Westlake Chemical Partners’ (WLKP) Hold (C) Rating Reiterated at Weiss Ratings

Weiss Ratings restated their hold (c) rating on shares of Westlake Chemical Partners (NYSE:WLKP) in a report published on Wednesday morning,Weiss Ratings reports.

A number of other research firms have also recently issued reports on WLKP. Wall Street Zen cut shares of Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research note on Friday, September 5th. Zacks Research upgraded shares of Westlake Chemical Partners to a “hold” rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Westlake Chemical Partners Stock Down 2.2%

Shares of WLKP opened at $20.62 on Wednesday. The stock has a market cap of $726.65 million, a price-to-earnings ratio of 13.84, a P/E/G ratio of 2.65 and a beta of 0.73. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.48. Westlake Chemical Partners has a 12 month low of $20.60 and a 12 month high of $25.04. The company has a 50-day moving average price of $21.65 and a two-hundred day moving average price of $22.23.

Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.03). The business had revenue of $297.12 million for the quarter, compared to the consensus estimate of $301.00 million. Westlake Chemical Partners had a return on equity of 6.38% and a net margin of 4.78%. Equities analysts predict that Westlake Chemical Partners will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Investors of record on Tuesday, August 12th were issued a $0.4714 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 9.1%. Westlake Chemical Partners’s dividend payout ratio (DPR) is currently 126.85%.

Insider Buying and Selling at Westlake Chemical Partners

In related news, CEO Jean-Marc Gilson purchased 1,250 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was acquired at an average price of $21.86 per share, with a total value of $27,325.00. Following the completion of the acquisition, the chief executive officer directly owned 10,458 shares in the company, valued at approximately $228,611.88. This trade represents a 13.58% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Westlake Chemical Partners

A number of hedge funds and other institutional investors have recently modified their holdings of WLKP. U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Westlake Chemical Partners in the first quarter valued at approximately $231,000. Apollon Wealth Management LLC increased its holdings in shares of Westlake Chemical Partners by 7.3% in the first quarter. Apollon Wealth Management LLC now owns 16,547 shares of the basic materials company’s stock valued at $382,000 after purchasing an additional 1,126 shares in the last quarter. Fractal Investments LLC acquired a new stake in shares of Westlake Chemical Partners in the first quarter valued at approximately $1,856,000. GSA Capital Partners LLP increased its holdings in shares of Westlake Chemical Partners by 17.2% in the first quarter. GSA Capital Partners LLP now owns 29,274 shares of the basic materials company’s stock valued at $676,000 after purchasing an additional 4,288 shares in the last quarter. Finally, Pathway Financial Advisers LLC increased its holdings in shares of Westlake Chemical Partners by 1.6% in the first quarter. Pathway Financial Advisers LLC now owns 103,390 shares of the basic materials company’s stock valued at $2,387,000 after purchasing an additional 1,610 shares in the last quarter. Institutional investors and hedge funds own 78.28% of the company’s stock.

About Westlake Chemical Partners

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, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.