Zacks: Brokerages Anticipate Westlake Chemical Co. (NYSE:WLK) Will Announce Quarterly Sales of $2.14 Billion

Wall Street brokerages forecast that Westlake Chemical Co. (NYSE:WLK) will post $2.14 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Westlake Chemical’s earnings, with the highest sales estimate coming in at $2.24 billion and the lowest estimate coming in at $2.05 billion. Westlake Chemical reported sales of $2.26 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 5.3%. The business is expected to announce its next quarterly earnings results on Tuesday, November 5th.

On average, analysts expect that Westlake Chemical will report full-year sales of $8.41 billion for the current financial year, with estimates ranging from $8.16 billion to $8.56 billion. For the next financial year, analysts anticipate that the business will report sales of $9.19 billion, with estimates ranging from $8.69 billion to $9.92 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Westlake Chemical.

Westlake Chemical (NYSE:WLK) last issued its earnings results on Tuesday, August 6th. The specialty chemicals company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.08. Westlake Chemical had a return on equity of 11.05% and a net margin of 7.39%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the prior year, the firm earned $2.12 earnings per share. Westlake Chemical’s revenue for the quarter was down 4.1% on a year-over-year basis.

Several research analysts recently commented on the company. Bank of America downgraded Westlake Chemical from a “buy” rating to an “underperform” rating in a research note on Friday, August 16th. Nomura cut their target price on Westlake Chemical from $57.00 to $53.00 and set a “reduce” rating for the company in a research note on Wednesday, August 7th. BMO Capital Markets cut their price objective on Westlake Chemical from $75.00 to $71.00 and set a “market perform” rating for the company in a research report on Friday, August 9th. Barclays downgraded Westlake Chemical from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $72.00 to $71.00 in a research report on Tuesday, July 2nd. Finally, Citigroup set a $79.00 target price on Westlake Chemical and gave the company a “buy” rating in a report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $77.05.

Shares of NYSE:WLK traded up $1.64 during midday trading on Wednesday, reaching $65.90. 514,415 shares of the company’s stock traded hands, compared to its average volume of 544,591. Westlake Chemical has a 1 year low of $55.82 and a 1 year high of $87.67. The company has a market cap of $8.63 billion, a P/E ratio of 8.44, a PEG ratio of 2.77 and a beta of 1.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.33 and a current ratio of 2.07. The company has a fifty day simple moving average of $61.85 and a two-hundred day simple moving average of $66.12.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Monday, August 26th. Westlake Chemical’s dividend payout ratio is presently 13.44%.

Several institutional investors have recently made changes to their positions in WLK. Huntington National Bank acquired a new position in shares of Westlake Chemical in the 2nd quarter valued at $25,000. CSat Investment Advisory L.P. bought a new stake in shares of Westlake Chemical during the second quarter valued at approximately $25,000. NumerixS Investment Technologies Inc bought a new stake in Westlake Chemical in the second quarter worth $28,000. Icon Wealth Partners LLC bought a new stake in Westlake Chemical in the first quarter worth $37,000. Finally, TCG Advisors LP bought a new stake in Westlake Chemical in the first quarter worth $39,000. Institutional investors and hedge funds own 30.64% of the company’s stock.

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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