Westlake Chemical Partners (NYSE:WLKP) Shares Gap Down – Time to Sell?

Shares of Westlake Chemical Partners LP (NYSE:WLKP) gapped down before the market opened on Friday . The stock had previously closed at $23.80, but opened at $22.81. Westlake Chemical Partners shares last traded at $23.30, with a volume of 10,730 shares.

Westlake Chemical Partners Price Performance

The stock has a market cap of $819.31 million, a price-to-earnings ratio of 13.29 and a beta of 0.93. The company has a 50 day simple moving average of $23.27 and a 200-day simple moving average of $23.37. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Monday, February 24th. The basic materials company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.07. The business had revenue of $290.06 million for the quarter, compared to analyst estimates of $262.00 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. Research analysts expect that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Tuesday, May 13th will be given a $0.4714 dividend. This represents a $1.89 dividend on an annualized basis and a yield of 8.11%. The ex-dividend date of this dividend is Tuesday, May 13th. Westlake Chemical Partners’s dividend payout ratio (DPR) is currently 106.21%.

Institutional Investors Weigh In On Westlake Chemical Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Westlake Chemical Partners in the fourth quarter valued at about $211,000. Raymond James Financial Inc. bought a new stake in shares of Westlake Chemical Partners during the 4th quarter worth approximately $456,000. JPMorgan Chase & Co. raised its stake in shares of Westlake Chemical Partners by 267.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after purchasing an additional 71,615 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Westlake Chemical Partners in the 4th quarter valued at approximately $1,874,000. Finally, Geneos Wealth Management Inc. increased its holdings in Westlake Chemical Partners by 32.2% during the fourth quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after buying an additional 812 shares during the last quarter. 78.28% of the stock is owned by institutional investors.

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.