Westlake Chemical (NYSE:WLK) PT Raised to $95.00

Westlake Chemical (NYSE:WLK) had its price target upped by stock analysts at Morgan Stanley from $87.00 to $95.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the specialty chemicals company’s stock. Morgan Stanley’s target price suggests a potential upside of 7.48% from the stock’s previous close.

Other analysts have also recently issued reports about the company. TheStreet raised Westlake Chemical from a “c” rating to a “b-” rating in a report on Tuesday, February 23rd. Zacks Investment Research raised Westlake Chemical from a “hold” rating to a “strong-buy” rating and set a $98.00 price target for the company in a report on Friday, February 26th. JPMorgan Chase & Co. lifted their price target on Westlake Chemical from $92.00 to $98.00 in a report on Monday, March 8th. Wells Fargo & Company lifted their price target on Westlake Chemical from $104.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, April 1st. Finally, The Goldman Sachs Group cut Westlake Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $79.00 to $85.00 in a report on Sunday, December 13th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $78.36.

Westlake Chemical stock traded down $1.05 during trading hours on Thursday, hitting $88.39. The company had a trading volume of 4,616 shares, compared to its average volume of 621,458. Westlake Chemical has a one year low of $36.09 and a one year high of $97.25. The firm has a market cap of $11.30 billion, a PE ratio of 29.28, a PEG ratio of 38.49 and a beta of 1.62. The firm has a 50-day moving average of $89.52 and a 200 day moving average of $79.98. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.85 and a quick ratio of 2.09.

Westlake Chemical (NYSE:WLK) last announced its earnings results on Monday, February 22nd. The specialty chemicals company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.19. The company had revenue of $1.97 billion for the quarter, compared to analyst estimates of $1.96 billion. Westlake Chemical had a return on equity of 4.74% and a net margin of 5.14%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.56 earnings per share. As a group, research analysts expect that Westlake Chemical will post 1.74 earnings per share for the current year.

In other Westlake Chemical news, CAO Johnathan Stevan Zoeller sold 1,006 shares of Westlake Chemical stock in a transaction dated Thursday, February 25th. The stock was sold at an average price of $86.94, for a total transaction of $87,461.64. Following the transaction, the chief accounting officer now directly owns 1,006 shares of the company’s stock, valued at approximately $87,461.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lawrence E. Teel sold 33,449 shares of Westlake Chemical stock in a transaction dated Thursday, February 25th. The stock was sold at an average price of $86.96, for a total value of $2,908,725.04. Following the transaction, the chief executive officer now directly owns 13,865 shares in the company, valued at $1,205,700.40. The disclosure for this sale can be found here. Insiders have sold a total of 92,519 shares of company stock worth $8,415,449 over the last ninety days. Company insiders own 73.10% of the company’s stock.

Several large investors have recently made changes to their positions in WLK. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Westlake Chemical by 8.6% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 83,817 shares of the specialty chemicals company’s stock valued at $5,688,000 after purchasing an additional 6,624 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of Westlake Chemical by 1,279.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 104,431 shares of the specialty chemicals company’s stock valued at $687,000 after purchasing an additional 96,859 shares during the period. Truist Financial Corp lifted its stake in shares of Westlake Chemical by 6.6% in the 3rd quarter. Truist Financial Corp now owns 17,485 shares of the specialty chemicals company’s stock valued at $1,105,000 after purchasing an additional 1,085 shares during the period. Advisors Asset Management Inc. raised its stake in Westlake Chemical by 51.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 5,000 shares of the specialty chemicals company’s stock worth $316,000 after buying an additional 1,705 shares during the period. Finally, ExodusPoint Capital Management LP raised its stake in Westlake Chemical by 33.8% during the 3rd quarter. ExodusPoint Capital Management LP now owns 19,710 shares of the specialty chemicals company’s stock worth $1,246,000 after buying an additional 4,975 shares during the period. 28.19% of the stock is currently owned by institutional investors.

Westlake Chemical Company Profile

Westlake Chemical Corporation, together with its subsidiaries, manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. It operates through two segments, Vinyls and Olefins. The Vinyls segment provides specialty and commodity polyvinyl chloride (PVC), vinyl chloride monomers, ethylene dichloride, chlorine, caustic soda, chlorinated derivative, and ethylene products.

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