StockNews.com Upgrades Westlake Chemical Partners (NYSE:WLKP) to “Strong-Buy”

Westlake Chemical Partners (NYSE:WLKPGet Free Report) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.

Westlake Chemical Partners Price Performance

WLKP stock opened at $22.26 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 4.02 and a quick ratio of 3.94. Westlake Chemical Partners has a one year low of $20.86 and a one year high of $23.68. The stock has a market cap of $784.00 million, a PE ratio of 14.45 and a beta of 1.08. The firm has a 50 day simple moving average of $22.55 and a two-hundred day simple moving average of $22.08.

Westlake Chemical Partners (NYSE:WLKPGet Free Report) last announced its quarterly earnings data on Tuesday, February 20th. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.04). Westlake Chemical Partners had a net margin of 4.56% and a return on equity of 6.25%. The business had revenue of $297.27 million during the quarter, compared to analysts’ expectations of $316.62 million. During the same period last year, the company posted $0.48 EPS. On average, analysts predict that Westlake Chemical Partners will post 1.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other Westlake Chemical Partners news, SVP Andrew Kenner purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average cost of $22.30 per share, for a total transaction of $111,500.00. Following the purchase, the senior vice president now directly owns 141,609 shares in the company, valued at $3,157,880.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders purchased 19,230 shares of company stock worth $426,437. 1.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Raymond James & Associates grew its position in Westlake Chemical Partners by 219.1% during the 1st quarter. Raymond James & Associates now owns 38,435 shares of the basic materials company’s stock valued at $1,041,000 after purchasing an additional 26,389 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Westlake Chemical Partners during the 1st quarter valued at about $252,000. Mariner LLC purchased a new stake in Westlake Chemical Partners during the 1st quarter valued at about $438,000. UBS Group AG boosted its holdings in shares of Westlake Chemical Partners by 0.3% during the 1st quarter. UBS Group AG now owns 263,019 shares of the basic materials company’s stock valued at $7,123,000 after acquiring an additional 773 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Westlake Chemical Partners by 14.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 9,965 shares of the basic materials company’s stock valued at $269,000 after acquiring an additional 1,257 shares during the last quarter. 30.04% of the stock is currently owned by institutional investors.

About Westlake Chemical Partners

(Get Free Report)

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, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.

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