Westlake Chemical’s (WLK) “Outperform” Rating Reaffirmed at Royal Bank Of Canada

Royal Bank Of Canada restated their outperform rating on shares of Westlake Chemical (NYSE:WLK) in a report issued on Thursday, November 9th, Marketbeat Ratings reports. They currently have a $114.00 price objective on the specialty chemicals company’s stock, up from their prior price objective of $103.00.

WLK has been the topic of a number of other reports. Wells Fargo & Company reissued a positive rating and set a $94.00 price objective (up from $77.00) on shares of Westlake Chemical in a report on Wednesday, September 27th. Nomura upgraded shares of Westlake Chemical from a neutral rating to a buy rating and set a $98.00 target price for the company in a research report on Tuesday, September 26th. SunTrust Banks restated a buy rating and set a $93.00 target price on shares of Westlake Chemical in a research report on Thursday, September 28th. ValuEngine upgraded shares of Westlake Chemical from a hold rating to a buy rating in a research report on Tuesday, November 7th. Finally, Instinet upgraded shares of Westlake Chemical from a neutral rating to a buy rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $96.45.

Westlake Chemical (NYSE:WLK) traded up $1.15 during midday trading on Thursday, reaching $95.34. 1,162,330 shares of the company’s stock traded hands, compared to its average volume of 855,257. The stock has a market capitalization of $12,300.00, a price-to-earnings ratio of 18.96, a P/E/G ratio of 1.79 and a beta of 1.67. The company has a quick ratio of 1.59, a current ratio of 2.31 and a debt-to-equity ratio of 0.74. Westlake Chemical has a fifty-two week low of $54.11 and a fifty-two week high of $96.14.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Monday, November 27th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, November 24th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.88%. Westlake Chemical’s payout ratio is currently 18.22%.

In other news, Chairman James Chao sold 76,135 shares of the firm’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $94.69, for a total value of $7,209,223.15. Following the sale, the chairman now directly owns 129,078 shares in the company, valued at approximately $12,222,395.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP George J. Mangieri sold 13,381 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $94.44, for a total transaction of $1,263,701.64. Following the completion of the sale, the senior vice president now owns 10,195 shares in the company, valued at $962,815.80. The disclosure for this sale can be found here. Insiders have sold a total of 267,104 shares of company stock valued at $25,217,768 in the last ninety days. 72.50% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of WLK. Tortoise Capital Advisors L.L.C. grew its position in shares of Westlake Chemical by 6,376.2% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 1,360 shares of the specialty chemicals company’s stock valued at $113,000 after buying an additional 1,339 shares during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new position in shares of Westlake Chemical in the 3rd quarter valued at $137,000. Advisors Asset Management Inc. grew its position in shares of Westlake Chemical by 162.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,276 shares of the specialty chemicals company’s stock valued at $151,000 after buying an additional 1,410 shares during the last quarter. Verity Asset Management Inc. purchased a new position in shares of Westlake Chemical in the 2nd quarter valued at $204,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of Westlake Chemical in the 3rd quarter valued at $204,000. 30.42% of the stock is currently owned by hedge funds and other institutional investors.

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Westlake Chemical 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 (NYSE:WLK)

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