Truist Financial Forecasts Strong Price Appreciation for Westlake (NYSE:WLK) Stock

Westlake (NYSE:WLK) had its price objective increased by equities research analysts at Truist Financial from $82.00 to $99.00 in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s target price would indicate a potential upside of 14.18% from the stock’s previous close.

A number of other research firms have also weighed in on WLK. UBS Group reiterated a “buy” rating and issued a $92.00 price objective (down from $93.00) on shares of Westlake in a research note on Tuesday, December 23rd. Morgan Stanley set a $80.00 price target on Westlake in a report on Monday, December 15th. JPMorgan Chase & Co. lifted their price target on Westlake from $73.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, September 25th. Alembic Global Advisors set a $80.00 price objective on Westlake in a research note on Monday, November 17th. Finally, The Goldman Sachs Group set a $78.00 price objective on Westlake and gave the stock a “neutral” rating in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.47.

Westlake Trading Up 0.0%

Shares of Westlake stock opened at $86.70 on Wednesday. The stock has a market capitalization of $11.12 billion, a P/E ratio of -11.68, a P/E/G ratio of 39.85 and a beta of 0.91. Westlake has a 52-week low of $56.33 and a 52-week high of $119.86. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.39 and a current ratio of 1.99. The stock’s 50-day simple moving average is $72.99 and its 200 day simple moving average is $77.72.

Westlake (NYSE:WLK) last issued its earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.47). The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.97 billion. Westlake had a negative return on equity of 0.78% and a negative net margin of 8.34%.Westlake’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.41 EPS. As a group, research analysts anticipate that Westlake will post 6.48 EPS for the current year.

Insider Transactions at Westlake

In other Westlake news, Chairman Albert Chao sold 40,836 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $73.57, for a total value of $3,004,304.52. Following the completion of the transaction, the chairman owned 627,722 shares of the company’s stock, valued at $46,181,507.54. The trade was a 6.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Westlake

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in Westlake by 90.0% in the first quarter. Royal Bank of Canada now owns 38,687 shares of the specialty chemicals company’s stock worth $3,869,000 after acquiring an additional 18,321 shares in the last quarter. AQR Capital Management LLC lifted its stake in Westlake by 9.6% during the first quarter. AQR Capital Management LLC now owns 19,094 shares of the specialty chemicals company’s stock worth $1,881,000 after purchasing an additional 1,668 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Westlake in the 1st quarter worth about $211,000. UMB Bank n.a. increased its position in shares of Westlake by 107.0% during the 2nd quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 292 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Westlake by 1,840.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,921 shares of the specialty chemicals company’s stock valued at $146,000 after buying an additional 1,822 shares in the last quarter. 28.40% of the stock is owned by institutional investors.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.