Westlake (NYSE:WLK) Given New $110.00 Price Target at Wells Fargo & Company

Westlake (NYSE:WLK) had its price objective reduced by equities research analysts at Wells Fargo & Company from $130.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 26.61% from the company’s current price.

A number of other research analysts have also commented on WLK. Bank of America dropped their price objective on shares of Westlake from $134.00 to $116.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. BMO Capital Markets dropped their price target on Westlake from $157.00 to $132.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 26th. Truist Financial decreased their price objective on Westlake from $166.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, March 28th. Barclays dropped their price objective on shares of Westlake from $175.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Finally, Morgan Stanley reduced their target price on shares of Westlake from $130.00 to $122.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake has an average rating of “Moderate Buy” and a consensus target price of $131.15.

Westlake Stock Down 7.3 %

Westlake stock opened at $86.88 on Wednesday. The company has a market capitalization of $11.16 billion, a P/E ratio of 122.37, a PEG ratio of 2.36 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. Westlake has a fifty-two week low of $81.41 and a fifty-two week high of $161.31. The stock has a 50-day simple moving average of $105.12 and a 200-day simple moving average of $119.32.

Westlake (NYSE:WLK) last issued its quarterly earnings data on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.98). The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $3.01 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. Westlake’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.72 EPS. Equities research analysts expect that Westlake will post 6.48 earnings per share for the current year.

Institutional Investors Weigh In On Westlake

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its stake in Westlake by 247.7% in the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 161 shares in the last quarter. Allworth Financial LP grew its holdings in Westlake by 6,316.7% in the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after purchasing an additional 379 shares during the last quarter. Transamerica Financial Advisors Inc. increased its position in shares of Westlake by 1,668.2% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 367 shares in the last quarter. Continuum Advisory LLC raised its stake in shares of Westlake by 43.2% during the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after buying an additional 96 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Westlake by 33.9% in the 1st quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company’s stock worth $53,000 after buying an additional 133 shares in the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Company Profile

Westlake Corporation engages in the manufacture and marketing of performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, Taiwan, and internationally. The company operates through two segments: Performance and Essential Materials and Housing and Infrastructure Products.