UBS AG Raises Westlake Chemical Corporation (WLK) Price Target to $61.00
Westlake Chemical Corporation (NYSE:WLK) had its price target boosted by UBS AG from $56.00 to $61.00 in a research report report published on Friday, www.benzinga.com reports. They currently have a sell rating on the specialty chemicals company’s stock.
A number of other equities research analysts have also issued reports on WLK. Zacks Investment Research lowered Westlake Chemical Corporation from a buy rating to a hold rating in a research note on Wednesday, August 9th. Royal Bank Of Canada reiterated a buy rating on shares of Westlake Chemical Corporation in a research note on Friday, August 4th. SunTrust Banks, Inc. reiterated a buy rating and issued a $93.00 target price on shares of Westlake Chemical Corporation in a research note on Thursday, September 28th. Nomura upgraded Westlake Chemical Corporation from a neutral rating to a buy rating and set a $98.00 target price for the company in a research note on Tuesday, September 26th. Finally, Cowen and Company increased their target price on Westlake Chemical Corporation from $78.00 to $92.00 and gave the company an outperform rating in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $81.20.
Westlake Chemical Corporation (NYSE WLK) opened at 84.24 on Friday. The firm has a market capitalization of $10.87 billion, a P/E ratio of 24.08 and a beta of 1.63. Westlake Chemical Corporation has a 52-week low of $48.92 and a 52-week high of $85.86. The firm has a 50-day moving average price of $80.79 and a 200 day moving average price of $69.60.
Westlake Chemical Corporation (NYSE:WLK) last posted its earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2 billion. During the same quarter last year, the firm earned $0.85 earnings per share. The company’s revenue for the quarter was up 82.2% compared to the same quarter last year. Analysts forecast that Westlake Chemical Corporation will post $4.85 EPS for the current year.
ILLEGAL ACTIVITY WARNING: “UBS AG Raises Westlake Chemical Corporation (WLK) Price Target to $61.00” was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this article on another publication, it was stolen and republished in violation of United States and international copyright & trademark legislation. The legal version of this article can be accessed at https://www.thecerbatgem.com/2017/10/17/ubs-ag-raises-westlake-chemical-corporation-wlk-price-target-to-61-00.html.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 18th. Investors of record on Friday, September 1st were issued a $0.21 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a yield of 1.00%. This is an increase from Westlake Chemical Corporation’s previous quarterly dividend of $0.19. Westlake Chemical Corporation’s dividend payout ratio is currently 24.00%.
In other Westlake Chemical Corporation news, VP Mark Steven Bender sold 13,794 shares of the stock in a transaction that occurred 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 approximately $3,121,208.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 72.50% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its holdings in Westlake Chemical Corporation by 162.8% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock worth $151,000 after buying an additional 1,410 shares during the last quarter. Verity Asset Management Inc. bought a new stake in shares of Westlake Chemical Corporation in the 2nd quarter worth approximately $204,000. OppenheimerFunds Inc. bought a new stake in shares of Westlake Chemical Corporation in the 1st quarter worth approximately $205,000. Engineers Gate Manager LP bought a new stake in shares of Westlake Chemical Corporation in the 2nd quarter worth approximately $219,000. Finally, Private Advisor Group LLC lifted its holdings in shares of Westlake Chemical Corporation by 3.1% in the 2nd quarter. Private Advisor Group LLC now owns 3,388 shares of the specialty chemicals company’s stock worth $229,000 after purchasing an additional 103 shares during the last quarter. 31.96% of the stock is currently owned by institutional investors.
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.
Receive News & Stock Ratings for Westlake Chemical Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Corporation and related stocks with our FREE daily email newsletter.