Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Below 200 Day Moving Average of $22.11

Westlake Chemical Partners LP (NYSE:WLKP) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $22.11 and traded as low as $21.70. Westlake Chemical Partners shares last traded at $21.73, with a volume of 16,783 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a report on Tuesday, March 26th.

Westlake Chemical Partners Stock Performance

The company has a market capitalization of $765.55 million, a PE ratio of 14.11 and a beta of 1.08. The business’s fifty day moving average is $22.23 and its two-hundred day moving average is $22.11. The company has a current ratio of 4.02, a quick ratio of 3.94 and a debt-to-equity ratio of 0.47.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, February 20th. The basic materials company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.04). The company had revenue of $297.27 million for the quarter, compared to analysts’ expectations of $316.62 million. Westlake Chemical Partners had a net margin of 4.56% and a return on equity of 6.25%. During the same quarter in the prior year, the firm posted $0.48 earnings per share. Equities research analysts predict that Westlake Chemical Partners LP will post 1.7 earnings per share for the current year.

Westlake Chemical Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Friday, February 2nd were paid a dividend of $0.4714 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.89 dividend on an annualized basis and a yield of 8.68%. Westlake Chemical Partners’s dividend payout ratio is presently 122.73%.

Insider Buying and Selling at Westlake Chemical Partners

In related news, SVP Andrew Kenner bought 10,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was acquired at an average cost of $22.12 per share, for a total transaction of $221,200.00. Following the purchase, the senior vice president now owns 136,609 shares in the company, valued at $3,021,791.08. The acquisition was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders purchased 24,230 shares of company stock worth $537,587. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Westlake Chemical Partners

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in shares of Westlake Chemical Partners by 61.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 435 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Westlake Chemical Partners by 0.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 137,817 shares of the basic materials company’s stock valued at $2,984,000 after acquiring an additional 687 shares during the period. UBS Group AG grew its position 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 period. Hilltop Holdings Inc. grew its position in shares of Westlake Chemical Partners by 3.4% during the 4th quarter. Hilltop Holdings Inc. now owns 27,229 shares of the basic materials company’s stock valued at $590,000 after acquiring an additional 897 shares during the period. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Westlake Chemical Partners during the 4th quarter valued at $27,000. Institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Company Profile

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.