Wall Street analysts expect that Westlake Chemical Corporation (NYSE:WLK) will announce $2.03 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Westlake Chemical Corporation’s earnings, with the highest sales estimate coming in at $2.04 billion and the lowest estimate coming in at $2.00 billion. Westlake Chemical Corporation posted sales of $1.28 billion in the same quarter last year, which suggests a positive year over year growth rate of 58.6%. The firm is expected to issue its next earnings report on Tuesday, November 14th.

According to Zacks, analysts expect that Westlake Chemical Corporation will report full-year sales of $2.03 billion for the current fiscal year, with estimates ranging from $4.92 billion to $8.00 billion. For the next fiscal year, analysts expect that the business will post sales of $8.11 billion per share, with estimates ranging from $7.91 billion to $8.35 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Westlake Chemical Corporation.

Westlake Chemical Corporation (NYSE:WLK) last posted its earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. Westlake Chemical Corporation had a net margin of 6.57% and a return on equity of 13.68%. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the firm earned $0.85 EPS. The firm’s revenue for the quarter was up 82.2% on a year-over-year basis.

A number of equities analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Westlake Chemical Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday. J P Morgan Chase & Co increased their price target on shares of Westlake Chemical Corporation from $70.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 31st. BidaskClub raised shares of Westlake Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Cowen and Company increased their price target on shares of Westlake Chemical Corporation from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 23rd. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Westlake Chemical Corporation in a research note on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $64.67.

Shares of Westlake Chemical Corporation (NYSE WLK) opened at 70.24 on Thursday. The company has a 50-day moving average of $67.65 and a 200 day moving average of $64.70. The firm has a market cap of $9.06 billion, a P/E ratio of 22.09 and a beta of 1.67. Westlake Chemical Corporation has a 12-month low of $46.35 and a 12-month high of $72.00.

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In other news, VP George J. Mangieri sold 6,578 shares of the stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $62.21, for a total value of $409,217.38. Following the completion of the sale, the vice president now owns 6,577 shares of the company’s stock, valued at $409,155.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 72.50% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Amalgamated Bank raised its stake in Westlake Chemical Corporation by 3.4% in the first quarter. Amalgamated Bank now owns 5,445 shares of the specialty chemicals company’s stock valued at $360,000 after buying an additional 177 shares during the last quarter. SG Americas Securities LLC raised its stake in Westlake Chemical Corporation by 4.5% in the second quarter. SG Americas Securities LLC now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after buying an additional 296 shares during the last quarter. ARGI Investment Services LLC raised its stake in Westlake Chemical Corporation by 1.7% in the first quarter. ARGI Investment Services LLC now owns 19,971 shares of the specialty chemicals company’s stock valued at $1,320,000 after buying an additional 335 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in Westlake Chemical Corporation by 0.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 52,727 shares of the specialty chemicals company’s stock valued at $3,483,000 after buying an additional 358 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Westlake Chemical Corporation by 6.8% in the second quarter. Principal Financial Group Inc. now owns 6,805 shares of the specialty chemicals company’s stock valued at $451,000 after buying an additional 435 shares during the last quarter. 29.86% of the stock is owned by institutional investors.

Westlake Chemical Corporation Company Profile

Westlake Chemical Corporation is a global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

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Earnings History and Estimates for Westlake Chemical Corporation (NYSE:WLK)

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