Fintel reports that on August 7, 2023, Barclays maintained coverage of Westlake (NYSE:WLK) with a Equal-Weight recommendation.

Analyst Price Forecast Suggests 0.43% Upside

As of August 2, 2023, the average one-year price target for Westlake is 131.64. The forecasts range from a low of 109.08 to a high of $157.50. The average price target represents an increase of 0.43% from its latest reported closing price of 131.08.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Westlake is 14,173MM, an increase of 2.24%. The projected annual non-GAAP EPS is 11.40.

Westlake Declares $0.36 Dividend

On May 12, 2023 the company declared a regular quarterly dividend of $0.36 per share ($1.43 annualized). Shareholders of record as of May 23, 2023 received the payment on June 8, 2023. Previously, the company paid $0.36 per share.

At the current share price of $131.08 / share, the stock's dividend yield is 1.09%.

Looking back five years and taking a sample every week, the average dividend yield has been 1.42%, the lowest has been 0.84%, and the highest has been 3.52%. The standard deviation of yields is 0.39 (n=235).

The current dividend yield is 0.85 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.14. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.36%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 800 funds or institutions reporting positions in Westlake. This is a decrease of 11 owner(s) or 1.36% in the last quarter. Average portfolio weight of all funds dedicated to WLK is 0.24%, a decrease of 4.68%. Total shares owned by institutions increased in the last three months by 3.00% to 45,342K shares. The put/call ratio of WLK is 3.76, indicating a bearish outlook.

What are Other Shareholders Doing?

Victory Capital Management holds 3,406K shares representing 2.67% ownership of the company. In it's prior filing, the firm reported owning 3,321K shares, representing an increase of 2.49%. The firm decreased its portfolio allocation in WLK by 36.54% over the last quarter.

VETAX - Victory Sycamore Established Value Fund holds 2,150K shares representing 1.68% ownership of the company. In it's prior filing, the firm reported owning 2,080K shares, representing an increase of 3.26%. The firm increased its portfolio allocation in WLK by 11.92% over the last quarter.

Orbis Allan Gray holds 2,062K shares representing 1.62% ownership of the company. In it's prior filing, the firm reported owning 1,956K shares, representing an increase of 5.12%. The firm increased its portfolio allocation in WLK by 18.06% over the last quarter.

Soroban Capital Partners holds 1,353K shares representing 1.06% ownership of the company. In it's prior filing, the firm reported owning 2,022K shares, representing a decrease of 49.44%. The firm decreased its portfolio allocation in WLK by 13.55% over the last quarter.

Citadel Advisors holds 1,226K shares representing 0.96% ownership of the company. In it's prior filing, the firm reported owning 355K shares, representing an increase of 71.05%. The firm increased its portfolio allocation in WLK by 219.14% over the last quarter.

Westlake Background Information
(This description is provided by the company.)

Westlake is an international manufacturer and supplier of petrochemicals, polymers and building products that enhance the daily lives of people around the world. Whether it’s plastic wrap that keeps meats and produce fresh; the intravenous bags and tubing used in medical care, the pipes that are essential to ensuring clean water, or the chlorine that treats water and helps keep pools safe, Westlake plays a vital role in supplying the building blocks for these products and many more.

Additional reading:

• WESTLAKE CORPORATION
• 2Q 2023 Earnings Presentation 2 Westlake Second Quarter 2023 Highlights  Net sales of $3.3 billion, net income of $297 million and EBITDA(1) of $690 million  Elevated level of unplanned outages impacted operating income and EBITDA by ~$50 million 
• Westlake Corporation Amended and Restated Annual Incentive Plan
• etter for 2023 Executive Officer Award
• Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation.