Westlake Co. (NYSE:WLK) to Post Q3 2022 Earnings of $5.54 Per Share, Scotiabank Forecasts

Westlake Co. (NYSE:WLKGet Rating) – Research analysts at Scotiabank issued their Q3 2022 earnings per share (EPS) estimates for Westlake in a report issued on Tuesday, August 2nd. Scotiabank analyst B. Isaacson anticipates that the specialty chemicals company will post earnings of $5.54 per share for the quarter. Scotiabank has a “Sector Perform” rating on the stock. The consensus estimate for Westlake’s current full-year earnings is $21.94 per share.

Westlake (NYSE:WLKGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The specialty chemicals company reported $5.83 earnings per share for the quarter, topping the consensus estimate of $4.70 by $1.13. The business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Westlake had a return on equity of 33.51% and a net margin of 18.97%. The firm’s revenue was up 72.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.87 EPS.

Several other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. lowered Westlake from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $134.00 to $135.00 in a research note on Friday, June 3rd. StockNews.com lowered Westlake from a “strong-buy” rating to a “buy” rating in a research report on Monday, May 9th. Deutsche Bank Aktiengesellschaft increased their price objective on Westlake from $135.00 to $148.00 in a research report on Monday, May 16th. UBS Group decreased their price objective on Westlake from $117.00 to $92.00 and set a “sell” rating on the stock in a research report on Wednesday, July 13th. Finally, BMO Capital Markets increased their price target on Westlake from $140.00 to $153.00 in a research note on Wednesday, May 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Westlake has an average rating of “Hold” and a consensus price target of $132.55.

Westlake Trading Up 1.5 %

Westlake stock opened at $94.37 on Friday. The business has a 50 day moving average price of $103.88 and a two-hundred day moving average price of $112.97. The company has a quick ratio of 1.38, a current ratio of 2.12 and a debt-to-equity ratio of 0.53. The stock has a market cap of $12.11 billion, a price-to-earnings ratio of 4.27, a price-to-earnings-growth ratio of 0.13 and a beta of 1.22. Westlake has a 12 month low of $79.88 and a 12 month high of $141.19.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 7th. Stockholders of record on Monday, May 23rd were given a $0.2975 dividend. The ex-dividend date of this dividend was Friday, May 20th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 1.26%. Westlake’s payout ratio is 5.38%.

Insider Buying and Selling at Westlake

In other Westlake news, CEO Albert Chao sold 37,876 shares of the business’s stock in a transaction that occurred on Thursday, May 19th. The shares were sold at an average price of $130.38, for a total transaction of $4,938,272.88. Following the completion of the transaction, the chief executive officer now directly owns 472,983 shares in the company, valued at $61,667,523.54. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Robert F. Buesinger sold 14,427 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $129.47, for a total value of $1,867,863.69. Following the sale, the executive vice president now owns 11,780 shares in the company, valued at approximately $1,525,156.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Albert Chao sold 37,876 shares of the company’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $130.38, for a total transaction of $4,938,272.88. Following the completion of the sale, the chief executive officer now directly owns 472,983 shares of the company’s stock, valued at $61,667,523.54. The disclosure for this sale can be found here. Insiders sold a total of 60,691 shares of company stock worth $7,948,918 over the last three months. Corporate insiders own 73.70% of the company’s stock.

Institutional Trading of Westlake

Institutional investors and hedge funds have recently bought and sold shares of the company. PDT Partners LLC raised its position in Westlake by 0.9% in the 1st quarter. PDT Partners LLC now owns 9,443 shares of the specialty chemicals company’s stock worth $1,165,000 after purchasing an additional 86 shares during the period. Parallel Advisors LLC grew its holdings in Westlake by 33.1% in the 1st quarter. Parallel Advisors LLC now owns 478 shares of the specialty chemicals company’s stock worth $60,000 after acquiring an additional 119 shares during the last quarter. Bowling Portfolio Management LLC boosted its stake in shares of Westlake by 1.5% during the 2nd quarter. Bowling Portfolio Management LLC now owns 9,424 shares of the specialty chemicals company’s stock valued at $924,000 after purchasing an additional 141 shares in the last quarter. Centaurus Financial Inc. boosted its stake in shares of Westlake by 1.6% during the 1st quarter. Centaurus Financial Inc. now owns 9,724 shares of the specialty chemicals company’s stock valued at $1,200,000 after purchasing an additional 154 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of Westlake by 113.4% during the 1st quarter. Signaturefd LLC now owns 303 shares of the specialty chemicals company’s stock valued at $37,000 after purchasing an additional 161 shares in the last quarter.

Westlake Company Profile

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Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.

See Also

Earnings History and Estimates for Westlake (NYSE:WLK)

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