BMO Capital Markets Issues Pessimistic Forecast for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price target lowered by BMO Capital Markets from $171.00 to $165.00 in a research report released on Wednesday,Benzinga reports. The firm currently has a market perform rating on the specialty chemicals company’s stock.

Several other research analysts also recently weighed in on the stock. Barclays upgraded shares of Westlake from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $162.00 to $180.00 in a research report on Monday, September 30th. Piper Sandler cut their price target on Westlake from $180.00 to $170.00 and set an “overweight” rating for the company in a report on Thursday, September 5th. Wells Fargo & Company lowered their price objective on Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. JPMorgan Chase & Co. lifted their price target on shares of Westlake from $123.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Finally, Royal Bank of Canada lowered their target price on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $162.17.

Westlake Stock Performance

Shares of WLK opened at $128.31 on Wednesday. The firm has a market capitalization of $16.51 billion, a P/E ratio of 180.72, a PEG ratio of 2.36 and a beta of 1.19. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. Westlake has a one year low of $118.64 and a one year high of $162.64. The business has a fifty day moving average of $139.54 and a 200 day moving average of $145.66.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the prior year, the firm earned $2.20 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Westlake will post 6.76 EPS for the current year.

Hedge Funds Weigh In On Westlake

A number of large investors have recently added to or reduced their stakes in the company. 1832 Asset Management L.P. purchased a new position in shares of Westlake in the 2nd quarter worth approximately $27,179,000. Allspring Global Investments Holdings LLC increased its position in Westlake by 90.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 386,480 shares of the specialty chemicals company’s stock valued at $58,084,000 after buying an additional 183,666 shares in the last quarter. Appian Way Asset Management LP acquired a new stake in Westlake in the first quarter worth about $25,154,000. Bank of Montreal Can grew its stake in shares of Westlake by 3,330.4% during the second quarter. Bank of Montreal Can now owns 150,047 shares of the specialty chemicals company’s stock worth $23,802,000 after acquiring an additional 145,673 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Westlake during the third quarter valued at about $15,295,000. 28.40% of the stock is currently 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.