Westlake Chemical Corporation (WLK) Posts Quarterly Earnings Results, Beats Estimates By $0.24 EPS
Westlake Chemical Corporation (NYSE:WLK) posted its earnings results on Tuesday. The specialty chemicals company reported $1.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.24, Briefing.com reports. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.06 billion. Westlake Chemical Corporation had a return on equity of 13.68% and a net margin of 6.57%. The business’s revenue was up 64.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.86 earnings per share.
Shares of Westlake Chemical Corporation (NYSE WLK) opened at $91.62 on Wednesday. The stock has a market cap of $11,101.35, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 2.12 and a beta of 1.67. The company has a quick ratio of 1.50, a current ratio of 2.31 and a debt-to-equity ratio of 0.83.
In other news, VP Mark Steven Bender sold 13,794 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $70.22, for a total value of $968,614.68. Following the completion of the sale, the vice president now owns 44,449 shares in the company, valued at $3,121,208.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 72.50% of the stock is currently owned by corporate insiders.
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Several equities analysts have recently commented on WLK shares. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Westlake Chemical Corporation in a report on Wednesday, September 6th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $86.00 target price on shares of Westlake Chemical Corporation in a report on Wednesday, September 6th. UBS AG increased their price objective on Westlake Chemical Corporation from $56.00 to $61.00 and gave the stock a “sell” rating in a report on Friday, October 13th. Zacks Investment Research raised Westlake Chemical Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a report on Friday, October 13th. Finally, Cowen and Company reissued a “buy” rating and issued a $70.00 price objective on shares of Westlake Chemical Corporation in a report on Friday, July 14th. One analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $85.91.
About Westlake Chemical Corporation
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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