co. now owns 592,581 shares of the specialty chemicals company’s stock worth $49,509,000 after acquiring an additional 424,655 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Westlake Chemical by 1.1% in the third quarter. Royce & Associates LP now owns 748,884 shares of the specialty chemicals company’s stock worth $62,225,000 after purchasing an additional 8,184 shares during the period. 30.28% of the stock is currently owned by hedge funds and other institutional investors.

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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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