SunTrust Banks lowered shares of Westlake Chemical (NYSE:WLK) from a buy rating to a hold rating in a report issued on Thursday morning, The Fly reports. The firm currently has $75.00 target price on the specialty chemicals company’s stock. SunTrust Banks also issued estimates for Westlake Chemical’s Q4 2019 earnings at $1.02 EPS.
Several other equities research analysts also recently weighed in on the company. Bank of America downgraded Westlake Chemical from a buy rating to an underperform rating in a report on Friday, August 16th. Barclays reduced their price target on Westlake Chemical from $71.00 to $65.00 and set an equal weight rating on the stock in a report on Thursday, October 3rd. BMO Capital Markets reduced their price target on Westlake Chemical from $75.00 to $71.00 and set a market perform rating on the stock in a report on Friday, August 9th. Citigroup downgraded Westlake Chemical from a buy rating to a neutral rating and reduced their price target for the stock from $79.00 to $61.00 in a report on Wednesday, October 9th. Finally, Tudor Pickering downgraded Westlake Chemical from a hold rating to a sell rating in a report on Friday, November 1st. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $72.32.
Shares of NYSE WLK traded down $0.12 during midday trading on Thursday, hitting $74.70. The company’s stock had a trading volume of 516,037 shares, compared to its average volume of 810,834. The company has a current ratio of 2.81, a quick ratio of 1.33 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $64.03 and its two-hundred day moving average is $64.20. Westlake Chemical has a 12-month low of $55.82 and a 12-month high of $81.04. The firm has a market cap of $9.58 billion, a P/E ratio of 9.56, a price-to-earnings-growth ratio of 3.16 and a beta of 1.65.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.22. Westlake Chemical had a return on equity of 8.52% and a net margin of 5.74%. The firm had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the business posted $2.35 earnings per share. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, analysts predict that Westlake Chemical will post 3.68 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its holdings in Westlake Chemical by 379.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,625 shares of the specialty chemicals company’s stock worth $172,000 after purchasing an additional 2,078 shares during the period. SG Americas Securities LLC increased its holdings in Westlake Chemical by 117.7% during the 3rd quarter. SG Americas Securities LLC now owns 23,638 shares of the specialty chemicals company’s stock worth $1,549,000 after purchasing an additional 12,780 shares during the period. First Mercantile Trust Co. increased its holdings in Westlake Chemical by 31.8% during the 3rd quarter. First Mercantile Trust Co. now owns 2,849 shares of the specialty chemicals company’s stock worth $186,000 after purchasing an additional 687 shares during the period. Yorktown Management & Research Co Inc purchased a new position in Westlake Chemical during the 3rd quarter worth $262,000. Finally, Coronation Fund Managers Ltd. increased its holdings in Westlake Chemical by 1,276.6% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 138,206 shares of the specialty chemicals company’s stock worth $9,055,000 after purchasing an additional 128,166 shares during the period. Institutional investors own 30.44% of the company’s stock.
Westlake Chemical Company Profile
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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