Westlake Chemical Corporation (WLK) is Reiterated by Cowen to Outperform, Raises Price Target to $ 60

Westlake Chemical Corporation (WLK) was Reiterated by Cowen to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 60 from a previous price target of $53 . Cowen advised their investors in a research report released on Jun 13, 2016.

On the company’s financial health, Westlake Chemical Corporation reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.93. The company had revenue of $975.18 million for the quarter, compared to analysts expectations of $1024.07 million. The company’s revenue was down -11.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.10 EPS.

Westlake Chemical Corporation opened for trading at $45.81 and hit $47.47 on the upside on Friday, eventually ending the session at $46.4, with a gain of 2.97% or 1.34 points. The heightened volatility saw the trading volume jump to 54,67,069 shares. Company has a market cap of $6,046 M.

In a different news, on Nov 12, 2015, George J Mangieri (VP & Chief Accounting Officer) sold 2,785 shares at $60.20 per share price. According to the SEC, on Aug 13, 2015, Robert T Blakely (director) sold 5,143 shares at $63.00 per share price. On May 27, 2015, Jeffrey L Taylor (Sr VP, Polyethylene) sold 8,143 shares at $70.54 per share price, according to the Form-4 filing with the securities and exchange commission.

Westlake Chemical Corporation is a vertically integrated manufacturer and marketer of basic chemicals vinyls polymers and fabricated building products. The Company’s products include a range of chemicals used in the world which are fundamental to many diverse consumer and industrial markets including flexible and rigid packaging automotive products coatings residential and commercial construction as well as other durable and non-durable goods. The Company operates in two principal operating segments Olefins and Vinyls. The Company is an integrated producer of vinyls with substantial downstream integration into polyvinyl chloride (PVC) building products. The Olefins segment manufactures a range of petrochemical products. The Vinyls segment primarily offers PVC vinyl chloride monomer (VCM) ethylene dichloride (EDC) chlorine caustic soda and through Westlake Chemical OpCo LP ethylene.

Westlake Chemical Corporation

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