$2.10 Billion in Sales Expected for Westlake Chemical Co. (WLK) This Quarter

Wall Street brokerages forecast that Westlake Chemical Co. (NYSE:WLK) will post $2.10 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Westlake Chemical’s earnings, with the highest sales estimate coming in at $2.15 billion and the lowest estimate coming in at $2.04 billion. Westlake Chemical reported sales of $1.94 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 8.2%. The business is expected to announce its next quarterly earnings results on Tuesday, May 1st.

On average, analysts expect that Westlake Chemical will report full-year sales of $8.53 billion for the current financial year, with estimates ranging from $8.40 billion to $8.68 billion. For the next financial year, analysts anticipate that the business will report sales of $8.81 billion per share, with estimates ranging from $8.65 billion to $9.13 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Westlake Chemical.

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Westlake Chemical (NYSE:WLK) last posted its quarterly earnings results on Tuesday, February 20th. The specialty chemicals company reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.07). The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.06 billion. Westlake Chemical had a return on equity of 16.48% and a net margin of 16.22%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the firm posted $0.87 EPS.

WLK has been the topic of a number of research reports. Morgan Stanley initiated coverage on shares of Westlake Chemical in a report on Tuesday, January 9th. They issued an “equal weight” rating and a $120.00 price target on the stock. Wells Fargo reaffirmed an “outperform” rating and issued a $122.00 price target (up previously from $112.00) on shares of Westlake Chemical in a report on Wednesday, January 17th. Alembic Global Advisors reaffirmed a “buy” rating and issued a $110.00 price target on shares of Westlake Chemical in a report on Wednesday, December 20th. SunTrust Banks lifted their price target on shares of Westlake Chemical from $102.00 to $113.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th. They noted that the move was a valuation call. Finally, Citigroup reiterated a “buy” rating and issued a $133.00 price objective on shares of Westlake Chemical in a research note on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $112.73.

NYSE:WLK opened at $110.33 on Tuesday. The company has a current ratio of 1.76, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $14,057.58, a P/E ratio of 20.17, a P/E/G ratio of 1.05 and a beta of 1.53. Westlake Chemical has a 12 month low of $59.58 and a 12 month high of $121.30.

In other news, SVP George J. Mangieri sold 4,335 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $111.22, for a total transaction of $482,138.70. Following the completion of the transaction, the senior vice president now directly owns 5,810 shares in the company, valued at approximately $646,188.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Andrew Kenner sold 24,318 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $110.61, for a total transaction of $2,689,813.98. Following the transaction, the senior vice president now owns 20,005 shares of the company’s stock, valued at $2,212,753.05. The disclosure for this sale can be found here. Insiders sold a total of 103,080 shares of company stock valued at $11,545,548 over the last quarter. 72.00% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sterling Capital Management LLC grew its position in shares of Westlake Chemical by 114.6% during the 4th quarter. Sterling Capital Management LLC now owns 43,770 shares of the specialty chemicals company’s stock valued at $4,663,000 after purchasing an additional 23,370 shares in the last quarter. Gotham Asset Management LLC grew its position in shares of Westlake Chemical by 8.8% during the 4th quarter. Gotham Asset Management LLC now owns 255,842 shares of the specialty chemicals company’s stock valued at $27,255,000 after purchasing an additional 20,593 shares in the last quarter. BB&T Securities LLC purchased a new position in shares of Westlake Chemical during the 4th quarter valued at $200,000. Macquarie Group Ltd. purchased a new position in shares of Westlake Chemical during the 4th quarter valued at $8,640,000. Finally, Clark Capital Management Group Inc. grew its position in shares of Westlake Chemical by 1,089.8% during the 4th quarter. Clark Capital Management Group Inc. now owns 128,607 shares of the specialty chemicals company’s stock valued at $13,701,000 after purchasing an additional 117,798 shares in the last quarter. Hedge funds and other institutional investors own 30.29% of the company’s stock.

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

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