Wells Fargo & Company Issues Pessimistic Forecast for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK - Get Free Report) had its price target dropped by research analysts at Wells Fargo & Company from $110.00 to $95.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the specialty chemicals company's stock. Wells Fargo & Company's price target would indicate a potential upside of 18.68% from the company's previous close.

A number of other equities analysts have also commented on WLK. Morgan Stanley decreased their price target on shares of Westlake from $130.00 to $122.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 26th. Piper Sandler reiterated a "neutral" rating and issued a $105.00 price objective (down previously from $120.00) on shares of Westlake in a research note on Monday, April 7th. Barclays cut their target price on shares of Westlake from $135.00 to $100.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. BMO Capital Markets decreased their target price on shares of Westlake from $125.00 to $103.00 and set a "market perform" rating on the stock in a research report on Tuesday. Finally, Truist Financial cut their target price on Westlake from $132.00 to $117.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $107.92.

Westlake Price Performance

Shares of NYSE WLK traded down $0.39 during midday trading on Tuesday, reaching $80.05. The company's stock had a trading volume of 867,336 shares, compared to its average volume of 596,899. Westlake has a fifty-two week low of $76.97 and a fifty-two week high of $161.31. The business's 50 day moving average price is $95.30 and its two-hundred day moving average price is $111.21. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. The company has a market cap of $10.29 billion, a P/E ratio of 112.75, a P/E/G ratio of 2.36 and a beta of 1.03.

Westlake (NYSE:WLK - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($1.01). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The firm had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the previous year, the business posted $1.34 EPS. The firm's revenue for the quarter was down 4.3% compared to the same quarter last year. On average, analysts forecast that Westlake will post 6.48 EPS for the current fiscal year.

Institutional Trading of Westlake

Institutional investors and hedge funds have recently modified their holdings of the business. Treasurer of the State of North Carolina boosted its stake in Westlake by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 14,742 shares of the specialty chemicals company's stock valued at $1,690,000 after purchasing an additional 90 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its position in shares of Westlake by 2.2% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,877 shares of the specialty chemicals company's stock valued at $557,000 after purchasing an additional 104 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Westlake by 2.4% in the 4th quarter. Pacer Advisors Inc. now owns 4,988 shares of the specialty chemicals company's stock valued at $572,000 after acquiring an additional 115 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Westlake by 33.9% during 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 during the period. Finally, Cetera Investment Advisers increased its holdings in shares of Westlake by 4.7% during the fourth quarter. Cetera Investment Advisers now owns 3,007 shares of the specialty chemicals company's stock worth $345,000 after buying an additional 136 shares in the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

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.