Westlake Chemical Corporation (NYSE:WLK) is a stock to watch today. At current price of $62.65, the shares have already added 2.57 points (4.28% higher) from its previous close of $60.08. The stock sets an active trading volume day with a reported 216652 contracts so far this session. WLK shares had a relatively better volume day versus average trading capacity of 585.95 thousand shares, but with a 34.9 million float and a -1.14% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for WLK stock indicates that the average analyst price target is $69.29 per share. This means the stock has a potential increase of 10.6% from where the WLK share price has been trading recently which is between $58.68 and $60.72. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $50. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $87.
During the recent trading session for Westlake Chemical Corporation (NYSE:WLK), the company witnessed their stock rise $2.83 over a week and tumble down $-2.77 from the price 20 days ago. When compared to their established 52-week high of $82.48, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 12/10/18. The recent low of $55.82 stood for a -24.04% since 08/28/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.67 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for WLK is set at $66, a figure which is below the recent 1-year high the stock witnessed.
Looking at the current readings for Westlake Chemical Corporation, the two-week RSI stands at 51.38. This figure suggests that WLK stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current WLK readings is similarly very revealing as it has a stochastic reading of 31.89% at this stage. This figure means that WLK share price today is being neutral.
Technical chart claims that Westlake Chemical Corporation (WLK) would settle between $60.97/share to $61.87/share level. However, if the stock price goes below the $58.93 mark, then the market for Westlake Chemical Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $57.79 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.14. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Citigroup lowered their recommendation on shares of WLK from Buy to Neutral in their opinion released on October 09. Barclays analysts again handed out a Equal Weight recommendation to Westlake Chemical Corporation (NYSE:WLK) stock but they lifted target price for the shares in a flash note issued to investors on October 03. The target price has been raised from $71 to $65. Analysts at BofA/Merrill lowered the stock to a Underperform call from its previous Buy recommendation, in a research note that dated back to August 16.
WLK equity has an average rating of 2.59, with the figure leaning towards a bullish end. 17 analysts who tracked the company were contacted by Reuters. Amongst them, 10 rated the stock as a hold while the remaining 7 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 6 analysts rated Westlake Chemical Corporation (NYSE:WLK) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, WLK stock price is currently trading at 11.88X forward 12-month Consensus EPS estimates, and its P/E ratio is 12.6 while for the average stock in the same group, the multiple is 22.1. Westlake Chemical Corporation current P/B ratio of 1.3 means it is trading at a discount against its industry’s 3.9.
Westlake Chemical Corporation (WLK)’s current-quarter revenues are projected to climb by nearly -3% to hit $2.19 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -2.5% from $8.63 billion to a noteworthy $8.42 billion. At the other end of the current quarter income statement, Westlake Chemical Corporation is expected to see its adjusted earnings surge by roughly -52.6% to hit $1.09 per share. For the fiscal year, WLK’s earnings are projected to climb by roughly -52.9% to hit $3.68 per share.