Westlake (NYSE:WLK) Price Target Raised to $147.00

Westlake (NYSE:WLKGet Rating) had its target price boosted by Piper Sandler from $122.00 to $147.00 in a research report released on Monday, The Fly reports. Piper Sandler currently has an overweight rating on the specialty chemicals company’s stock.

Several other research analysts have also weighed in on the stock. Citigroup increased their target price on shares of Westlake from $125.00 to $131.00 and gave the stock a buy rating in a research note on Friday, February 25th. Barclays raised their price objective on shares of Westlake from $135.00 to $150.00 in a research note on Monday, May 9th. Royal Bank of Canada raised their price objective on shares of Westlake from $128.00 to $155.00 and gave the company an outperform rating in a research note on Tuesday, April 5th. BMO Capital Markets raised their target price on shares of Westlake from $140.00 to $153.00 in a report on Wednesday, May 4th. Finally, StockNews.com cut shares of Westlake from a strong-buy rating to a buy rating in a report on Monday, May 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Westlake presently has a consensus rating of Buy and an average price target of $132.54.

Westlake stock opened at $126.39 on Monday. Westlake has a 12-month low of $78.06 and a 12-month high of $141.19. The stock has a market cap of $16.22 billion, a P/E ratio of 6.47, a PEG ratio of 0.21 and a beta of 1.19. The company has a 50-day moving average price of $126.51 and a 200 day moving average price of $110.54. The company has a current ratio of 2.12, a quick ratio of 1.38 and a debt-to-equity ratio of 0.53.

Westlake (NYSE:WLKGet Rating) last announced its earnings results on Tuesday, May 3rd. The specialty chemicals company reported $5.83 earnings per share for the quarter, topping the consensus estimate of $4.70 by $1.13. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.46 billion. Westlake had a net margin of 18.76% and a return on equity of 30.67%. Westlake’s revenue was up 72.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.87 earnings per share. As a group, analysts forecast that Westlake will post 19.7 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 7th. Stockholders of record on Monday, May 23rd will be issued a $0.2975 dividend. The ex-dividend date is Friday, May 20th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 0.94%. Westlake’s payout ratio is 6.09%.

In other news, CAO Johnathan Stevan Zoeller sold 1,006 shares of Westlake stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $110.39, for a total value of $111,052.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Albert Chao sold 37,876 shares of Westlake stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $130.38, for a total transaction of $4,938,272.88. Following the completion of the transaction, the chief executive officer now directly owns 472,983 shares in the company, valued at $61,667,523.54. The disclosure for this sale can be found here. Insiders sold a total of 96,923 shares of company stock worth $12,558,999 over the last ninety days. Corporate insiders own 73.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP purchased a new stake in shares of Westlake in the 1st quarter worth about $27,000. Worth Asset Management LLC purchased a new stake in shares of Westlake in the 1st quarter worth about $28,000. National Bank of Canada FI purchased a new stake in shares of Westlake in the 4th quarter worth about $29,000. Spire Wealth Management purchased a new stake in shares of Westlake in the 4th quarter worth about $32,000. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of Westlake in the 1st quarter worth about $36,000.

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.

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