Westlake Chemical Partners (NYSE:WLKP) Hits New 1-Year High – Should You Buy?

Westlake Chemical Partners LP (NYSE:WLKP)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $23.74 and last traded at $23.71, with a volume of 30259 shares. The stock had previously closed at $23.28.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wall Street Zen raised Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 28th. Weiss Ratings downgraded Westlake Chemical Partners from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold”.

Westlake Chemical Partners Stock Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.74 and a current ratio of 2.80. The stock has a market cap of $834.63 million, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 0.66 and a beta of 0.52. The firm’s 50 day moving average is $22.36 and its 200 day moving average is $20.70.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, May 5th. The basic materials company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Westlake Chemical Partners had a net margin of 4.69% and a return on equity of 7.10%. The firm had revenue of $305.68 million during the quarter, compared to analyst estimates of $522.00 million. Analysts anticipate that Westlake Chemical Partners LP will post 1.88 EPS for the current year.

Westlake Chemical Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Thursday, May 14th will be given a $0.4714 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.0%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 114.63%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. raised its stake in Westlake Chemical Partners by 142.9% in the fourth quarter. Geneos Wealth Management Inc. now owns 6,302 shares of the basic materials company’s stock valued at $120,000 after buying an additional 3,708 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Westlake Chemical Partners by 15.7% during the fourth quarter. Royal Bank of Canada now owns 7,749 shares of the basic materials company’s stock worth $147,000 after acquiring an additional 1,050 shares during the last quarter. Centennial Bank AR acquired a new position in shares of Westlake Chemical Partners during the fourth quarter valued at about $173,000. Osaic Holdings Inc. raised its position in shares of Westlake Chemical Partners by 45.8% in the 2nd quarter. Osaic Holdings Inc. now owns 10,153 shares of the basic materials company’s stock valued at $224,000 after purchasing an additional 3,187 shares during the last quarter. Finally, Susquehanna Portfolio Strategies LLC purchased a new position in shares of Westlake Chemical Partners in the 4th quarter valued at approximately $224,000. 78.28% of the stock is owned by institutional investors and hedge funds.

About Westlake Chemical Partners

Westlake Chemical Partners LP (NYSE: WLKP) is a publicly traded master limited partnership sponsored by Westlake Chemical Corporation. The partnership owns, operates and acquires a portfolio of ethylene and vinyl manufacturing assets throughout the United States and the United Kingdom. As a downstream producer of basic chemicals and intermediates, WLKP supplies key industrial feedstocks to customers in a variety of end markets.

WLKP’s operations are organized into two primary segments: olefins and vinyls.