Westlake Chemical Co. (NYSE:WLK) – Investment analysts at SunTrust Banks cut their Q4 2019 earnings per share estimates for Westlake Chemical in a research report issued on Thursday, November 7th. SunTrust Banks analyst J. Sheehan now expects that the specialty chemicals company will post earnings of $1.02 per share for the quarter, down from their previous estimate of $1.21. SunTrust Banks has a “Hold” rating and a $75.00 price objective on the stock.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.22. Westlake Chemical had a net margin of 5.74% and a return on equity of 8.52%. The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the company posted $2.35 earnings per share. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis.
A number of other research analysts have also recently issued reports on WLK. BMO Capital Markets increased their target price on shares of Westlake Chemical from $71.00 to $76.00 and gave the company a “market perform” rating in a report on Thursday. Tudor Pickering cut shares of Westlake Chemical from a “hold” rating to a “sell” rating in a report on Friday, November 1st. ValuEngine raised shares of Westlake Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday. Wells Fargo & Co raised their price objective on shares of Westlake Chemical from $70.00 to $80.00 and gave the stock a “market perform” rating in a research note on Thursday. Finally, Citigroup cut shares of Westlake Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $79.00 to $61.00 in a research note on Wednesday, October 9th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. Westlake Chemical currently has an average rating of “Hold” and a consensus price target of $72.32.
Westlake Chemical stock traded down $0.12 during mid-day trading on Friday, reaching $74.70. The company had a trading volume of 520,699 shares, compared to its average volume of 810,834. Westlake Chemical has a 1 year low of $55.82 and a 1 year high of $81.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.81 and a quick ratio of 1.33. The company has a market capitalization of $9.58 billion, a P/E ratio of 9.56, a P/E/G ratio of 3.16 and a beta of 1.65. The stock’s 50-day simple moving average is $63.86 and its 200-day simple moving average is $64.20.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Amundi Pioneer Asset Management Inc. raised its position in Westlake Chemical by 8.6% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 83,817 shares of the specialty chemicals company’s stock valued at $5,688,000 after purchasing an additional 6,624 shares during the period. Denali Advisors LLC purchased a new position in Westlake Chemical in the second quarter valued at about $1,479,000. WINTON GROUP Ltd raised its position in Westlake Chemical by 35.4% in the second quarter. WINTON GROUP Ltd now owns 11,759 shares of the specialty chemicals company’s stock valued at $817,000 after purchasing an additional 3,074 shares during the period. Scout Investments Inc. raised its position in Westlake Chemical by 114.7% in the second quarter. Scout Investments Inc. now owns 429,052 shares of the specialty chemicals company’s stock valued at $29,802,000 after purchasing an additional 229,232 shares during the period. Finally, Xact Kapitalforvaltning AB raised its position in Westlake Chemical by 77.7% in the second quarter. Xact Kapitalforvaltning AB now owns 6,505 shares of the specialty chemicals company’s stock valued at $452,000 after purchasing an additional 2,845 shares during the period. 30.44% of the stock is currently owned by institutional investors and hedge funds.
Westlake Chemical Company Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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