JPMorgan Chase & Co. Issues Positive Forecast for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price objective hoisted by JPMorgan Chase & Co. from $73.00 to $78.00 in a research note released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the specialty chemicals company’s stock.

Several other analysts also recently issued reports on WLK. Royal Bank Of Canada upped their price objective on shares of Westlake from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Thursday, July 3rd. Tudor, Pickering, Holt & Co. raised shares of Westlake from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a report on Wednesday, August 6th. Bank of America decreased their price objective on shares of Westlake from $90.00 to $84.00 and set a “buy” rating for the company in a report on Wednesday, June 18th. BMO Capital Markets upped their price objective on shares of Westlake from $91.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 6th. Finally, Morgan Stanley decreased their price objective on shares of Westlake from $98.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.64.

Westlake Stock Down 3.6%

Westlake stock opened at $76.01 on Thursday. The company has a market capitalization of $9.75 billion, a P/E ratio of -143.41 and a beta of 0.92. The firm’s fifty day simple moving average is $83.97 and its 200-day simple moving average is $84.91. The company has a current ratio of 2.47, a quick ratio of 1.75 and a debt-to-equity ratio of 0.43. Westlake has a 1-year low of $68.55 and a 1-year high of $151.56.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.15). The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3 billion. Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.40 EPS. Sell-side analysts forecast that Westlake will post 6.48 earnings per share for the current fiscal year.

Westlake Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 19th were given a $0.53 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $2.12 annualized dividend and a yield of 2.8%. This is a positive change from Westlake’s previous quarterly dividend of $0.47. Westlake’s dividend payout ratio (DPR) is -400.00%.

Institutional Trading of Westlake

Several hedge funds and other institutional investors have recently bought and sold shares of WLK. Huntington National Bank acquired a new stake in Westlake in the 2nd quarter worth $26,000. Private Trust Co. NA boosted its position in shares of Westlake by 251.1% during the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 226 shares in the last quarter. Signaturefd LLC boosted its position in shares of Westlake by 127.1% during the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 239 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Westlake by 107.0% during the 2nd quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 292 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Westlake by 54.5% during the 2nd quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 200 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

About Westlake

Westlake Corporation engages in the manufacture and marketing of performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, Taiwan, and internationally. The company operates through two segments: Performance and Essential Materials and Housing and Infrastructure Products.