SunTrust Banks Comments on Westlake Chemical Corporation’s Q3 2017 Earnings (NYSE:WLK)

Westlake Chemical Corporation (NYSE:WLK) – Equities research analysts at SunTrust Banks boosted their Q3 2017 earnings per share estimates for shares of Westlake Chemical Corporation in a report released on Thursday. SunTrust Banks analyst J. Sheehan now anticipates that the specialty chemicals company will post earnings per share of $1.34 for the quarter, up from their prior estimate of $1.28. SunTrust Banks also issued estimates for Westlake Chemical Corporation’s Q4 2017 earnings at $1.09 EPS.

Westlake Chemical Corporation (NYSE:WLK) last released its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the company earned $0.85 earnings per share. The business’s revenue for the quarter was up 82.2% on a year-over-year basis.

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A number of other brokerages have also weighed in on WLK. Cowen and Company restated a “buy” rating and issued a $70.00 price objective on shares of Westlake Chemical Corporation in a report on Friday, July 14th. BidaskClub upgraded shares of Westlake Chemical Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Royal Bank Of Canada restated a “buy” rating on shares of Westlake Chemical Corporation in a report on Friday, August 4th. Citigroup Inc. reduced their price objective on shares of Westlake Chemical Corporation from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Friday, April 14th. Finally, Bank of America Corporation restated a “neutral” rating and issued a $68.00 price objective on shares of Westlake Chemical Corporation in a report on Monday, May 8th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $64.67.

Westlake Chemical Corporation (WLK) opened at 69.57 on Monday. The stock has a market capitalization of $8.98 billion, a price-to-earnings ratio of 21.88 and a beta of 1.67. The firm has a 50-day moving average of $67.65 and a 200 day moving average of $64.70. Westlake Chemical Corporation has a 12-month low of $46.35 and a 12-month high of $72.00.

In related 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 transaction, the vice president now directly owns 6,577 shares of the company’s stock, valued at approximately $409,155.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 72.50% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of WLK. UBS Asset Management Americas Inc. increased its position in Westlake Chemical Corporation by 25.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 13,479 shares of the specialty chemicals company’s stock worth $756,000 after buying an additional 2,750 shares during the period. Regentatlantic Capital LLC bought a new position in Westlake Chemical Corporation during the first quarter worth approximately $206,000. Parametrica Management Ltd increased its position in Westlake Chemical Corporation by 24.9% in the first quarter. Parametrica Management Ltd now owns 4,936 shares of the specialty chemicals company’s stock worth $326,000 after buying an additional 983 shares during the period. Fox Run Management L.L.C. bought a new position in Westlake Chemical Corporation during the first quarter worth approximately $410,000. Finally, Farmers & Merchants Investments Inc. increased its position in Westlake Chemical Corporation by 43.8% in the first quarter. Farmers & Merchants Investments Inc. now owns 23,000 shares of the specialty chemicals company’s stock worth $1,519,000 after buying an additional 7,000 shares during the period. 29.86% of the stock is currently owned by hedge funds and other institutional investors.

About Westlake Chemical Corporation

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.

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

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