Westlake Chemical Partners (NYSE:WLKP) Share Price Passes Above Fifty Day Moving Average of $22.81

Shares of Westlake Chemical Partners LP (NYSE:WLKPGet Rating) crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $22.81 and traded as high as $25.50. Westlake Chemical Partners shares last traded at $25.38, with a volume of 52,605 shares.

Analyst Ratings Changes

A number of research analysts recently weighed in on WLKP shares. Deutsche Bank Aktiengesellschaft decreased their target price on Westlake Chemical Partners from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Friday, November 18th. Citigroup reduced their price target on Westlake Chemical Partners from $25.00 to $24.00 in a research note on Tuesday, October 4th. Finally, StockNews.com initiated coverage on Westlake Chemical Partners in a research note on Wednesday, October 12th. They issued a “strong-buy” rating for the company.

Westlake Chemical Partners Price Performance

The business has a fifty day moving average price of $22.81 and a 200 day moving average price of $23.44. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.59 and a current ratio of 3.66. The company has a market cap of $893.93 million, a price-to-earnings ratio of 11.59, a PEG ratio of 1.67 and a beta of 0.97.

Westlake Chemical Partners (NYSE:WLKPGet Rating) last announced its earnings results on Thursday, November 3rd. The basic materials company reported $0.42 EPS for the quarter. The company had revenue of $415.12 million for the quarter. Westlake Chemical Partners had a return on equity of 7.95% and a net margin of 4.94%. As a group, research analysts anticipate that Westlake Chemical Partners LP will post 1.79 earnings per share for the current year.

Westlake Chemical Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 28th. Investors of record on Thursday, November 10th were given a dividend of $0.471 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.42%. The ex-dividend date was Wednesday, November 9th. Westlake Chemical Partners’s payout ratio is 86.30%.

Insider Activity at Westlake Chemical Partners

In other news, SVP Andrew Kenner bought 4,362 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was acquired at an average cost of $22.97 per share, with a total value of $100,195.14. Following the completion of the transaction, the senior vice president now directly owns 50,000 shares of the company’s stock, valued at approximately $1,148,500. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Trading of Westlake Chemical Partners

Large investors have recently bought and sold shares of the company. UBS Group AG boosted its holdings in shares of Westlake Chemical Partners by 49.6% in the third quarter. UBS Group AG now owns 442,517 shares of the basic materials company’s stock worth $9,515,000 after acquiring an additional 146,705 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of Westlake Chemical Partners by 199.9% in the first quarter. BNP Paribas Arbitrage SA now owns 60,352 shares of the basic materials company’s stock worth $1,634,000 after acquiring an additional 40,225 shares during the period. Raymond James & Associates boosted its holdings in shares of Westlake Chemical Partners by 219.1% in the first quarter. Raymond James & Associates now owns 38,435 shares of the basic materials company’s stock worth $1,041,000 after acquiring an additional 26,389 shares during the period. Pinnacle Holdings LLC boosted its holdings in shares of Westlake Chemical Partners by 181.5% in the second quarter. Pinnacle Holdings LLC now owns 34,639 shares of the basic materials company’s stock worth $863,000 after acquiring an additional 22,334 shares during the period. Finally, Pekin Hardy Strauss Inc. boosted its holdings in shares of Westlake Chemical Partners by 258.6% in the second quarter. Pekin Hardy Strauss Inc. now owns 28,150 shares of the basic materials company’s stock worth $701,000 after acquiring an additional 20,300 shares during the period. 31.10% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Partners Company Profile

(Get Rating)

Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company's ethylene production facilities primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.

Further Reading

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