Westlake Chemical Partners LP (NYSE:WLKP) Chairman James Chao Sells 31,092 Shares

Westlake Chemical Partners LP (NYSE:WLKPGet Rating) Chairman James Chao sold 31,092 shares of the firm’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $26.91, for a total transaction of $836,685.72. Following the completion of the sale, the chairman now owns 23,908 shares of the company’s stock, valued at approximately $643,364.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

WLKP traded up $1.02 during midday trading on Thursday, hitting $27.64. The company’s stock had a trading volume of 726 shares, compared to its average volume of 51,377. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 0.02. The firm has a market cap of $973.20 million, a P/E ratio of 11.34, a PEG ratio of 1.78 and a beta of 1.05. The firm has a 50-day moving average price of $27.39 and a two-hundred day moving average price of $26.27. Westlake Chemical Partners LP has a 52-week low of $22.68 and a 52-week high of $29.40.

Westlake Chemical Partners (NYSE:WLKPGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The basic materials company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.10). Westlake Chemical Partners had a return on equity of 8.79% and a net margin of 6.39%. During the same period last year, the business earned $0.43 EPS. On average, equities analysts expect that Westlake Chemical Partners LP will post 1.86 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were paid a $0.471 dividend. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $1.88 annualized dividend and a dividend yield of 6.82%. Westlake Chemical Partners’s payout ratio is 79.75%.

WLKP has been the subject of several analyst reports. Zacks Investment Research cut shares of Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, May 18th. Barclays upped their target price on shares of Westlake Chemical Partners from $31.00 to $32.00 in a research report on Monday, May 9th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Westlake Chemical Partners from $31.00 to $30.00 in a report on Monday, May 16th. Finally, StockNews.com lowered shares of Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 20th.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA lifted its position in shares of Westlake Chemical Partners by 199.9% in the 1st 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. Geneos Wealth Management Inc. lifted its holdings in Westlake Chemical Partners by 14.4% during the first quarter. Geneos Wealth Management Inc. now owns 9,965 shares of the basic materials company’s stock worth $269,000 after acquiring an additional 1,257 shares in the last quarter. UBS Group AG lifted its holdings in shares of Westlake Chemical Partners by 0.3% in the first quarter. UBS Group AG now owns 263,019 shares of the basic materials company’s stock valued at $7,123,000 after purchasing an additional 773 shares in the last quarter. Mariner LLC acquired a new stake in shares of Westlake Chemical Partners in the first quarter valued at about $438,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in shares of Westlake Chemical Partners in the first quarter valued at about $213,000. 32.16% of the stock is owned by institutional investors and hedge funds.

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.

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