Westlake Chemical Corporation (WLK) : Traders are bullish on Westlake Chemical Corporation (WLK) as it has outperformed the S&P 500 by a wide margin of 5.8% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 4.52%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 4.58% in the last 1 week, and is up 6.89% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 5.04% and the 50-Day Moving Average is 8.34%. Westlake Chemical Corporation (NYSE:WLK): On Fridays trading session , Opening price of the stock was $48.72 with an intraday high of $49.6. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $48.19. However, the stock managed to close at $48.42, a loss of 0.96% for the day. On the previous day, the stock had closed at $48.89. The total traded volume of the day was 982,444 shares.
The company Insiders own 71.7% of Westlake Chemical Corporation shares according to the proxy statements. Institutional Investors own 28.72% of Westlake Chemical Corporation shares. Also, In a research note released to the investors, SunTrust Robinson Humphrey upgrades its rating on Westlake Chemical Corporation (NYSE:WLK).The analysts at the brokerage house have a current rating of Buy on the shares. Earlier, the shares were rated a Neutral by the brokerage firm. In a recent information released to the investors, SunTrust Robinson Humphrey raises the new price target from $44 per share to $52 per share. The rating by the firm was issued on June 15, 2016.
Westlake Chemical Corporation is a vertically integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products. The Companys products include a range of chemicals used in the world, which are fundamental to many 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 Company operates in two principal operating segments, Olefins and Vinyls. The Company is an integrated producer of vinyls with substantial downstream integration into polyvinyl chloride (PVC) building products. The Olefins segment manufactures a range of petrochemical products. The Vinyls segment primarily offers PVC, vinyl chloride monomer (VCM), ethylene dichloride (EDC), chlorine, caustic soda and, through Westlake Chemical OpCo LP, ethylene.