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

StockNews.com upgraded shares of Westlake Chemical Partners (NYSE:WLKPGet Rating) from a buy rating to a strong-buy rating in a research note published on Thursday morning.

Several other research analysts have also recently weighed in on WLKP. Deutsche Bank Aktiengesellschaft cut their price target on shares of Westlake Chemical Partners from $31.00 to $30.00 in a report on Monday, May 16th. Barclays boosted their price target on shares of Westlake Chemical Partners from $31.00 to $32.00 in a report on Monday, May 9th.

NYSE WLKP opened at $23.87 on Thursday. The company has a market cap of $840.56 million, a price-to-earnings ratio of 10.07, a P/E/G ratio of 1.78 and a beta of 1.05. Westlake Chemical Partners has a 52 week low of $22.68 and a 52 week high of $29.40. The business has a 50 day moving average price of $27.19 and a 200-day moving average price of $26.44. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.02.

Westlake Chemical Partners (NYSE:WLKPGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The basic materials company reported $0.46 EPS for the quarter. Westlake Chemical Partners had a return on equity of 8.79% and a net margin of 6.39%. The firm had revenue of $362.40 million during the quarter. During the same quarter in the prior year, the firm earned $0.43 EPS. On average, equities research analysts anticipate that Westlake Chemical Partners will post 1.86 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 26th. Shareholders of record on Thursday, May 12th were given a $0.471 dividend. This represents a $1.88 annualized dividend and a yield of 7.89%. The ex-dividend date was Wednesday, May 11th. Westlake Chemical Partners’s dividend payout ratio is 79.75%.

In other Westlake Chemical Partners news, Chairman James Chao sold 31,092 shares of Westlake Chemical Partners stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $26.91, for a total value of $836,685.72. Following the sale, the chairman now owns 23,908 shares of the company’s stock, valued at $643,364.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

A number of hedge funds have recently made changes to their positions in the business. Royal Bank of Canada raised its position in shares of Westlake Chemical Partners by 58.9% in the second quarter. Royal Bank of Canada now owns 2,688 shares of the basic materials company’s stock valued at $72,000 after purchasing an additional 996 shares during the period. Morgan Stanley raised its position in shares of Westlake Chemical Partners by 22.3% in the second quarter. Morgan Stanley now owns 282,755 shares of the basic materials company’s stock valued at $7,612,000 after purchasing an additional 51,606 shares during the period. Marshall Wace LLP bought a new stake in shares of Westlake Chemical Partners in the third quarter valued at approximately $537,000. LPL Financial LLC raised its position in shares of Westlake Chemical Partners by 1.7% in the third quarter. LPL Financial LLC now owns 36,478 shares of the basic materials company’s stock valued at $888,000 after purchasing an additional 617 shares during the period. Finally, Captrust Financial Advisors bought a new stake in shares of Westlake Chemical Partners in the third quarter valued at approximately $25,000. 32.16% of the stock is currently 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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