Westlake Chemical Partners (NYSE:WLKP) Stock Price Down 3.9%

Westlake Chemical Partners LP (NYSE:WLKPGet Rating) shares were down 3.9% during trading on Friday . The stock traded as low as $22.94 and last traded at $22.94. Approximately 1,561 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 42,407 shares. The stock had previously closed at $23.87.

Several research analysts have recently commented on WLKP shares. StockNews.com upgraded Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price objective on Westlake Chemical Partners from $31.00 to $30.00 in a report on Monday, May 16th. Finally, Barclays lifted their price objective on Westlake Chemical Partners from $31.00 to $32.00 in a report on Monday, May 9th.

The company has a market cap of $788.70 million, a PE ratio of 9.34, a P/E/G ratio of 1.71 and a beta of 1.05. 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 business has a fifty day moving average of $27.19 and a 200-day moving average of $26.44.

Westlake Chemical Partners (NYSE:WLKPGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The basic materials company reported $0.46 earnings per share (EPS) for the quarter. Westlake Chemical Partners had a return on equity of 8.79% and a net margin of 6.39%. The company had revenue of $362.40 million for the quarter. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, research analysts predict 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. Investors of record on Thursday, May 12th were issued a dividend of $0.471 per share. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 8.41%. Westlake Chemical Partners’s dividend payout ratio is presently 79.75%.

In other Westlake Chemical Partners news, Chairman James Chao sold 31,092 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $26.91, for a total transaction of $836,685.72. Following the transaction, the chairman now owns 23,908 shares in the company, valued at approximately $643,364.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge funds have recently bought and sold shares of the business. Koshinski Asset Management Inc. purchased a new position in shares of Westlake Chemical Partners during the 4th quarter worth approximately $27,000. Captrust Financial Advisors bought a new stake in shares of Westlake Chemical Partners in the 3rd quarter worth approximately $25,000. Royal Bank of Canada boosted its position in shares of Westlake Chemical Partners by 58.9% in the 2nd quarter. Royal Bank of Canada now owns 2,688 shares of the basic materials company’s stock worth $72,000 after purchasing an additional 996 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Westlake Chemical Partners in the 4th quarter worth approximately $90,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Westlake Chemical Partners by 64.6% in the 4th quarter. Russell Investments Group Ltd. now owns 5,062 shares of the basic materials company’s stock worth $131,000 after purchasing an additional 1,987 shares in the last quarter. Hedge funds and other institutional investors own 32.16% of the company’s stock.

Westlake Chemical Partners Company Profile (NYSE:WLKP)

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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