Westlake Chemical Corporation (WLK) was Upgraded by SunTrust to ” Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 52 from a previous price target of $44 . Earlier the firm had a rating of “Neutral ” on the company shares. SunTrust advised their investors in a research report released on Jun 15, 2016.
Many Wall Street Analysts have commented on Westlake Chemical Corporation. Company shares were Reiterated by Cowen on Jun 13, 2016 to “Outperform”, Firm has raised the Price Target to $ 60 from a previous price target of $53 .Company shares were Reiterated by RBC Capital Mkts on Jun 13, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 52 from a previous price target of $50 .
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 closed down -1.24 points or -2.76% at $43.65 with 14,79,828 shares getting traded on Tuesday. Post opening the session at $44.67, the shares hit an intraday low of $43.21 and an intraday high of $45.85 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
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 Companys 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.