JPMorgan Chase & Co. Boosts Westlake (NYSE:WLK) Price Target to $78.00

Key Points

• JPMorgan Chase & Co. has raised its price target for Westlake (NYSE:WLK) from $73.00 to $78.00, while maintaining a "neutral" rating on the stock, indicating a potential downside of 1.22% from the last close.
• Other analysts show mixed ratings: UBS Group lowered its target to $99.00, while Citigroup increased it to $95.00, reflecting a consensus price target of $92.64 and a "Moderate Buy" rating.
• Westlake reported a quarterly earnings miss with a loss of ($0.09) EPS, falling short of analysts' estimates, which could impact investor sentiment moving forward.

Westlake (NYSE:WLK - Get Free Report) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $73.00 to $78.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the specialty chemicals company's stock. JPMorgan Chase & Co.'s price target points to a potential downside of 1.22% from the company's previous close.

A number of other equities analysts also recently issued reports on WLK. UBS Group dropped their price target on Westlake from $101.00 to $99.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Citigroup boosted their price objective on Westlake from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Wells Fargo & Company boosted their price objective on Westlake from $76.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Royal Bank Of Canada boosted their price objective on Westlake from $88.00 to $92.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Finally, Morgan Stanley reduced their price objective on Westlake from $98.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $92.64.

Westlake Trading Down 0.9%

WLK opened at $78.96 on Thursday. Westlake has a 52 week low of $68.55 and a 52 week high of $151.56. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43. The stock has a market cap of $10.13 billion, a PE ratio of -148.98 and a beta of 0.92. The business has a 50 day moving average of $84.12 and a 200-day moving average of $85.14.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.15). Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3 billion. During the same period last year, the business earned $2.40 EPS. The firm's quarterly revenue was down 7.9% on a year-over-year basis. Equities research analysts predict that Westlake will post 6.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WLK. Huntington National Bank bought a new position in Westlake in the second quarter worth approximately $26,000. Private Trust Co. NA grew its stake in Westlake by 251.1% in the first quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock worth $32,000 after purchasing an additional 226 shares in the last quarter. Signaturefd LLC grew its stake in Westlake by 127.1% in the first quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock worth $43,000 after purchasing an additional 239 shares in the last quarter. UMB Bank n.a. grew its stake in Westlake by 107.0% in the second quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company's stock worth $43,000 after purchasing an additional 292 shares in the last quarter. Finally, CWM LLC grew its stake in Westlake by 54.5% in the second quarter. CWM LLC now owns 567 shares of the specialty chemicals company's stock worth $43,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 28.40% of the company's stock.

About Westlake

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.

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