Westlake Chemical Partners (NYSE:WLKP) Price Target Cut to $29.00 by Analysts at Deutsche Bank Aktiengesellschaft

Westlake Chemical Partners (NYSE:WLKPGet Rating) had its price objective decreased by equities researchers at Deutsche Bank Aktiengesellschaft to $29.00 in a report issued on Friday, The Fly reports. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 28.66% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. StockNews.com began coverage on Westlake Chemical Partners in a research report on Wednesday, October 12th. They set a “strong-buy” rating on the stock. Citigroup lowered their price objective on Westlake Chemical Partners from $25.00 to $24.00 in a research report on Tuesday, October 4th.

Westlake Chemical Partners Trading Down 0.1 %

Shares of Westlake Chemical Partners stock opened at $22.54 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.66 and a quick ratio of 3.52. The company has a market capitalization of $793.86 million, a price-to-earnings ratio of 10.29, a P/E/G ratio of 1.52 and a beta of 1.00. The business has a fifty day simple moving average of $22.71 and a two-hundred day simple moving average of $24.47. Westlake Chemical Partners has a 1 year low of $19.71 and a 1 year high of $29.40.

Insider Buying and Selling

In related news, SVP Andrew Kenner purchased 5,638 shares of the firm’s stock in a transaction that occurred on Thursday, November 10th. The shares were bought at an average price of $22.98 per share, for a total transaction of $129,561.24. Following the completion of the transaction, the senior vice president now owns 45,638 shares of the company’s stock, valued at $1,048,761.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. UBS Group AG increased its position in shares of Westlake Chemical Partners by 49.6% in the third quarter. UBS Group AG now owns 442,517 shares of the basic materials company’s stock worth $9,515,000 after purchasing an additional 146,705 shares during the period. NBW Capital LLC grew its position in Westlake Chemical Partners by 1.6% in the third quarter. NBW Capital LLC now owns 42,982 shares of the basic materials company’s stock valued at $924,000 after acquiring an additional 666 shares during the last quarter. Tiedemann Advisors LLC grew its position in Westlake Chemical Partners by 27.8% in the third quarter. Tiedemann Advisors LLC now owns 50,969 shares of the basic materials company’s stock valued at $1,096,000 after acquiring an additional 11,074 shares during the last quarter. LPL Financial LLC grew its position in Westlake Chemical Partners by 22.0% in the second quarter. LPL Financial LLC now owns 35,620 shares of the basic materials company’s stock valued at $887,000 after acquiring an additional 6,420 shares during the last quarter. Finally, Pinnacle Holdings LLC grew its position in Westlake Chemical Partners by 181.5% in the second quarter. Pinnacle Holdings LLC now owns 34,639 shares of the basic materials company’s stock valued at $863,000 after acquiring an additional 22,334 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Westlake Chemical Partners Company Profile

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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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