Truist Financial Issues Pessimistic Forecast for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price target reduced by equities research analysts at Truist Financial from $127.00 to $104.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s price objective would indicate a potential upside of 36.52% from the company’s current price.

Several other analysts have also recently issued reports on the company. Bank of America cut their target price on Westlake from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Wall Street Zen downgraded Westlake from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. JPMorgan Chase & Co. raised shares of Westlake from an “underweight” rating to a “neutral” rating and set a $90.00 price objective for the company in a report on Monday, May 18th. Citigroup reduced their price objective on shares of Westlake from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 24th. Finally, Mizuho dropped their target price on shares of Westlake from $110.00 to $88.00 and set a “neutral” rating for the company in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $97.64.

Westlake Stock Down 0.9%

WLK opened at $76.18 on Monday. The stock has a market cap of $9.76 billion, a price-to-earnings ratio of -6.00 and a beta of 0.62. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.56 and a current ratio of 2.17. The firm’s fifty day moving average is $82.11 and its 200 day moving average is $94.55. Westlake has a fifty-two week low of $56.33 and a fifty-two week high of $124.23.

Westlake (NYSE:WLK) last posted its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the business earned ($0.31) earnings per share. Westlake’s revenue was down 6.8% compared to the same quarter last year. On average, sell-side analysts forecast that Westlake will post 3.37 earnings per share for the current fiscal year.

Institutional Trading of Westlake

Hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Westlake during the 3rd quarter valued at approximately $28,000. Quarry LP bought a new stake in Westlake in the fourth quarter worth $31,000. Fifth Third Bancorp raised its stake in Westlake by 71.3% during the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after purchasing an additional 234 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Westlake during the third quarter valued at $53,000. Finally, NewEdge Advisors LLC lifted its position in Westlake by 49.6% during the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock valued at $57,000 after purchasing an additional 247 shares during the last quarter. 28.40% of the stock is owned by hedge funds and other 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.