Is Westlake Chemical Corporation a Buy? The Stock Had Bullish Options Activity Today

 Is Westlake Chemical Corporation a Buy? The Stock Had Bullish Options Activity Today

In today’s session Westlake Chemical Corporation (WLK) registered an unusually high (538) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the October, 2016 call, expecting serious WLK increase. With 538 contracts traded and 13224 open interest for the Oct, 16 contract, it seems this is a quite bullish bet. The option with symbol: WLK161021C00055000 closed last at: $1 or 53.8% up. About 143,481 shares traded hands. Westlake Chemical Corporation (NYSE:WLK) has risen 21.35% since March 4, 2016 and is uptrending. It has outperformed by 13.32% the S&P500.

Analysts await Westlake Chemical Corporation (NYSE:WLK) to report earnings on November, 1. They expect $1.01 earnings per share, down 19.84% or $0.25 from last year’s $1.26 per share. WLK’s profit will be $132.45 million for 13.31 P/E if the $1.01 EPS becomes a reality. After $1.21 actual earnings per share reported by Westlake Chemical Corporation for the previous quarter, Wall Street now forecasts -16.53% negative EPS growth.

Westlake Chemical Corporation (NYSE:WLK) Ratings Coverage

Out of 8 analysts covering Westlake Chemical (NYSE:WLK), 6 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 75% are positive. Westlake Chemical has been the topic of 18 analyst reports since July 24, 2015 according to StockzIntelligence Inc. The rating was upgraded by SunTrust to “Buy” on Wednesday, June 15. The company was maintained on Monday, May 16 by JP Morgan. Suntrust Robinson upgraded it to “Buy” rating and $52 target price in Wednesday, June 15 report. As per Wednesday, August 5, the company rating was maintained by RBC Capital Markets. The company was maintained on Thursday, September 17 by Deutsche Bank. RBC Capital Markets upgraded the stock to “Outperform” rating in Tuesday, August 23 report. The rating was downgraded by Goldman Sachs to “Neutral” on Monday, August 10. Cowen & Co maintained Westlake Chemical Corporation (NYSE:WLK) on Thursday, September 1 with “Outperform” rating. JP Morgan maintained the shares of WLK in a report on Tuesday, August 16 with “Overweight” rating. The stock has “Outperform” rating given by Cowen & Co on Friday, January 8.

According to Zacks Investment Research, “Westlake Chemical Corporation is a vertically integrated international manufacturer and supplier of petrochemicals, polymers and fabricated products. The company’s range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC, PVC Pipe, PVC windows, fence and decking components.”

Insitutional Activity: The institutional sentiment decreased to 0.65 in 2016 Q2. Its down 0.66, from 1.31 in 2016Q1. The ratio dropped, as 59 funds sold all Westlake Chemical Corporation shares owned while 89 reduced positions. 36 funds bought stakes while 60 increased positions. They now own 35.76 million shares or 12.15% less from 40.71 million shares in 2016Q1.
The Japan-based Blackrock Japan has invested 0% in Westlake Chemical Corporation (NYSE:WLK). Aperio Group Inc Limited Co reported 5,750 shares or 0% of all its holdings. Blackrock holds 0.01% of its portfolio in Westlake Chemical Corporation (NYSE:WLK) for 93,893 shares. Boston Advisors Ltd Liability Corporation, a Massachusetts-based fund reported 15,987 shares. Creative Planning has invested 0% of its portfolio in Westlake Chemical Corporation (NYSE:WLK). Us Comml Bank De, a Minnesota-based fund reported 854 shares. James Inv Research reported 300 shares or 0% of all its holdings. Kbc Grp Nv last reported 383 shares in the company. Schroder Invest Mgmt Gru has 0.02% invested in the company for 226,085 shares. Bnp Paribas Invest Sa holds 18,850 shares or 0.01% of its portfolio. Cushing Asset Management L P, a Texas-based fund reported 196,141 shares. Jefferies Gp Limited Co holds 0% of its portfolio in Westlake Chemical Corporation (NYSE:WLK) for 6,600 shares. State Of Wisconsin Board, a Wisconsin-based fund reported 25,240 shares. Art Advsr holds 96,203 shares or 0.21% of its portfolio. Walleye Trading Llc has 0% invested in the company for 5,876 shares.

Insider Transactions: Since August 23, 2016, the stock had 0 insider buys, and 1 sale for $1.60 million net activity. Another trade for 30,714 shares valued at $1.60M was sold by Mangieri George J.

Westlake Chemical Corporation is a vertically integrated global maker and marketer of basic chemicals, vinyls, polymers and building products. The company has a market cap of $7.05 billion. The Company’s products include a range of chemicals, which are fundamental to various diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods. It has a 13.41 P/E ratio. The Firm operates in two divisions: Olefins and Vinyls.

WLK Company Profile

Westlake Chemical Corporation, incorporated on September 3, 1991, is a vertically integrated global maker and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods. The Firm operates in two divisions: Olefins and Vinyls. The Firm is also an integrated producer of vinyls with substantial downstream integration into polyvinyl chloride (PVC) building products.

More notable recent Westlake Chemical Corporation (NYSE:WLK) news were published by: Bizjournals.com which released: “Westlake Chemical sets closing date for Axiall acquisition” on August 18, 2016, also Prnewswire.com with their article: “Westlake Chemical to Acquire Axiall Corporation for $33.00 Per Share in All …” published on June 10, 2016, Prnewswire.com published: “Westlake Chemical Corporation Announces First Quarter 2016 Earnings” on May 03, 2016. More interesting news about Westlake Chemical Corporation (NYSE:WLK) were released by: Businesswire.com and their article: “Westlake Chemical Corporation Announces Second Quarter 2016 Earnings” published on July 28, 2016 as well as Prnewswire.com‘s news article titled: “Westlake Chemical Corporation Announces Fourth Quarter and Full Year 2015 Earnings” with publication date: February 23, 2016.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Related posts

Leave a Comment