Wells Fargo & Co Reaffirms Outperform Rating for Westlake Chemical (WLK)

Wells Fargo & Co reaffirmed their outperform rating on shares of Westlake Chemical (NYSE:WLK) in a research report released on Wednesday morning, The Fly reports. The brokerage currently has a $122.00 target price on the specialty chemicals company’s stock, up from their prior target price of $112.00.

Other analysts have also recently issued reports about the stock. Johnson Rice assumed coverage on shares of Westlake Chemical in a research note on Monday, November 6th. They issued an accumulate rating and a $100.00 price objective for the company. Cowen increased their price objective on shares of Westlake Chemical from $78.00 to $92.00 and gave the stock an outperform rating in a research note on Tuesday, October 10th. ValuEngine cut shares of Westlake Chemical from a buy rating to a hold rating in a research note on Tuesday, November 21st. Alembic Global Advisors reissued a buy rating on shares of Westlake Chemical in a research note on Friday, November 24th. Finally, Vertical Research cut shares of Westlake Chemical from a buy rating to a hold rating in a research note on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $104.00.

Shares of Westlake Chemical (WLK) opened at $110.13 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59. The stock has a market cap of $13,944.89, a price-to-earnings ratio of 23.94, a PEG ratio of 1.30 and a beta of 1.72. Westlake Chemical has a 52 week low of $59.58 and a 52 week high of $114.34.

Westlake Chemical (NYSE:WLK) last announced its quarterly earnings data on Tuesday, November 7th. The specialty chemicals company reported $1.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.26. Westlake Chemical had a net margin of 7.74% and a return on equity of 15.59%. research analysts anticipate that Westlake Chemical will post 5.54 EPS for the current year.

In other Westlake Chemical news, CEO Albert Chao sold 25,000 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.34, for a total transaction of $2,358,500.00. Following the completion of the transaction, the chief executive officer now owns 299,018 shares in the company, valued at $28,209,358.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert F. Buesinger sold 2,674 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $98.50, for a total transaction of $263,389.00. Following the transaction, the executive vice president now owns 6,635 shares of the company’s stock, valued at approximately $653,547.50. The disclosure for this sale can be found here. Insiders have sold 293,122 shares of company stock valued at $27,721,443 over the last ninety days. 71.70% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in WLK. Tortoise Capital Advisors L.L.C. lifted its position in Westlake Chemical by 6,376.2% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after purchasing an additional 1,339 shares during the last quarter. Cornerstone Capital Management Holdings LLC. bought a new position in Westlake Chemical during the third quarter valued at $137,000. Quantitative Systematic Strategies LLC bought a new position in Westlake Chemical during the third quarter valued at $204,000. HL Financial Services LLC bought a new position in Westlake Chemical during the third quarter valued at $210,000. Finally, Engineers Gate Manager LP bought a new position in Westlake Chemical during the second quarter valued at $219,000. Institutional investors and hedge funds own 30.42% of the company’s stock.

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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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Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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