Westlake Chemical Corp. (WLK) PT Set at $60.00 by JPMorgan Chase & Co.
Westlake Chemical Corp. (NYSE:WLK) has been given a $60.00 price target by analysts at JPMorgan Chase & Co. in a research note issued on Friday. The firm currently has a a “buy” rating on the stock. JPMorgan Chase & Co.’s price target would indicate a potential upside of 11.57% from the company’s previous close.
A number of other equities research analysts have also recently commented on the company. Tudor Pickering assumed coverage on Westlake Chemical Corp. in a report on Thursday, October 13th. They set a “hold” rating and a $53.00 target price on the stock. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $51.00 target price on shares of Westlake Chemical Corp. in a report on Friday, September 30th. Vetr upgraded Westlake Chemical Corp. from a “hold” rating to a “strong-buy” rating and set a $59.00 target price on the stock in a report on Tuesday, September 6th. Cowen and Company increased their target price on Westlake Chemical Corp. from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, September 1st. Finally, TheStreet upgraded Westlake Chemical Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $56.80.
Shares of Westlake Chemical Corp. (NYSE:WLK) opened at 53.78 on Friday. Westlake Chemical Corp. has a 12 month low of $39.48 and a 12 month high of $61.21. The company has a market cap of $6.92 billion, a P/E ratio of 17.24 and a beta of 1.89. The company’s 50-day moving average price is $52.44 and its 200-day moving average price is $48.10.
Westlake Chemical Corp. (NYSE:WLK) last announced its earnings results on Tuesday, November 8th. The company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by $0.39. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.52 billion. Westlake Chemical Corp. had a net margin of 9.50% and a return on equity of 13.56%. Westlake Chemical Corp.’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.39 EPS. Equities analysts forecast that Westlake Chemical Corp. will post $3.69 EPS for the current fiscal year.
In other Westlake Chemical Corp. news, VP George J. Mangieri sold 30,714 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $52.00, for a total value of $1,597,128.00. Following the transaction, the vice president now directly owns 54,609 shares of the company’s stock, valued at $2,839,668. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert F. Buesinger sold 2,880 shares of the firm’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $54.42, for a total value of $156,729.60. Following the completion of the transaction, the insider now directly owns 11,035 shares in the company, valued at $600,524.70. The disclosure for this sale can be found here. 71.70% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Soroban Capital Partners LP bought a new position in Westlake Chemical Corp. during the third quarter valued at approximately $108,193,000. FMR LLC bought a new position in Westlake Chemical Corp. during the second quarter valued at approximately $68,041,000. Perkins Investment Management LLC raised its position in Westlake Chemical Corp. by 17.5% in the third quarter. Perkins Investment Management LLC now owns 1,330,644 shares of the company’s stock valued at $71,189,000 after buying an additional 197,903 shares during the period. Dimensional Fund Advisors LP raised its position in Westlake Chemical Corp. by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,267,872 shares of the company’s stock valued at $54,413,000 after buying an additional 51,107 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in Westlake Chemical Corp. by 18.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,119,229 shares of the company’s stock valued at $48,037,000 after buying an additional 176,814 shares during the period. 28.29% of the stock is currently owned by institutional investors.
Westlake Chemical Corp. Company Profile
Westlake Chemical Corporation is a vertically integrated 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 diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods.
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