HOUSTON - Analysts have been closely monitoring Westlake Chemical (NYSE:WLK), a Houston-based chemical company, as recent insider trading activity suggests a positive outlook on the company’s performance. RBC Capital reaffirmed its Hold stance on Westlake Chemical's stock today, with the shares closing at $128.14.
RBC's position follows the release of its report on Wednesday, which maintained the same Hold recommendation for the company. Earlier in the week, on Monday, Alembic Global reiterated its Buy stance on WLK stock, indicating a mix of opinions among market analysts. Additionally, Deutsche Bank had also recommended holding the company’s shares earlier this month.
Westlake Chemical has experienced significant price movement over the last year, with share prices reaching highs of $137.86 and lows of $97.08. The company sees an average trade volume of around 442.7K daily. The upbeat insider trading sentiment, characterized by more insider purchases lately, signals confidence in Westlake's prospects for this quarter compared to previous months of the year.
Founded in 1986 and headquartered in Houston, Texas, Westlake operates key facilities in Lake Charles and Longview. The company is known for its production of ethylene and polyethylene as well as styrene co-products through its Olefins segment. Its Vinyls segment deals with PVC-based building materials.
InvestingPro Insights
Incorporating real-time data from InvestingPro, Westlake Chemical (NYSE:WLK) currently has a market cap of $16,420M. The company's P/E ratio stands at 13.65, hinting at a relatively reasonable valuation. Over the last twelve months as of Q3 2023, the revenue was $13.02B, despite a decline of 18.63%.
Two key InvestingPro Tips that stand out for Westlake Chemical are its strong earnings that should allow management to continue dividend payments and its track record of raising its dividend for 10 consecutive years. This is supported by the fact that the company's dividend yield was 1.56% as of the end of 2023.
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