Westlake Corporation (NYSE:WLK) Receives Average Rating of “Hold” from Analysts

Shares of Westlake Corporation (NYSE:WLK) have been assigned a consensus rating of “Hold” from the fifteen research firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $93.9231.

A number of analysts have commented on WLK shares. UBS Group restated a “buy” rating and issued a $117.00 price target (down from $130.00) on shares of Westlake in a research report on Friday, June 5th. BMO Capital Markets restated a “market perform” rating and issued a $96.00 price objective on shares of Westlake in a research report on Monday, July 6th. Truist Financial dropped their price objective on Westlake from $127.00 to $104.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Mizuho cut their target price on Westlake from $110.00 to $88.00 and set a “neutral” rating for the company in a research report on Wednesday, July 1st. Finally, Wells Fargo & Company decreased their target price on Westlake from $110.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday.

Westlake Stock Performance

Shares of WLK opened at $77.47 on Friday. The business has a fifty day moving average of $78.52 and a 200 day moving average of $93.97. The firm has a market capitalization of $9.93 billion, a P/E ratio of -8.09 and a beta of 0.63. Westlake has a one year low of $56.33 and a one year high of $124.23. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.45 and a quick ratio of 1.56.

Westlake (NYSE:WLK) last issued its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share for the quarter, topping 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 firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the business earned ($1.11) EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Westlake will post 3.2 EPS for the current year.

Westlake Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Wednesday, May 27th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, May 27th. Westlake’s dividend payout ratio (DPR) is -22.13%.

Hedge Funds Weigh In On Westlake

Several hedge funds have recently modified their holdings of the stock. Orbis Allan Gray Ltd grew its stake in Westlake by 12.1% during the fourth quarter. Orbis Allan Gray Ltd now owns 4,386,635 shares of the specialty chemicals company’s stock valued at $324,348,000 after acquiring an additional 472,224 shares in the last quarter. Wellington Management Group LLP increased its holdings in Westlake by 7,239.1% in the 4th quarter. Wellington Management Group LLP now owns 4,220,717 shares of the specialty chemicals company’s stock valued at $312,080,000 after acquiring an additional 4,163,207 shares during the last quarter. Vanguard Group Inc. lifted its stake in Westlake by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 3,917,329 shares of the specialty chemicals company’s stock worth $289,647,000 after purchasing an additional 477,698 shares in the last quarter. Capital World Investors bought a new stake in Westlake in the 4th quarter worth approximately $160,548,000. Finally, Dimensional Fund Advisors LP increased its position in Westlake by 45.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,885,678 shares of the specialty chemicals company’s stock worth $139,431,000 after purchasing an additional 585,438 shares during the last quarter. Hedge funds and other 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.