Citigroup Issues Pessimistic Forecast for Westlake (NYSE:WLK) Stock Price

Westlake (NYSE:WLK) had its price objective reduced by research analysts at Citigroup from $130.00 to $116.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price target suggests a potential upside of 31.01% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Truist Financial lowered their price objective on shares of Westlake from $166.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, March 28th. Wells Fargo & Company cut their price objective on shares of Westlake from $160.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. Barclays lowered their target price on Westlake from $175.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Bank of America cut their price target on Westlake from $134.00 to $116.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Finally, Royal Bank of Canada reduced their price target on Westlake from $147.00 to $133.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Westlake presently has an average rating of “Hold” and an average target price of $136.50.

Westlake Price Performance

Westlake stock opened at $88.54 on Friday. The firm has a fifty day moving average of $108.44 and a 200-day moving average of $121.56. Westlake has a 52-week low of $85.31 and a 52-week high of $162.64. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $11.38 billion, a P/E ratio of 124.71, a PEG ratio of 2.36 and a beta of 1.02.

Westlake (NYSE:WLK) last announced its quarterly earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.98). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $3.01 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, analysts predict that Westlake will post 6.48 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WLK. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Westlake during the third quarter worth about $84,000. Holocene Advisors LP acquired a new stake in shares of Westlake in the 3rd quarter worth about $1,580,000. Janus Henderson Group PLC lifted its position in Westlake by 84.0% in the 3rd quarter. Janus Henderson Group PLC now owns 201,405 shares of the specialty chemicals company’s stock valued at $30,269,000 after purchasing an additional 91,973 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Westlake by 118.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 155,703 shares of the specialty chemicals company’s stock valued at $23,401,000 after purchasing an additional 84,563 shares during the period. Finally, Royal London Asset Management Ltd. grew its position in Westlake by 129.7% in the 3rd quarter. Royal London Asset Management Ltd. now owns 13,851 shares of the specialty chemicals company’s stock worth $2,082,000 after purchasing an additional 7,820 shares during the last quarter. 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.