Chemicals, vinyls, and polymers maker Westlake Chemical Corporation (WLK) on Tuesday caught a big upgrade from analysts at Goldman Sachs.

The firm said it boosted its rating on WLK to “Buy” with a $67 price target, suggesting a 24% upside to the stock’s Friday closing price of $53.87.

Goldman noted the company stands to benefit from declining ethane prices. As of late, ethane prices have mimicked those of natural gas, which are near a 28-month low.

Westlake Chemical shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of Westlake Chemical (WLK) have a .55% dividend yield, based on Friday’s closing stock price of $53.87. The stock has technical support in the $46-$50 price area. If the shares can firm up, we see overhead resistance around the $55-$60 price levels.

Westlake Chemical Corporation (WLK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.