Westlake Chemical Co. (NYSE:WLK) – KeyCorp lifted their Q4 2020 earnings per share estimates for shares of Westlake Chemical in a research report issued to clients and investors on Thursday, June 25th. KeyCorp analyst A. Yefremov now forecasts that the specialty chemicals company will post earnings of $0.32 per share for the quarter, up from their prior estimate of $0.26. KeyCorp currently has a “Sector Weight” rating on the stock.
Other equities research analysts also recently issued reports about the company. Scotiabank initiated coverage on Westlake Chemical in a report on Wednesday, March 18th. They set a “sector perform” rating and a $48.00 price target for the company. Deutsche Bank increased their price target on Westlake Chemical from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. They noted that the move was a valuation call. ValuEngine cut Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Monday, March 9th. JPMorgan Chase & Co. cut Westlake Chemical from an “overweight” rating to a “neutral” rating and set a $40.00 price objective for the company. in a research report on Friday, March 27th. Finally, Sanford C. Bernstein cut Westlake Chemical from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $85.00 to $30.00 in a research report on Thursday, March 19th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $54.17.
Shares of NYSE WLK opened at $54.07 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.68 and a quick ratio of 2.77. The stock has a fifty day moving average price of $49.54 and a 200 day moving average price of $53.33. Westlake Chemical has a 1-year low of $28.99 and a 1-year high of $75.65. The company has a market cap of $6.75 billion, a PE ratio of 14.12, a P/E/G ratio of 18.27 and a beta of 1.69.
Westlake Chemical (NYSE:WLK) last posted its quarterly earnings data on Monday, May 4th. The specialty chemicals company reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.08. Westlake Chemical had a return on equity of 6.41% and a net margin of 6.16%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same period in the prior year, the company earned $0.55 earnings per share. The company’s revenue was down 4.6% compared to the same quarter last year.
Large investors have recently modified their holdings of the business. Victory Capital Management Inc. lifted its stake in shares of Westlake Chemical by 32.4% in the 4th quarter. Victory Capital Management Inc. now owns 3,412,413 shares of the specialty chemicals company’s stock valued at $239,380,000 after purchasing an additional 834,793 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Westlake Chemical by 161.2% in the 1st quarter. Wells Fargo & Company MN now owns 840,625 shares of the specialty chemicals company’s stock valued at $32,087,000 after purchasing an additional 518,844 shares in the last quarter. Norges Bank acquired a new position in shares of Westlake Chemical in the 4th quarter valued at about $34,237,000. Prudential Financial Inc. lifted its stake in shares of Westlake Chemical by 264.5% in the 4th quarter. Prudential Financial Inc. now owns 370,589 shares of the specialty chemicals company’s stock valued at $25,997,000 after purchasing an additional 268,924 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Westlake Chemical by 1,307.1% in the 1st quarter. JPMorgan Chase & Co. now owns 247,133 shares of the specialty chemicals company’s stock valued at $9,433,000 after purchasing an additional 229,570 shares in the last quarter. 27.66% of the stock is currently owned by hedge funds and other institutional investors.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 26th were paid a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Friday, May 22nd. Westlake Chemical’s payout ratio is 32.21%.
About Westlake Chemical
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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