Wall Street brokerages expect that Westlake Chemical Co. (NYSE:WLK) will report sales of $2.08 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Westlake Chemical’s earnings, with the lowest sales estimate coming in at $2.06 billion and the highest estimate coming in at $2.10 billion. Westlake Chemical reported sales of $2.15 billion in the same quarter last year, which indicates a negative year over year growth rate of 3.3%. The firm is expected to announce its next quarterly earnings results on Thursday, May 2nd.
On average, analysts expect that Westlake Chemical will report full year sales of $8.80 billion for the current year, with estimates ranging from $8.70 billion to $8.91 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $9.53 billion, with estimates ranging from $9.17 billion to $10.32 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Westlake Chemical.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings data on Tuesday, February 19th. The specialty chemicals company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.70). Westlake Chemical had a return on equity of 17.83% and a net margin of 11.53%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the prior year, the firm posted $1.62 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis.
A number of research firms have issued reports on WLK. Barclays reaffirmed a “buy” rating on shares of Westlake Chemical in a report on Wednesday, February 20th. Cowen reiterated a “market perform” rating and issued a $82.00 target price on shares of Westlake Chemical in a research note on Wednesday, February 6th. Zacks Investment Research upgraded shares of Westlake Chemical from a “sell” rating to a “hold” rating in a report on Saturday, January 19th. Nomura lowered shares of Westlake Chemical from a “neutral” rating to a “reduce” rating and set a $72.00 price target on the stock. in a research report on Wednesday, January 30th. Finally, ValuEngine cut shares of Westlake Chemical from a “sell” rating to a “strong sell” rating in a report on Monday, February 4th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Westlake Chemical currently has an average rating of “Hold” and an average price target of $101.63.
In other Westlake Chemical news, Director H John Riley, Jr. sold 3,327 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $69.92, for a total transaction of $232,623.84. Following the sale, the director now directly owns 22,652 shares of the company’s stock, valued at $1,583,827.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 72.00% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in Westlake Chemical in the 4th quarter worth approximately $32,294,000. Millennium Management LLC raised its position in shares of Westlake Chemical by 102.6% in the fourth quarter. Millennium Management LLC now owns 834,024 shares of the specialty chemicals company’s stock worth $55,187,000 after buying an additional 422,380 shares in the last quarter. Morgan Stanley boosted its stake in Westlake Chemical by 223.3% during the third quarter. Morgan Stanley now owns 544,346 shares of the specialty chemicals company’s stock valued at $45,240,000 after buying an additional 375,952 shares during the period. AQR Capital Management LLC boosted its stake in Westlake Chemical by 20.0% during the third quarter. AQR Capital Management LLC now owns 1,853,189 shares of the specialty chemicals company’s stock valued at $154,018,000 after buying an additional 308,887 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in Westlake Chemical by 129.9% during the fourth quarter. Nuveen Asset Management LLC now owns 429,443 shares of the specialty chemicals company’s stock valued at $28,416,000 after buying an additional 242,654 shares during the period. Hedge funds and other institutional investors own 28.00% of the company’s stock.
NYSE WLK traded up $1.62 on Thursday, reaching $76.14. The company had a trading volume of 1,923,628 shares, compared to its average volume of 820,571. The company has a current ratio of 2.40, a quick ratio of 1.55 and a debt-to-equity ratio of 0.44. Westlake Chemical has a 52-week low of $59.78 and a 52-week high of $124.29. The firm has a market capitalization of $9.78 billion, a P/E ratio of 9.75, a PEG ratio of 0.89 and a beta of 1.44.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, February 27th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date was Tuesday, February 26th. Westlake Chemical’s dividend payout ratio is currently 12.80%.
About Westlake Chemical
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.
See Also: S&P 500 Index
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Westlake Chemical Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Westlake Chemical and related companies with MarketBeat.com’s FREE daily email newsletter.