Westlake Chemical Partners LP $WLKP Holdings Lowered by Energy Income Partners LLC

Key Points

• Energy Income Partners LLC reduced its stake in Westlake Chemical Partners by 1.2%, holding 1,750,085 shares worth approximately $40.4 million as of the latest SEC filing.
• Westlake Chemical Partners reported $0.41 earnings per share for the last quarter, missing the expected $0.44, with total revenues of $297.12 million.
• The company recently declared a quarterly dividend of $0.4714 per share, providing an annual yield of 8.5%, despite having a payout ratio of 126.85%.

Energy Income Partners LLC cut its position in Westlake Chemical Partners LP (NYSE:WLKP - Free Report) by 1.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,750,085 shares of the basic materials company's stock after selling 20,429 shares during the period. Energy Income Partners LLC owned about 4.97% of Westlake Chemical Partners worth $40,409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Fractal Investments LLC purchased a new stake in Westlake Chemical Partners during the 1st quarter worth approximately $1,856,000. Raymond James Financial Inc. purchased a new stake in Westlake Chemical Partners during the 4th quarter worth approximately $456,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Westlake Chemical Partners by 5.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 558,919 shares of the basic materials company's stock valued at $12,933,000 after acquiring an additional 28,430 shares during the last quarter. Pathway Financial Advisers LLC boosted its holdings in shares of Westlake Chemical Partners by 1.6% in the 1st quarter. Pathway Financial Advisers LLC now owns 103,390 shares of the basic materials company's stock valued at $2,387,000 after acquiring an additional 1,610 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Westlake Chemical Partners in the 1st quarter valued at $231,000. Hedge funds and other institutional investors own 78.28% of the company's stock.

Insider Activity at Westlake Chemical Partners

In other news, CEO Jean-Marc Gilson purchased 1,250 shares of the business's stock in a transaction dated 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 purchase, the chief executive officer directly owned 10,458 shares of the company's stock, valued at $228,611.88. This represents a 13.58% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on WLKP. Wall Street Zen raised shares of Westlake Chemical Partners from a "hold" rating to a "buy" rating in a report on Monday, August 25th. Zacks Research upgraded shares of Westlake Chemical Partners to a "hold" rating in a research note on Thursday, August 28th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold".

Westlake Chemical Partners Trading Down 0.0%

WLKP stock traded down $0.01 during mid-day trading on Friday, hitting $21.85. 13,417 shares of the company were exchanged, compared to its average volume of 34,057. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $769.82 million, a P/E ratio of 14.66, a PEG ratio of 2.76 and a beta of 0.76. The business has a fifty day simple moving average of $22.12 and a 200-day simple moving average of $22.67. Westlake Chemical Partners LP has a 12-month low of $21.19 and a 12-month high of $25.04.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.03). Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.38%. The business had revenue of $297.12 million during the quarter, compared to analysts' expectations of $301.00 million. On average, equities research analysts predict that Westlake Chemical Partners LP will post 1.55 earnings per share for the current fiscal year.

Westlake Chemical Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 12th were given a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a dividend yield of 8.6%. The ex-dividend date was Tuesday, August 12th. Westlake Chemical Partners's payout ratio is presently 126.85%.

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