Energy Income Partners LLC raised its stake in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,702,179 shares of the basic materials company’s stock after purchasing an additional 11,604 shares during the period. Energy Income Partners LLC owned 5.28% of Westlake Chemical Partners worth $41,856,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Van ECK Associates Corp grew its stake in shares of Westlake Chemical Partners by 2.3% in the 2nd quarter. Van ECK Associates Corp now owns 56,434 shares of the basic materials company’s stock valued at $1,388,000 after buying an additional 1,255 shares during the period. GSA Capital Partners LLP grew its stake in shares of Westlake Chemical Partners by 4.4% in the 2nd quarter. GSA Capital Partners LLP now owns 31,462 shares of the basic materials company’s stock valued at $774,000 after buying an additional 1,318 shares during the period. Tiedemann Advisors LLC grew its stake in shares of Westlake Chemical Partners by 1.3% in the 2nd quarter. Tiedemann Advisors LLC now owns 399,578 shares of the basic materials company’s stock valued at $9,826,000 after buying an additional 5,110 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Westlake Chemical Partners by 81.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 15,691 shares of the basic materials company’s stock valued at $356,000 after buying an additional 7,037 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Westlake Chemical Partners by 41.5% during the 2nd quarter. Renaissance Technologies LLC now owns 33,831 shares of the basic materials company’s stock valued at $832,000 after purchasing an additional 9,915 shares during the last quarter. 48.87% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Barclays upgraded Westlake Chemical Partners from an “equal weight” rating to an “overweight” rating and set a $27.00 price target for the company in a research note on Friday, September 13th.
Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, August 6th. The basic materials company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.07). Westlake Chemical Partners had a return on equity of 5.53% and a net margin of 4.18%. The business had revenue of $270.06 million during the quarter. As a group, sell-side analysts forecast that Westlake Chemical Partners LP will post 1.7 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 12th were paid a $0.458 dividend. This represents a $1.83 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend was Friday, August 9th. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.45. Westlake Chemical Partners’s payout ratio is presently 121.19%.
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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