Westlake (NYSE:WLK) Issues Quarterly Earnings Results, Beats Estimates By $1.13 EPS

Westlake (NYSE:WLKGet Rating) announced its earnings results on Tuesday. The specialty chemicals company reported $5.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.70 by $1.13, MarketWatch Earnings reports. Westlake had a return on equity of 26.37% and a net margin of 17.11%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.46 billion. During the same period in the previous year, the business earned $1.87 EPS. The firm’s revenue for the quarter was up 72.1% on a year-over-year basis.

Shares of WLK traded up $3.56 during mid-day trading on Tuesday, reaching $130.78. The company had a trading volume of 8,011 shares, compared to its average volume of 715,911. Westlake has a 52-week low of $78.06 and a 52-week high of $135.47. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $16.76 billion, a P/E ratio of 8.17, a PEG ratio of 0.21 and a beta of 1.19. The stock has a 50 day moving average of $120.39 and a two-hundred day moving average of $106.92.

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Tuesday, March 1st were paid a $0.2975 dividend. The ex-dividend date was Monday, February 28th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 0.91%. Westlake’s payout ratio is 7.64%.

Several research analysts recently weighed in on WLK shares. StockNews.com upgraded Westlake from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 2nd. Citigroup boosted their target price on Westlake from $125.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, February 25th. UBS Group dropped their target price on Westlake from $90.00 to $89.00 and set a “sell” rating on the stock in a research note on Tuesday, January 4th. Royal Bank of Canada boosted their price target on Westlake from $128.00 to $155.00 and gave the company an “outperform” rating in a research note on Tuesday, April 5th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $135.00 price target on shares of Westlake in a research note on Friday, April 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Westlake has a consensus rating of “Buy” and an average target price of $123.42.

In related news, CFO Mark Steven Bender sold 6,021 shares of the company’s stock in a transaction dated Thursday, March 31st. The stock was sold at an average price of $124.35, for a total value of $748,711.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Johnathan Stevan Zoeller sold 1,006 shares of the company’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $110.39, for a total value of $111,052.34. The disclosure for this sale can be found here. Insiders sold 38,090 shares of company stock worth $4,720,673 in the last 90 days. Company insiders own 73.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Synovus Financial Corp raised its holdings in shares of Westlake by 4.4% during the fourth quarter. Synovus Financial Corp now owns 2,655 shares of the specialty chemicals company’s stock valued at $253,000 after acquiring an additional 113 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Westlake by 5.3% during the third quarter. LPL Financial LLC now owns 7,255 shares of the specialty chemicals company’s stock valued at $661,000 after acquiring an additional 365 shares during the last quarter. Metropolitan Life Insurance Co NY raised its holdings in shares of Westlake by 118.2% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 969 shares of the specialty chemicals company’s stock valued at $94,000 after acquiring an additional 525 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Westlake by 3.8% in the fourth quarter. Advisors Asset Management Inc. now owns 29,510 shares of the specialty chemicals company’s stock valued at $2,866,000 after purchasing an additional 1,067 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in shares of Westlake by 1.0% in the fourth quarter. Parametric Portfolio Associates LLC now owns 151,762 shares of the specialty chemicals company’s stock valued at $14,741,000 after purchasing an additional 1,460 shares during the last quarter.

About Westlake (Get Rating)

Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.

Read More

Earnings History for Westlake (NYSE:WLK)

Receive News & Ratings for Westlake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake and related companies with MarketBeat.com's FREE daily email newsletter.