Brokerages Anticipate Westlake Chemical Co. (WLK) to Post $2.08 Earnings Per Share

Wall Street analysts expect that Westlake Chemical Co. (NYSE:WLK) will report earnings of $2.08 per share for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Westlake Chemical’s earnings, with estimates ranging from $1.96 to $2.33. Westlake Chemical posted earnings of $1.26 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 65.1%. The business is expected to report its next quarterly earnings report before the market opens on Thursday, May 3rd.

On average, analysts expect that Westlake Chemical will report full year earnings of $8.48 per share for the current fiscal year, with EPS estimates ranging from $7.90 to $9.53. For the next financial year, analysts forecast that the business will report earnings of $8.68 per share, with EPS estimates ranging from $8.15 to $9.99. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that follow Westlake Chemical.

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Westlake Chemical (NYSE:WLK) last released its quarterly earnings results on Tuesday, February 20th. The specialty chemicals company reported $1.62 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.69 by ($0.07). Westlake Chemical had a return on equity of 16.48% and a net margin of 16.22%. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the business earned $0.87 earnings per share. Westlake Chemical’s revenue for the quarter was up 15.9% on a year-over-year basis.

Several research firms have issued reports on WLK. Zacks Investment Research cut shares of Westlake Chemical from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 14th. Bank of America cut shares of Westlake Chemical from a “neutral” rating to an “underperform” rating and set a $105.00 price target on the stock. in a research note on Tuesday, January 16th. They noted that the move was a valuation call. BMO Capital Markets began coverage on shares of Westlake Chemical in a research note on Tuesday, March 27th. They set a “market perform” rating and a $125.00 price target on the stock. Wells Fargo began coverage on shares of Westlake Chemical in a research note on Tuesday, January 9th. They set a “hold” rating and a $120.00 price target on the stock. Finally, Morgan Stanley began coverage on shares of Westlake Chemical in a research note on Tuesday, January 9th. They set an “equal weight” rating and a $120.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $113.80.

In related news, SVP George J. Mangieri sold 4,335 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $111.22, for a total value of $482,138.70. Following the transaction, the senior vice president now owns 5,810 shares in the company, valued at $646,188.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Andrew Kenner sold 6,028 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $120.00, for a total transaction of $723,360.00. Following the completion of the transaction, the senior vice president now owns 17,465 shares in the company, valued at approximately $2,095,800. The disclosure for this sale can be found here. Insiders sold 103,080 shares of company stock worth $11,545,548 over the last three months. Corporate insiders own 72.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. raised its holdings in Westlake Chemical by 133.8% in the fourth quarter. Advisor Group Inc. now owns 1,501 shares of the specialty chemicals company’s stock valued at $159,000 after buying an additional 859 shares during the period. MHI Funds LLC purchased a new position in Westlake Chemical in the fourth quarter valued at approximately $163,000. Cornerstone Capital Management Holdings LLC. purchased a new position in Westlake Chemical in the third quarter valued at approximately $137,000. BB&T Securities LLC purchased a new position in Westlake Chemical in the fourth quarter valued at approximately $200,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in Westlake Chemical in the fourth quarter valued at approximately $233,000. Hedge funds and other institutional investors own 30.29% of the company’s stock.

Shares of Westlake Chemical stock traded down $3.06 during mid-day trading on Friday, hitting $109.79. 909,828 shares of the stock were exchanged, compared to its average volume of 794,493. Westlake Chemical has a twelve month low of $59.58 and a twelve month high of $121.30. The stock has a market capitalization of $14,834.10, a P/E ratio of 20.28, a P/E/G ratio of 1.11 and a beta of 1.53. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.76 and a quick ratio of 1.30.

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Westlake Chemical Company Profile

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.

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Earnings History and Estimates for Westlake Chemical (NYSE:WLK)

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