Westlake Chemical Corporation (WLK) Receives “Buy” Rating from SunTrust Banks, Inc.

Westlake Chemical Corporation (NYSE:WLK)‘s stock had its “buy” rating reaffirmed by SunTrust Banks, Inc. in a research report issued to clients and investors on Wednesday, September 6th. They presently have a $86.00 price objective on the specialty chemicals company’s stock. SunTrust Banks, Inc.’s price target would suggest a potential upside of 8.23% from the company’s current price. SunTrust Banks also issued estimates for Westlake Chemical Corporation’s Q3 2017 earnings at $1.47 EPS, Q4 2017 earnings at $1.21 EPS, FY2017 earnings at $4.92 EPS, FY2018 earnings at $6.64 EPS and FY2019 earnings at $6.73 EPS.

Several other equities analysts have also recently commented on WLK. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Cowen and Company lifted their price objective on shares of Westlake Chemical Corporation from $70.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 22nd. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Westlake Chemical Corporation in a research report on Friday, August 4th. Zacks Investment Research cut shares of Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, J P Morgan Chase & Co lifted their price objective on shares of Westlake Chemical Corporation from $70.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 31st. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Westlake Chemical Corporation currently has an average rating of “Buy” and a consensus price target of $68.56.

Westlake Chemical Corporation (WLK) opened at 79.46 on Wednesday. The company has a market cap of $10.25 billion, a P/E ratio of 22.71 and a beta of 1.62. The company has a 50-day moving average of $73.34 and a 200-day moving average of $67.00. Westlake Chemical Corporation has a 52 week low of $48.92 and a 52 week high of $79.79.

Westlake Chemical Corporation (NYSE:WLK) last issued its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same quarter last year, the company posted $0.85 EPS. The firm’s revenue was up 82.2% compared to the same quarter last year. On average, equities research analysts predict that Westlake Chemical Corporation will post $4.68 EPS for the current year.

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In related news, VP Mark Steven Bender sold 13,794 shares of Westlake Chemical Corporation stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $70.22, for a total transaction of $968,614.68. Following the sale, the vice president now directly owns 44,449 shares in the company, valued at approximately $3,121,208.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 71.70% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in WLK. BlackRock Inc. raised its stake in Westlake Chemical Corporation by 14,246.4% during the 1st quarter. BlackRock Inc. now owns 1,699,615 shares of the specialty chemicals company’s stock worth $112,260,000 after acquiring an additional 1,687,768 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Westlake Chemical Corporation during the 2nd quarter worth $90,442,000. TIAA CREF Investment Management LLC raised its stake in Westlake Chemical Corporation by 215.3% during the 1st quarter. TIAA CREF Investment Management LLC now owns 1,368,155 shares of the specialty chemicals company’s stock worth $90,367,000 after acquiring an additional 934,281 shares in the last quarter. Balyasny Asset Management LLC raised its stake in Westlake Chemical Corporation by 293.5% during the 2nd quarter. Balyasny Asset Management LLC now owns 623,929 shares of the specialty chemicals company’s stock worth $41,310,000 after acquiring an additional 465,365 shares in the last quarter. Finally, FMR LLC raised its stake in Westlake Chemical Corporation by 15.0% during the 2nd quarter. FMR LLC now owns 2,808,967 shares of the specialty chemicals company’s stock worth $185,981,000 after acquiring an additional 366,537 shares in the last quarter. Hedge funds and other institutional investors own 31.98% of the company’s stock.

Westlake Chemical Corporation 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.

Analyst Recommendations for Westlake Chemical Corporation (NYSE:WLK)

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