Tudor Pickering assumed coverage on shares of Westlake Chemical Partners LP (NYSE:WLKP) in a research report report published on Friday morning. The firm issued a hold rating and a $23.00 target price on the stock.
Separately, FBR & Co initiated coverage on Westlake Chemical Partners in a research report on Friday, September 9th. They issued an outperform rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $23.50.
Shares of Westlake Chemical Partners (NYSE:WLKP) opened at 22.78 on Friday. Westlake Chemical Partners has a 52-week low of $15.35 and a 52-week high of $24.00. The stock’s 50 day moving average price is $22.80 and its 200-day moving average price is $21.49. The company has a market capitalization of $616.40 million, a P/E ratio of 14.57 and a beta of 1.21.
Westlake Chemical Partners (NYSE:WLKP) last released its earnings results on Thursday, July 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.08. Westlake Chemical Partners had a return on equity of 4.96% and a net margin of 4.41%. The business earned $210.84 million during the quarter, compared to the consensus estimate of $177.91 million. During the same period last year, the business posted $0.39 earnings per share. The business’s revenue for the quarter was down 16.2% on a year-over-year basis. On average, equities analysts expect that Westlake Chemical Partners will post $1.66 earnings per share for the current year.
Institutional investors have recently bought and sold shares of the company. Harvest Fund Advisors LLC raised its position in 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. ING Groep NV raised its position in 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. Renaissance Technologies LLC bought a new position in Westlake Chemical Partners during the first quarter worth approximately $550,000. Bank of New York Mellon Corp raised its position in Westlake Chemical Partners by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 110,280 shares of the company’s stock worth $2,203,000 after buying an additional 4,934 shares during the last quarter. Finally, Glenmede Trust Co. NA bought a new position in Westlake Chemical Partners during the second quarter worth approximately $141,000. 76.50% of the stock is owned by hedge funds and other institutional investors.
About Westlake Chemical Partners
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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