Citigroup Lowers Westlake (NYSE:WLK) Price Target to $85.00

Westlake (NYSE:WLK) had its price objective decreased by equities research analysts at Citigroup from $95.00 to $85.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Citigroup’s price objective indicates a potential upside of 13.28% from the company’s current price.

Several other analysts have also recently issued reports on the company. Wells Fargo & Company dropped their target price on Westlake from $125.00 to $110.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised shares of Westlake from an “underweight” rating to a “neutral” rating and set a $90.00 price target on the stock in a research report on Monday, May 18th. Royal Bank Of Canada cut their price objective on shares of Westlake from $145.00 to $130.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a research note on Monday, April 20th. Finally, Wall Street Zen lowered shares of Westlake from a “hold” rating to a “sell” rating in a report on Sunday, May 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $106.64.

Westlake Price Performance

WLK stock traded down $1.45 during mid-day trading on Wednesday, reaching $75.03. The company’s stock had a trading volume of 1,130,570 shares, compared to its average volume of 1,242,842. The stock has a market cap of $9.61 billion, a PE ratio of -5.91 and a beta of 0.58. The company has a current ratio of 2.17, a quick ratio of 1.56 and a debt-to-equity ratio of 0.56. Westlake has a fifty-two week low of $56.33 and a fifty-two week high of $124.23. The company’s 50 day moving average is $95.64 and its two-hundred day moving average is $94.13.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.67). Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. Equities research analysts expect that Westlake will post 3.81 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WLK. Caitong International Asset Management Co. Ltd purchased a new stake in Westlake during the 3rd quarter worth about $28,000. Quarry LP acquired a new stake in Westlake during the 4th quarter worth $31,000. Fifth Third Bancorp grew its position in Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Westlake in the third quarter valued at $53,000. Finally, NewEdge Advisors LLC increased its stake in Westlake by 49.6% in the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock valued at $57,000 after purchasing an additional 247 shares during the period. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.