Westlake Chemical Corporation (WLK) was Upgraded by RBC Capital Mkts to ” Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 59 from a previous price target of $47 . Earlier the firm had a rating of “Sector Perform ” on the company shares. RBC Capital Mkts advised their investors in a research report released on Aug 23, 2016.
Many Wall Street Analysts have commented on Westlake Chemical Corporation. Company shares were Upgraded by SunTrust on Jun 15, 2016 to ” Buy”, Firm has raised the Price Target to $ 52 from a previous price target of $44 .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 $0.85 EPS for the quarter, missing the analyst consensus estimate by $ -0.11 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $0.96. The company had revenue of $1086.06 million for the quarter, compared to analysts expectations of $1060.36 million. The company’s revenue was down -8.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.41 EPS.
Westlake Chemical Corporation opened for trading at $49.58 and hit $51.07 on the upside on Friday, eventually ending the session at $50.91, with a gain of 2.43% or 1.21 points. The heightened volatility saw the trading volume jump to 7,63,888 shares. Company has a market cap of $6,556 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 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.