Westlake (NYSE:WLK) Given Neutral Rating at Bank of America

Key Points

• Bank of America has restated its "neutral" rating on Westlake's stock, raising the price target from $86.00 to $87.00, indicating a potential upside of 12.01% from its current price.
• Analyst ratings show mixed opinions on Westlake, with one strong buy, several buy and hold ratings, and an overall average rating of Moderate Buy.
• Westlake recently reported negative earnings per share of ($0.09), missing estimates and reflecting a 7.9% revenue decline year-over-year.

Westlake (NYSE:WLK - Get Free Report)'s stock had its "neutral" rating restated by equities research analysts at Bank of America in a research note issued on Tuesday,Benzinga reports. They presently have a $87.00 price objective on the specialty chemicals company's stock, up from their previous price objective of $86.00. Bank of America's target price would indicate a potential upside of 12.01% from the company's current price.

Several other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Westlake from $73.00 to $78.00 and gave the stock a "neutral" rating in a research note on Thursday, September 25th. Citigroup decreased their price target on shares of Westlake from $100.00 to $93.00 and set a "buy" rating for the company in a research note on Thursday, October 2nd. Wells Fargo & Company increased their price target on shares of Westlake from $76.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Weiss Ratings reiterated a "sell (d)" rating on shares of Westlake in a research note on Wednesday, October 8th. Finally, Morgan Stanley reduced their price objective on shares of Westlake from $98.00 to $90.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $92.00.

Westlake Trading Up 2.7%

Shares of WLK opened at $77.67 on Tuesday. The stock has a market capitalization of $9.96 billion, a P/E ratio of -146.55 and a beta of 0.93. 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 firm has a fifty day simple moving average of $83.22 and a two-hundred day simple moving average of $82.57. Westlake has a twelve month low of $68.55 and a twelve month high of $144.57.

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

Hedge Funds Weigh In On Westlake

Several hedge funds have recently modified their holdings of WLK. Fifth Third Bancorp raised its stake in Westlake by 71.9% during the first quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock valued at $51,000 after purchasing an additional 215 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Westlake by 2.7% during the first quarter. Janney Montgomery Scott LLC now owns 61,134 shares of the specialty chemicals company's stock valued at $6,115,000 after acquiring an additional 1,635 shares during the last quarter. MFA Wealth Advisors LLC bought a new position in Westlake during the first quarter valued at $217,000. Kentucky Retirement Systems bought a new position in Westlake during the first quarter valued at $229,000. Finally, Manning & Napier Advisors LLC increased its position in Westlake by 39.3% during the first quarter. Manning & Napier Advisors LLC now owns 26,171 shares of the specialty chemicals company's stock valued at $2,618,000 after acquiring an additional 7,382 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company's stock.

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.

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