Wells Fargo & Company reaffirmed their buy rating on shares of Westlake Chemical (NYSE:WLK) in a report published on Thursday morning. The firm currently has a $112.00 price objective on the specialty chemicals company’s stock, up from their prior price objective of $105.00.
A number of other equities analysts have also weighed in on the stock. UBS upped their price target on shares of Westlake Chemical from $56.00 to $61.00 and gave the stock a sell rating in a research report on Friday, October 13th. Royal Bank Of Canada reiterated a buy rating on shares of Westlake Chemical in a research report on Wednesday, September 6th. SunTrust Banks reiterated a buy rating and issued a $86.00 price target on shares of Westlake Chemical in a research report on Wednesday, September 6th. Bank of America upped their price target on shares of Westlake Chemical from $88.00 to $94.00 and gave the stock a neutral rating in a research report on Wednesday, November 8th. Finally, Citigroup initiated coverage on shares of Westlake Chemical in a research report on Tuesday, October 24th. They issued a buy rating and a $97.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $98.09.
Westlake Chemical (WLK) opened at $99.78 on Thursday. The firm has a market cap of $12,882.34, a P/E ratio of 20.00, a price-to-earnings-growth ratio of 1.81 and a beta of 1.71. Westlake Chemical has a 12-month low of $55.83 and a 12-month high of $100.70. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.31 and a quick ratio of 1.59.
In related news, Chairman James Chao sold 76,135 shares of the company’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $94.69, for a total transaction of $7,209,223.15. Following the completion of the transaction, the chairman now owns 129,078 shares in the company, valued at $12,222,395.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert T. Blakely sold 4,367 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $92.33, for a total transaction of $403,205.11. Following the sale, the director now directly owns 11,700 shares in the company, valued at approximately $1,080,261. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293,122 shares of company stock valued at $27,721,443. 72.50% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. raised its stake in Westlake Chemical by 6,376.2% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after purchasing an additional 1,339 shares in the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in Westlake Chemical during the third quarter valued at $137,000. Advisors Asset Management Inc. raised its stake in Westlake Chemical by 162.8% during the second quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after purchasing an additional 1,410 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Westlake Chemical during the third quarter valued at $204,000. Finally, HL Financial Services LLC purchased a new stake in Westlake Chemical during the third quarter valued at $210,000. 30.42% of the stock is currently owned by institutional investors.
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Westlake Chemical 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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