Alembic Global analyst Hassan Ahmed reiterated a Buy rating on Westlake Chemical Corp (NYSE: WLK) today. The company’s shares closed on Friday at $95.59.
Ahmed wrote:
“We believe the recent sell-off in Westlake Chemical shares, the result of the company’s Q2’18 earnings miss and investor nervousness about peaking chlor- alkali fundamentals, is overdone. Our analysis suggests that consensus may be underestimating Westlake’s run-rate earnings power, which we peg at USD2,734m EBITDA.”
According to TipRanks.com, Ahmed is a 4-star analyst with an average return of 8.4% and a 60.5% success rate. Ahmed covers the Consumer Goods sector, focusing on stocks such as Venator Materials Plc, LyondellBasell, and Celanese Corp.
Westlake Chemical Corp has an analyst consensus of Moderate Buy, with a price target consensus of $120.67, implying a 26.2% upside from current levels. In a report issued on August 14, Susquehanna also reiterated a Buy rating on the stock with a $115 price target.
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Based on Westlake Chemical Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.24 billion and net profit of $276 million. In comparison, last year the company had a net profit of $152 million.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2018, Mark Steven Bender, the EVP & CFO of WLK sold 12,066 shares for a total of $1,482,122.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Westlake Chemical Corp. manufactures and markets petrochemicals, polymers and fabricated building products. It operates through the Olefins and Vinyls segments. The Olefins segment manufactures ethylene, polyethylene, styrene, and associated co-products at the manufacturing facility in Lake Charles and polyethylene at the Longview facility.
