Westlake Chemical (WLK) Given New $105.00 Price Target at Deutsche Bank
Westlake Chemical (NYSE:WLK) had its target price cut by analysts at Deutsche Bank from $115.00 to $105.00 in a report issued on Wednesday. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Deutsche Bank’s target price would indicate a potential upside of 21.47% from the company’s current price.
Other equities research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Westlake Chemical from a “sell” rating to a “hold” rating in a report on Tuesday, August 21st. Morgan Stanley dropped their price objective on shares of Westlake Chemical from $120.00 to $96.00 and set an “equal weight” rating on the stock in a report on Wednesday. Royal Bank of Canada reaffirmed a “hold” rating and set a $108.00 price objective on shares of Westlake Chemical in a report on Monday, August 6th. BMO Capital Markets reaffirmed a “hold” rating and set a $111.00 price objective on shares of Westlake Chemical in a report on Friday, August 3rd. Finally, Nomura downgraded shares of Westlake Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $120.00 to $108.00 in a report on Wednesday, July 11th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. Westlake Chemical presently has an average rating of “Hold” and an average target price of $112.59.
NYSE WLK opened at $86.44 on Wednesday. The stock has a market cap of $11.17 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 0.78 and a beta of 1.49. Westlake Chemical has a 52 week low of $81.63 and a 52 week high of $124.29. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.46.
Several institutional investors and hedge funds have recently made changes to their positions in WLK. LS Investment Advisors LLC bought a new position in shares of Westlake Chemical in the second quarter worth approximately $116,000. Flagship Harbor Advisors LLC bought a new position in shares of Westlake Chemical in the second quarter worth approximately $130,000. C M Bidwell & Associates Ltd. bought a new position in shares of Westlake Chemical in the first quarter worth approximately $142,000. Daiwa Securities Group Inc. bought a new position in shares of Westlake Chemical in the second quarter worth approximately $157,000. Finally, Korea Investment CORP bought a new position in shares of Westlake Chemical in the second quarter worth approximately $194,000. Hedge funds and other institutional investors own 30.80% of the company’s stock.
About Westlake Chemical
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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