Brokerages Expect Westlake Chemical Corporation (WLK) Will Announce Earnings of $1.38 Per Share
Equities research analysts forecast that Westlake Chemical Corporation (NYSE:WLK) will announce earnings of $1.38 per share for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Westlake Chemical Corporation’s earnings, with the highest EPS estimate coming in at $1.50 and the lowest estimate coming in at $1.18. Westlake Chemical Corporation posted earnings per share of $0.86 during the same quarter last year, which would indicate a positive year-over-year growth rate of 60.5%. The company is scheduled to issue its next earnings report on Tuesday, November 14th.
On average, analysts expect that Westlake Chemical Corporation will report full-year earnings of $4.74 per share for the current financial year, with EPS estimates ranging from $4.55 to $5.23. For the next financial year, analysts forecast that the company will post earnings of $5.72 per share, with EPS estimates ranging from $4.85 to $7.17. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that cover Westlake Chemical Corporation.
Westlake Chemical Corporation (NYSE:WLK) last released its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, beating the consensus estimate of $1.19 by $0.02. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2 billion. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. Westlake Chemical Corporation’s revenue for the quarter was up 82.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.85 EPS.
A number of research analysts have recently commented on WLK shares. BidaskClub raised Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Cowen and Company reaffirmed a “buy” rating and set a $70.00 target price on shares of Westlake Chemical Corporation in a report on Friday, July 14th. Royal Bank Of Canada reissued a “buy” rating on shares of Westlake Chemical Corporation in a research note on Friday, August 4th. Zacks Investment Research cut Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, SunTrust Banks, Inc. restated a “buy” rating and set a $86.00 price objective on shares of Westlake Chemical Corporation in a research report on Wednesday, September 6th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $77.22.
In other news, VP Mark Steven Bender sold 13,794 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total transaction of $968,614.68. Following the transaction, the vice president now owns 44,449 shares of the company’s stock, valued at $3,121,208.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 71.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of WLK. Russell Investments Group Ltd. lifted its stake in shares of Westlake Chemical Corporation by 17.2% during the first quarter. Russell Investments Group Ltd. now owns 16,046 shares of the specialty chemicals company’s stock valued at $1,062,000 after acquiring an additional 2,360 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Westlake Chemical Corporation by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 281,586 shares of the specialty chemicals company’s stock valued at $18,598,000 after acquiring an additional 12,961 shares during the period. Karp Capital Management Corp acquired a new position in shares of Westlake Chemical Corporation during the first quarter valued at $703,000. Mutual of America Capital Management LLC acquired a new position in shares of Westlake Chemical Corporation during the first quarter valued at $317,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Westlake Chemical Corporation during the first quarter valued at $273,000. 31.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of Westlake Chemical Corporation (WLK) traded down 0.908% during trading on Tuesday, reaching $84.149. 187,926 shares of the company’s stock traded hands. Westlake Chemical Corporation has a 1-year low of $48.92 and a 1-year high of $85.36. The company has a 50 day moving average of $78.31 and a 200-day moving average of $68.71. The company has a market capitalization of $10.86 billion, a price-to-earnings ratio of 24.049 and a beta of 1.63.
The company also recently declared a quarterly dividend, which was paid on Monday, September 18th. Stockholders of record on Friday, September 1st were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.99%. The ex-dividend date of this dividend was Wednesday, August 30th. This is a positive change from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. Westlake Chemical Corporation’s dividend payout ratio is 24.00%.
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Westlake Chemical Corporation Company Profile
Westlake Chemical Corporation is a 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 consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.
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