HITE Hedge Asset Management LLC continued to hold its stake in shares of Westlake Chemical Partners LP (NYSE:WLKP) during the second quarter, Holdings Channel reports. The fund owned 317,844 shares of the company’s stock at the end of the second quarter. Westlake Chemical Partners accounts for 2.6% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 15th largest position. HITE Hedge Asset Management LLC’s holdings in Westlake Chemical Partners were worth $6,351,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of WLKP. Center Coast Capital Advisors LP increased its position in shares of Westlake Chemical Partners by 1,269.9% in the second quarter. Center Coast Capital Advisors LP now owns 18,000 shares of the company’s stock worth $360,000 after buying an additional 16,686 shares during the last quarter. Harvest Fund Advisors LLC increased its position in shares of Westlake Chemical Partners by 3.6% in the first quarter. Harvest Fund Advisors LLC now owns 1,720,523 shares of the company’s stock worth $33,894,000 after buying an additional 60,218 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Westlake Chemical Partners during the first quarter worth approximately $550,000. Finally, ING Groep NV increased its position in shares of Westlake Chemical Partners by 34.0% in the first quarter. ING Groep NV now owns 292,606 shares of the company’s stock worth $5,747,000 after buying an additional 74,206 shares during the last quarter. 76.55% of the stock is currently owned by hedge funds and other institutional investors.
Westlake Chemical Partners LP (NYSE:WLKP) traded up 0.27% during midday trading on Thursday, reaching $22.25. The company’s stock had a trading volume of 36,901 shares. The company has a 50 day moving average price of $23.05 and a 200 day moving average price of $21.09. The firm has a market cap of $602.06 million, a price-to-earnings ratio of 14.23 and a beta of 1.21. Westlake Chemical Partners LP has a 1-year low of $15.35 and a 1-year high of $24.00.
Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.08. The business earned $210.84 million during the quarter, compared to the consensus estimate of $177.91 million. Westlake Chemical Partners had a return on equity of 4.96% and a net margin of 4.41%. The company’s revenue for the quarter was down 16.2% compared to the same quarter last year. During the same period last year, the firm earned $0.39 earnings per share. On average, equities research analysts expect that Westlake Chemical Partners LP will post $1.66 EPS for the current year.
Separately, FBR & Co started coverage on Westlake Chemical Partners in a research report on Friday, September 9th. They set an “outperform” rating and a $28.00 price objective on the stock.
Westlake Chemical Partners Company Profile
Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. The Company’s business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.
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