Westlake Chemical Partners (NYSE:WLKP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Westlake Chemical Partners (NYSE:WLKP) from a buy rating to a strong-buy rating in a research report report published on Saturday.

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Westlake Chemical Partners in a research note on Monday, December 29th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Westlake Chemical Partners currently has a consensus rating of “Hold”.

Westlake Chemical Partners Stock Performance

Shares of Westlake Chemical Partners stock opened at $21.32 on Friday. The business has a 50-day moving average price of $20.26 and a two-hundred day moving average price of $20.42. Westlake Chemical Partners has a 1-year low of $17.75 and a 1-year high of $25.04. The company has a current ratio of 2.37, a quick ratio of 2.32 and a debt-to-equity ratio of 0.49. The company has a market cap of $751.53 million, a P/E ratio of 15.23, a PEG ratio of 2.29 and a beta of 0.59.

Westlake Chemical Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 23rd. Shareholders of record on Friday, February 6th will be issued a $0.4714 dividend. The ex-dividend date is Friday, February 6th. This represents a $1.89 annualized dividend and a yield of 8.8%. Westlake Chemical Partners’s dividend payout ratio is presently 135.00%.

Hedge Funds Weigh In On Westlake Chemical Partners

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its holdings in Westlake Chemical Partners by 3.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 228,885 shares of the basic materials company’s stock worth $5,285,000 after purchasing an additional 8,424 shares in the last quarter. Apollon Wealth Management LLC boosted its position in shares of Westlake Chemical Partners by 12.6% during the second quarter. Apollon Wealth Management LLC now owns 18,631 shares of the basic materials company’s stock valued at $412,000 after buying an additional 2,084 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Westlake Chemical Partners by 4.4% during the second quarter. Envestnet Asset Management Inc. now owns 17,629 shares of the basic materials company’s stock valued at $389,000 after buying an additional 751 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Westlake Chemical Partners by 6.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 583,932 shares of the basic materials company’s stock worth $12,899,000 after buying an additional 32,863 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in Westlake Chemical Partners in the 2nd quarter valued at $387,000. 78.28% of the stock is owned by institutional investors and hedge funds.

Westlake Chemical Partners Company Profile

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.