Westlake Chemical Partners LP (NYSE:WLKP) Short Interest Update

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Westlake Chemical Partners LP (NYSE:WLKP) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 221,400 shares, a decline of 5.4% from the July 31st total of 234,100 shares. Based on an average daily volume of 44,800 shares, the days-to-cover ratio is presently 4.9 days. Currently, 1.2% of the company’s shares are sold short.

A number of hedge funds have recently made changes to their positions in the business. Invesco Ltd. acquired a new position in Westlake Chemical Partners during the second quarter valued at approximately $156,715,000. Energy Income Partners LLC lifted its position in Westlake Chemical Partners by 0.7% during the second quarter. Energy Income Partners LLC now owns 1,702,179 shares of the basic materials company’s stock valued at $41,856,000 after buying an additional 11,604 shares in the last quarter. UBS Group AG lifted its position in Westlake Chemical Partners by 11.4% during the second quarter. UBS Group AG now owns 998,176 shares of the basic materials company’s stock valued at $24,546,000 after buying an additional 102,256 shares in the last quarter. Morgan Stanley lifted its position in Westlake Chemical Partners by 24.4% during the second quarter. Morgan Stanley now owns 705,934 shares of the basic materials company’s stock valued at $17,358,000 after buying an additional 138,617 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. acquired a new position in Westlake Chemical Partners during the first quarter valued at approximately $15,140,000. 67.33% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Chemical Partners stock opened at $22.07 on Monday. Westlake Chemical Partners has a 1 year low of $20.25 and a 1 year high of $25.25. The firm has a 50 day moving average price of $21.98 and a 200 day moving average price of $22.80. The company has a market cap of $700.41 million, a price-to-earnings ratio of 14.62, a PEG ratio of 0.80 and a beta of 0.60. The company has a debt-to-equity ratio of 0.41, a quick ratio of 6.01 and a current ratio of 6.12.

Westlake Chemical Partners (NYSE:WLKP) last released its earnings results on Tuesday, August 6th. The basic materials company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.07). Westlake Chemical Partners had a net margin of 4.18% and a return on equity of 5.53%. The company had revenue of $270.06 million during the quarter. Sell-side analysts predict that Westlake Chemical Partners will post 1.7 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Monday, August 12th were given a dividend of $0.458 per share. This represents a $1.83 dividend on an annualized basis and a yield of 8.30%. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 9th. Westlake Chemical Partners’s payout ratio is 121.19%.

A number of equities research analysts recently issued reports on the stock. Barclays upgraded shares of Westlake Chemical Partners from an “equal weight” rating to an “overweight” rating and set a $27.00 target price for the company in a report on Friday. Zacks Investment Research downgraded shares of Westlake Chemical Partners from a “hold” rating to a “sell” rating in a report on Saturday, August 10th.

Westlake Chemical Partners Company Profile

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

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