Westlake Chemical (NYSE:WLK) Upgraded by ValuEngine to “Sell”

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ValuEngine upgraded shares of Westlake Chemical (NYSE:WLK) from a strong sell rating to a sell rating in a report released on Monday, ValuEngine reports.

A number of other equities analysts also recently issued reports on the company. Cowen restated a buy rating and set a $6.50 price objective on shares of Daseke in a research report on Monday, May 6th. Nomura lowered their price objective on Westlake Chemical from $59.00 to $58.00 and set a neutral rating for the company in a research report on Tuesday, July 2nd. Zacks Investment Research upgraded Zymeworks from a hold rating to a buy rating and set a $19.00 price objective for the company in a research report on Saturday, April 27th. Macquarie set a $74.00 price objective on Westlake Chemical and gave the stock a hold rating in a research report on Tuesday, July 2nd. Finally, Barclays restated a sell rating on shares of RenaissanceRe in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. Westlake Chemical presently has an average rating of Hold and a consensus target price of $82.52.

Shares of WLK opened at $67.10 on Monday. Westlake Chemical has a 1 year low of $57.20 and a 1 year high of $109.87. The company has a quick ratio of 1.31, a current ratio of 2.14 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $8.68 billion, a P/E ratio of 8.59, a price-to-earnings-growth ratio of 2.08 and a beta of 1.59. The business’s 50-day moving average is $64.47.

Westlake Chemical (NYSE:WLK) last issued its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.94 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.38 by ($0.44). Westlake Chemical had a return on equity of 14.57% and a net margin of 9.18%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the business earned $2.20 earnings per share. Westlake Chemical’s revenue was down 5.8% compared to the same quarter last year. On average, research analysts predict that Westlake Chemical will post 4.54 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Wednesday, May 29th were issued a $0.25 dividend. The ex-dividend date was Tuesday, May 28th. This represents a $1.00 dividend on an annualized basis and a yield of 1.49%. Westlake Chemical’s payout ratio is currently 12.80%.

A number of hedge funds have recently modified their holdings of the business. ETF Managers Group LLC acquired a new stake in Westlake Chemical in the first quarter valued at approximately $592,000. Toronto Dominion Bank grew its stake in Westlake Chemical by 33.2% in the first quarter. Toronto Dominion Bank now owns 6,978 shares of the specialty chemicals company’s stock valued at $473,000 after acquiring an additional 1,739 shares during the period. BOKF NA grew its stake in Westlake Chemical by 11.6% in the fourth quarter. BOKF NA now owns 32,703 shares of the specialty chemicals company’s stock valued at $2,163,000 after acquiring an additional 3,401 shares during the period. Deutsche Bank AG grew its stake in Westlake Chemical by 34.2% in the fourth quarter. Deutsche Bank AG now owns 399,690 shares of the specialty chemicals company’s stock valued at $26,442,000 after acquiring an additional 101,848 shares during the period. Finally, Commonwealth Bank of Australia grew its stake in Westlake Chemical by 27.4% in the first quarter. Commonwealth Bank of Australia now owns 14,400 shares of the specialty chemicals company’s stock valued at $972,000 after acquiring an additional 3,100 shares during the period. Institutional investors and hedge funds own 28.21% of the company’s stock.

About Westlake Chemical

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. 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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Analyst Recommendations for Westlake Chemical (NYSE:WLK)

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