Wall Street brokerages expect Westlake Chemical Co. (NYSE:WLK) to announce sales of $2.13 billion for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Westlake Chemical’s earnings. The lowest sales estimate is $2.05 billion and the highest is $2.22 billion. Westlake Chemical reported sales of $2.26 billion in the same quarter last year, which would suggest a negative year over year growth rate of 5.8%. The business is scheduled to announce its next earnings results on Tuesday, November 5th.
According to Zacks, analysts expect that Westlake Chemical will report full-year sales of $8.40 billion for the current year, with estimates ranging from $8.16 billion to $8.55 billion. For the next year, analysts forecast that the business will report sales of $9.17 billion, with estimates ranging from $8.69 billion to $9.92 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Westlake Chemical.
Westlake Chemical (NYSE:WLK) last issued its earnings results on Tuesday, August 6th. The specialty chemicals company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.08. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Westlake Chemical had a return on equity of 11.05% and a net margin of 7.39%. Westlake Chemical’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.12 EPS.
Several brokerages recently weighed in on WLK. UBS Group set a $54.00 target price on Westlake Chemical and gave the company a “sell” rating in a report on Tuesday, July 2nd. Macquarie set a $74.00 price objective on Westlake Chemical and gave the stock a “hold” rating in a report on Tuesday, July 2nd. Bank of America cut Westlake Chemical from a “buy” rating to an “underperform” rating in a report on Friday, August 16th. Nomura dropped their price objective on Westlake Chemical from $53.00 to $51.00 and set a “reduce” rating for the company in a report on Wednesday, September 18th. Finally, Barclays dropped their price objective on Westlake Chemical from $71.00 to $65.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. Westlake Chemical presently has an average rating of “Hold” and an average price target of $71.84.
WLK stock traded up $3.66 during trading on Friday, hitting $63.74. 53,452 shares of the company traded hands, compared to its average volume of 532,318. The firm has a market capitalization of $7.92 billion, a PE ratio of 8.15, a P/E/G ratio of 2.43 and a beta of 1.61. Westlake Chemical has a 1 year low of $55.82 and a 1 year high of $82.48. The company has a 50-day moving average of $61.74 and a 200-day moving average of $65.28. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.33 and a current ratio of 2.07.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Tuesday, August 27th were issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 1.65%. The ex-dividend date was Monday, August 26th. Westlake Chemical’s dividend payout ratio (DPR) is currently 13.44%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank purchased a new position in shares of Westlake Chemical in the 2nd quarter valued at approximately $25,000. CSat Investment Advisory L.P. purchased a new position in shares of Westlake Chemical in the 2nd quarter valued at approximately $25,000. NumerixS Investment Technologies Inc purchased a new position in shares of Westlake Chemical in the 2nd quarter valued at approximately $28,000. TCG Advisors LP purchased a new position in shares of Westlake Chemical in the 1st quarter valued at approximately $39,000. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Westlake Chemical in the 2nd quarter valued at approximately $104,000. Institutional investors and hedge funds own 30.65% 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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