Westlake (NYSE:WLK) Raised to Strong-Buy at Tudor Pickering

Key Points

• Westlake has been upgraded from a "hold" rating to a "strong-buy" rating by Tudor Pickering, indicating increased confidence in the stock's performance.
• Recent analyses show a mix of perceptions: while Tudor Pickering predicts strong potential, firms like JPMorgan and Goldman Sachs have lowered their price targets, suggesting caution in investment.
• Westlake's current price is around $81.34, with a significant fluctuation noted from a 52-week high of $153.34 to a low of $68.55, showcasing its volatility in the market.

Tudor Pickering upgraded shares of Westlake (NYSE:WLK - Free Report) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Piper Sandler reduced their price objective on shares of Westlake from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. Mizuho raised their target price on Westlake from $82.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Wells Fargo & Company upped their price objective on shares of Westlake from $76.00 to $90.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Barclays reduced their target price on Westlake from $135.00 to $100.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, Bank of America reduced their price target on shares of Westlake from $90.00 to $84.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Westlake has an average rating of "Moderate Buy" and a consensus target price of $92.93.

Westlake Stock Performance

Shares of WLK stock traded down $2.50 on Wednesday, hitting $76.50. The company's stock had a trading volume of 261,707 shares, compared to its average volume of 1,017,514. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.75 and a current ratio of 2.47. The stock's 50 day moving average is $79.07 and its 200-day moving average is $91.09. Westlake has a fifty-two week low of $68.55 and a fifty-two week high of $153.34. The company has a market capitalization of $9.81 billion, a PE ratio of -144.53, a PEG ratio of 81.25 and a beta of 0.92.

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 the consensus estimate of $0.06 by ($0.15). The firm had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3 billion. Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%. The company's revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.40 EPS. Equities research analysts expect that Westlake will post 6.48 earnings per share for the current fiscal year.

Westlake Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 19th will be given a $0.53 dividend. This is a boost from Westlake's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.8%. Westlake's dividend payout ratio (DPR) is currently -396.23%.

Institutional Investors Weigh In On Westlake

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in Westlake by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 557,943 shares of the specialty chemicals company's stock valued at $63,832,000 after buying an additional 5,297 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Westlake by 251.1% in the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock worth $32,000 after acquiring an additional 226 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Westlake by 71.9% in the 1st quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock worth $51,000 after acquiring an additional 215 shares in the last quarter. Asset Management One Co. Ltd. raised its position in Westlake by 4.6% in the 1st quarter. Asset Management One Co. Ltd. now owns 12,253 shares of the specialty chemicals company's stock worth $1,226,000 after purchasing an additional 534 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Westlake by 2.7% during 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 acquiring an additional 1,635 shares during the last quarter. 28.40% of the stock is owned by institutional investors.

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.