James Chao Sells 5,608 Shares of Westlake Chemical Partners LP (NYSE:WLKP) Stock

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) Chairman James Chao sold 5,608 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $22.17, for a total value of $124,329.36. Following the sale, the chairman now directly owns 8,300 shares in the company, valued at $184,011. This represents a 40.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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 shares were sold at an average price of $22.10, for a total value of $81,770.00.
• On Wednesday, May 28th, James Chao sold 4,600 shares of Westlake Chemical Partners stock. The stock was sold at an average price of $22.10, for a total value of $101,660.00.

Westlake Chemical Partners Price Performance

WLKP traded up $0.11 during trading on Friday, hitting $22.16. The company's stock had a trading volume of 52,198 shares, compared to its average volume of 32,328. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48. Westlake Chemical Partners LP has a twelve month low of $21.19 and a twelve month high of $25.04. The business's fifty day simple moving average is $22.87 and its 200 day simple moving average is $23.39. The firm has a market capitalization of $780.72 million, a price-to-earnings ratio of 12.66 and a beta of 0.84.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last released its earnings results on Friday, May 2nd. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.24). The firm had revenue of $237.63 million during the quarter, compared to analysts' expectations of $296.00 million. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. On average, equities research analysts forecast that Westlake Chemical Partners LP will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Tuesday, May 13th were given a $0.4714 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $1.89 annualized dividend and a dividend yield of 8.51%. Westlake Chemical Partners's dividend payout ratio (DPR) is presently 126.17%.

Hedge Funds Weigh In On Westlake Chemical Partners

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Westlake Chemical Partners in the fourth quarter valued at approximately $211,000. Raymond James Financial Inc. purchased a new position in Westlake Chemical Partners during the fourth quarter worth approximately $456,000. Proficio Capital Partners LLC purchased a new position in Westlake Chemical Partners during the fourth quarter worth approximately $1,874,000. Geneos Wealth Management Inc. lifted its position in Westlake Chemical Partners by 32.2% during the fourth quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company's stock worth $77,000 after buying an additional 812 shares in the last quarter. Finally, LPL Financial LLC lifted its position in Westlake Chemical Partners by 13.8% during the fourth quarter. LPL Financial LLC now owns 35,136 shares of the basic materials company's stock worth $813,000 after buying an additional 4,253 shares in the last quarter. Hedge funds and other institutional investors own 78.28% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Westlake Chemical Partners from a "strong-buy" rating to a "buy" rating in a 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.