JPMorgan Chase & Co. Boosts Westlake Chemical (NYSE:WLK) Price Target to $134.00

Westlake Chemical (NYSE:WLK) had its price target lifted by analysts at JPMorgan Chase & Co. from $98.00 to $134.00 in a research note issued to investors on Friday, The Fly reports. The brokerage currently has an “overweight” rating on the specialty chemicals company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 33.59% from the company’s previous close.

A number of other brokerages also recently issued reports on WLK. Wells Fargo & Company raised their price target on shares of Westlake Chemical from $114.00 to $119.00 and gave the company an “overweight” rating in a report on Wednesday, May 5th. The Goldman Sachs Group cut their target price on shares of Westlake Chemical from $97.00 to $93.00 and set a “neutral” rating for the company in a research report on Tuesday, May 11th. Morgan Stanley increased their price target on Westlake Chemical from $87.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, April 8th. KeyCorp upgraded Westlake Chemical from a “sector weight” rating to an “overweight” rating and set a $124.00 price objective for the company in a research report on Monday, April 19th. Finally, Zacks Investment Research cut Westlake Chemical from a “buy” rating to a “hold” rating and set a $99.00 target price on the stock. in a research report on Monday, May 3rd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $92.50.

Shares of WLK opened at $100.31 on Friday. Westlake Chemical has a twelve month low of $49.66 and a twelve month high of $106.47. The company has a market capitalization of $12.85 billion, a P/E ratio of 30.40, a P/E/G ratio of 0.24 and a beta of 1.47. The firm’s 50 day moving average price is $97.99. The company has a quick ratio of 2.10, a current ratio of 2.82 and a debt-to-equity ratio of 0.52.

Westlake Chemical (NYSE:WLK) last posted its earnings results on Tuesday, May 4th. The specialty chemicals company reported $1.87 EPS for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.31. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.05 billion. Westlake Chemical had a return on equity of 6.90% and a net margin of 5.39%. The company’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.13 EPS. As a group, equities analysts predict that Westlake Chemical will post 8.82 earnings per share for the current fiscal year.

In related news, EVP Robert F. Buesinger sold 5,000 shares of the stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $105.00, for a total transaction of $525,000.00. Following the completion of the sale, the executive vice president now owns 8,217 shares in the company, valued at $862,785. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 73.70% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its holdings in Westlake Chemical by 1.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,669,971 shares of the specialty chemicals company’s stock valued at $325,857,000 after acquiring an additional 41,736 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Westlake Chemical by 1.3% in the first quarter. Victory Capital Management Inc. now owns 3,104,878 shares of the specialty chemicals company’s stock worth $275,682,000 after purchasing an additional 38,433 shares during the last quarter. BlackRock Inc. lifted its position in shares of Westlake Chemical by 10.8% in the first quarter. BlackRock Inc. now owns 1,728,522 shares of the specialty chemicals company’s stock worth $153,475,000 after buying an additional 168,049 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Westlake Chemical during the first quarter valued at approximately $153,283,000. Finally, Millennium Management LLC grew its holdings in Westlake Chemical by 13,540.8% during the 1st quarter. Millennium Management LLC now owns 1,410,182 shares of the specialty chemicals company’s stock valued at $125,210,000 after buying an additional 1,399,844 shares in the last quarter. 26.75% of the stock is owned by institutional investors.

Westlake Chemical Company Profile

Westlake Chemical Corporation, together with its subsidiaries, manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. It operates through two segments, Vinyls and Olefins. The Vinyls segment provides specialty and commodity polyvinyl chloride (PVC), vinyl chloride monomers, ethylene dichloride, chlorine, caustic soda, chlorinated derivative, and ethylene products.

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