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.
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