Weiss Ratings Reiterates Sell (D) Rating for Westlake (NYSE:WLK)

Key Points

• Weiss Ratings has reiterated a "sell (d)" rating for Westlake (NYSE: WLK) amid ongoing concerns regarding the company's financial performance.
• Westlake's target price has seen reductions from various analysts, with Citigroup lowering it from $100.00 to $93.00, while Bank of America cut its target from $90.00 to $84.00.
• Shares of Westlake are currently trading at $82.20, up 2.3%, with a market capitalization of $10.54 billion and a negative price-to-earnings ratio reported at -155.12.

Westlake (NYSE:WLK - Get Free Report)'s stock had its "sell (d)" rating reissued by analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

WLK has been the topic of several other reports. Citigroup cut their target price on Westlake from $100.00 to $93.00 and set a "buy" rating on the stock in a research report on Thursday, October 2nd. Tudor Pickering raised Westlake from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 6th. Tudor, Pickering, Holt & Co. raised Westlake from a "hold" rating to a "buy" rating and set a $90.00 target price on the stock in a research report on Wednesday, August 6th. Wells Fargo & Company upped their target price on Westlake from $76.00 to $90.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, Bank of America cut their target price on Westlake from $90.00 to $84.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Westlake presently has a consensus rating of "Moderate Buy" and an average price target of $91.93.

Westlake Stock Up 2.3%

Shares of WLK traded up $1.84 during midday trading on Wednesday, hitting $82.20. 434,892 shares of the company's stock traded hands, compared to its average volume of 1,038,636. Westlake has a 1 year low of $68.55 and a 1 year high of $144.95. The firm's fifty day moving average is $83.10 and its 200-day moving average is $83.32. The company has a current ratio of 2.47, a quick ratio of 1.75 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $10.54 billion, a price-to-earnings ratio of -155.12 and a beta of 0.93.

Westlake (NYSE:WLK - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The specialty chemicals company reported ($0.09) EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.95 billion for the quarter, compared to analysts' expectations of $3 billion. During the same quarter in the prior year, the company posted $2.40 EPS. The business's revenue for the quarter was down 7.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Westlake will post 6.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WLK. Fifth Third Bancorp lifted its stake in Westlake by 71.9% in the 1st quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock valued at $51,000 after buying an additional 215 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Westlake by 2.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 61,134 shares of the specialty chemicals company's stock valued at $6,115,000 after buying an additional 1,635 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in Westlake in the 1st quarter valued at about $217,000. Kentucky Retirement Systems purchased a new position in Westlake in the 1st quarter valued at about $229,000. Finally, Manning & Napier Advisors LLC lifted its stake in Westlake by 39.3% in the 1st quarter. Manning & Napier Advisors LLC now owns 26,171 shares of the specialty chemicals company's stock valued at $2,618,000 after buying an additional 7,382 shares in the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.

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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