Westlake (NYSE:WLK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Westlake (NYSE:WLK) from a sell rating to a hold rating in a report released on Saturday.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised Westlake from an “underweight” rating to a “neutral” rating and set a $90.00 target price on the stock in a research report on Monday, May 18th. Royal Bank Of Canada restated an “outperform” rating and set a $95.00 target price (up from $89.00) on shares of Westlake in a research note on Thursday. UBS Group reaffirmed a “buy” rating and issued a $117.00 price objective (down from $130.00) on shares of Westlake in a report on Friday, June 5th. Citigroup cut their price objective on shares of Westlake from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, June 24th. Finally, Zacks Research lowered Westlake from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Westlake presently has an average rating of “Hold” and an average target price of $93.92.

Westlake Stock Up 2.1%

Shares of WLK stock opened at $79.08 on Friday. Westlake has a 12-month low of $56.33 and a 12-month high of $124.23. The company has a quick ratio of 1.70, a current ratio of 2.45 and a debt-to-equity ratio of 0.55. The firm has a fifty day moving average of $78.19 and a 200-day moving average of $93.87. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of -8.25 and a beta of 0.63.

Westlake (NYSE:WLK) last posted its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.83 by $0.18. Westlake had a negative net margin of 10.94% and a positive return on equity of 0.93%. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the previous year, the firm posted ($1.11) EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts predict that Westlake will post 3.32 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Wednesday, May 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.7%. Westlake’s dividend payout ratio is presently -22.13%.

Hedge Funds Weigh In On Westlake

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new position in Westlake in the third quarter valued at approximately $28,000. Quarry LP bought a new position in shares of Westlake in the fourth quarter valued at $31,000. Fifth Third Bancorp lifted its position in Westlake by 71.3% in the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 234 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Westlake during the third quarter valued at approximately $53,000. Finally, NewEdge Advisors LLC boosted its holdings in Westlake by 49.6% during the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after acquiring an additional 247 shares during the last quarter. Institutional investors own 28.40% of the company’s stock.

About Westlake

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.