Westlake Chemical Partners LP (NYSE:WLKP) Chairman James Chao Sells 4,600 Shares

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) Chairman James Chao sold 4,600 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $22.10, for a total transaction of $101,660.00. Following the sale, the chairman now directly owns 3,700 shares in the company, valued at $81,770. This trade represents a 55.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

James Chao also recently made the following trade(s):

• On Thursday, May 29th, James Chao sold 3,700 shares of Westlake Chemical Partners stock. The stock was sold at an average price of $22.10, for a total transaction of $81,770.00.
• On Tuesday, May 27th, James Chao sold 5,608 shares of Westlake Chemical Partners stock. The shares were sold at an average price of $22.17, for a total value of $124,329.36.

Westlake Chemical Partners Price Performance

NYSE WLKP traded down $0.07 on Monday, hitting $22.06. The company had a trading volume of 41,653 shares, compared to its average volume of 31,809. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46. The company's fifty day moving average price is $22.87 and its 200-day moving average price is $23.40. The company has a market capitalization of $777.20 million, a PE ratio of 12.60 and a beta of 0.84. 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 released its earnings results on Friday, May 2nd. The basic materials company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.24). The company had revenue of $237.63 million for the quarter, compared to analysts' expectations of $296.00 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. As a group, analysts predict that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Tuesday, May 13th were issued a dividend of $0.4714 per share. The ex-dividend date was Tuesday, May 13th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.55%. Westlake Chemical Partners's payout ratio is currently 126.17%.

Hedge Funds Weigh In On Westlake Chemical Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geneos Wealth Management Inc. raised its stake in Westlake Chemical Partners by 32.2% in the 4th quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company's stock valued at $77,000 after purchasing an additional 812 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in shares of Westlake Chemical Partners by 3.4% during the fourth quarter. Apollon Wealth Management LLC now owns 15,421 shares of the basic materials company's stock worth $357,000 after buying an additional 512 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Westlake Chemical Partners in the fourth quarter valued at about $211,000. Proficio Capital Partners LLC purchased a new position in shares of Westlake Chemical Partners in the fourth quarter worth about $1,874,000. Finally, Raymond James Financial Inc. acquired a new position in Westlake Chemical Partners during the fourth quarter worth about $456,000. Hedge funds and other institutional investors own 78.28% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Westlake Chemical Partners from a "strong-buy" rating to a "buy" rating in a research report on Monday, May 5th.

About Westlake Chemical Partners

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.