Westlake Chemical Co. (NYSE:WLK) Expected to Post Quarterly Sales of $2.13 Billion

Equities analysts predict that Westlake Chemical Co. (NYSE:WLK) will report $2.13 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Westlake Chemical’s earnings, with estimates ranging from $2.05 billion to $2.22 billion. Westlake Chemical posted sales of $2.26 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 5.8%. The company is scheduled to announce its next earnings report on Tuesday, November 5th.

According to Zacks, analysts expect that Westlake Chemical will report full year sales of $8.40 billion for the current year, with estimates ranging from $8.16 billion to $8.55 billion. For the next financial year, analysts anticipate that the firm will report sales of $9.17 billion, with estimates ranging from $8.69 billion to $9.92 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Westlake Chemical.

Westlake Chemical (NYSE:WLK) last posted its quarterly earnings data on Tuesday, August 6th. The specialty chemicals company reported $0.92 earnings per share 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 company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the company earned $2.12 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis.

A number of research analysts recently weighed in on WLK shares. UBS Group set a $54.00 price objective on Westlake Chemical and gave the company a “sell” rating in a research report on Tuesday, July 2nd. Nomura reduced their target price on Westlake Chemical from $53.00 to $51.00 and set a “reduce” rating for the company in a report on Wednesday, September 18th. ValuEngine raised Westlake Chemical from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Bank of America lowered Westlake Chemical from a “buy” rating to an “underperform” rating in a report on Friday, August 16th. Finally, Macquarie set a $74.00 target price on Westlake Chemical and gave the stock a “hold” rating in a report on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $71.84.

WLK stock traded up $3.66 on Friday, reaching $63.74. 53,452 shares of the company traded hands, compared to its average volume of 532,318. Westlake Chemical has a one year low of $55.82 and a one year high of $82.48. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.07 and a quick ratio of 1.33. The company has a market cap of $7.92 billion, a P/E ratio of 8.15, a price-to-earnings-growth ratio of 2.43 and a beta of 1.61. The firm has a fifty day simple moving average of $61.74 and a 200-day simple moving average of $65.28.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Tuesday, August 27th were issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Monday, August 26th. Westlake Chemical’s payout ratio is 13.44%.

Several institutional investors have recently bought and sold shares of the business. New York State Common Retirement Fund boosted its stake in shares of Westlake Chemical by 37.3% in the 1st quarter. New York State Common Retirement Fund now owns 95,100 shares of the specialty chemicals company’s stock worth $6,453,000 after buying an additional 25,850 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Westlake Chemical by 0.4% in the 1st quarter. California State Teachers Retirement System now owns 58,924 shares of the specialty chemicals company’s stock worth $3,999,000 after buying an additional 225 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Westlake Chemical by 3.6% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 5,698 shares of the specialty chemicals company’s stock worth $387,000 after buying an additional 198 shares during the last quarter. Commonwealth Bank of Australia boosted its stake in shares of Westlake Chemical by 27.4% in the 1st quarter. Commonwealth Bank of Australia now owns 14,400 shares of the specialty chemicals company’s stock worth $972,000 after buying an additional 3,100 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of Westlake Chemical by 5.1% in the 1st quarter. Swiss National Bank now owns 130,400 shares of the specialty chemicals company’s stock worth $8,849,000 after buying an additional 6,300 shares during the last quarter. 30.65% of the stock is owned by institutional investors and hedge funds.

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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