Energy Income Partners LLC lowered its holdings in Westlake Chemical Partners LP (NYSE:WLKP - Free Report) by 1.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,750,085 shares of the basic materials company's stock after selling 20,429 shares during the quarter. Energy Income Partners LLC owned 4.97% of Westlake Chemical Partners worth $40,409,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fractal Investments LLC acquired a new stake in shares of Westlake Chemical Partners during the 1st quarter worth approximately $1,856,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Westlake Chemical Partners by 5.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 558,919 shares of the basic materials company's stock worth $12,933,000 after buying an additional 28,430 shares during the period. Raymond James Financial Inc. bought a new position in Westlake Chemical Partners in the 4th quarter valued at $456,000. U.S. Capital Wealth Advisors LLC bought a new position in Westlake Chemical Partners in the 1st quarter valued at $231,000. Finally, GSA Capital Partners LLP raised its position in Westlake Chemical Partners by 17.2% in the 1st quarter. GSA Capital Partners LLP now owns 29,274 shares of the basic materials company's stock valued at $676,000 after purchasing an additional 4,288 shares during the last quarter. Institutional investors and hedge funds own 78.28% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the company. Zacks Research upgraded Westlake Chemical Partners to a "hold" rating in a research report on Thursday, August 28th. Wall Street Zen raised Westlake Chemical Partners from a "hold" rating to a "buy" rating in a research note on Monday, August 25th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Westlake Chemical Partners presently has an average rating of "Hold".
Check Out Our Latest Analysis on WLKP
Insider Transactions at Westlake Chemical Partners
In related news, CEO Jean-Marc Gilson purchased 1,250 shares of Westlake Chemical Partners stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average price of $21.86 per share, with a total value of $27,325.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by corporate insiders.
Westlake Chemical Partners Stock Performance
Shares of NYSE WLKP traded down $0.14 during trading hours on Thursday, reaching $21.85. 64,319 shares of the stock were exchanged, compared to its average volume of 34,156. The firm has a market capitalization of $769.82 million, a price-to-earnings ratio of 14.66, a P/E/G ratio of 2.78 and a beta of 0.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.10 and a current ratio of 2.15. Westlake Chemical Partners LP has a 52 week low of $21.19 and a 52 week high of $25.04. The stock's fifty day simple moving average is $22.13 and its 200 day simple moving average is $22.69.
Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last announced its earnings results on Tuesday, August 5th. The basic materials company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.03). The firm had revenue of $297.12 million for the quarter, compared to the consensus estimate of $301.00 million. Westlake Chemical Partners had a return on equity of 6.38% and a net margin of 4.78%. Sell-side analysts predict that Westlake Chemical Partners LP will post 1.55 EPS for the current year.
Westlake Chemical Partners Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Investors of record on Tuesday, August 12th were given a dividend of $0.4714 per share. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $1.89 dividend on an annualized basis and a yield of 8.6%. Westlake Chemical Partners's dividend payout ratio is currently 126.85%.
Westlake Chemical Partners Profile
(
Free Report)
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.
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