Deutsche Bank began coverage on shares of Westlake Chemical Partners (NYSE:WLKP) in a research report sent to investors on Wednesday, The Fly reports. The brokerage issued a buy rating on the basic materials company’s stock.
Several other research analysts have also recently commented on WLKP. Barclays began coverage on Westlake Chemical Partners in a research note on Wednesday, December 20th. They set an equal weight rating and a $26.00 target price for the company. B. Riley set a $26.00 target price on Westlake Chemical Partners and gave the stock a neutral rating in a research note on Monday, December 18th. TheStreet raised Westlake Chemical Partners from a c+ rating to a b- rating in a research note on Tuesday, December 12th. ValuEngine raised Westlake Chemical Partners from a buy rating to a strong-buy rating in a research note on Friday, December 1st. Finally, Citigroup assumed coverage on Westlake Chemical Partners in a report on Tuesday, December 5th. They set a buy rating and a $25.50 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $26.88.
Westlake Chemical Partners (WLKP) opened at $24.80 on Wednesday. Westlake Chemical Partners has a one year low of $20.65 and a one year high of $26.25. The company has a market capitalization of $677.83, a price-to-earnings ratio of 15.80, a P/E/G ratio of 3.81 and a beta of 1.19. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48.
In other Westlake Chemical Partners news, Director James Chao purchased 8,473 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was bought at an average cost of $22.17 per share, with a total value of $187,846.41. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Albert Chao purchased 10,375 shares of the firm’s stock in a transaction on Monday, November 27th. The shares were acquired at an average cost of $22.12 per share, with a total value of $229,495.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,000 shares in the company, valued at $995,400. The disclosure for this purchase can be found here. Insiders have acquired a total of 35,748 shares of company stock valued at $787,823 over the last ninety days.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Citigroup Inc. lifted its holdings in shares of Westlake Chemical Partners by 27,347.0% in the 2nd quarter. Citigroup Inc. now owns 27,447 shares of the basic materials company’s stock valued at $679,000 after purchasing an additional 27,347 shares during the last quarter. Citadel Advisors LLC purchased a new stake in shares of Westlake Chemical Partners in the 3rd quarter valued at about $923,000. Franklin Square Holdings L.P. purchased a new stake in shares of Westlake Chemical Partners in the 3rd quarter valued at about $931,000. Bank of New York Mellon Corp lifted its holdings in shares of Westlake Chemical Partners by 1.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 61,237 shares of the basic materials company’s stock valued at $1,516,000 after purchasing an additional 661 shares during the last quarter. Finally, Center Coast Capital Advisors LP purchased a new stake in shares of Westlake Chemical Partners in the 3rd quarter valued at about $2,083,000. 55.16% of the stock is owned by institutional investors.
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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. Its 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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