Westlake Chemical Partners (NYSE:WLKP) Sees Large Volume Increase

Shares of Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 8,930 shares changed hands during trading, a decline of 69% from the previous session's volume of 28,582 shares.The stock last traded at $22.22 and had previously closed at $22.21.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Westlake Chemical Partners from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, March 26th.

Westlake Chemical Partners Trading Down 0.9 %

The company has a market capitalization of $775.41 million, a PE ratio of 14.29 and a beta of 1.08. The company's fifty day moving average is $22.43 and its 200-day moving average is $22.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 4.02 and a quick ratio of 3.94.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.04). The business had revenue of $297.27 million for the quarter, compared to analysts' expectations of $316.62 million. Westlake Chemical Partners had a net margin of 4.56% and a return on equity of 6.25%. During the same period in the previous year, the business earned $0.48 earnings per share. On average, analysts anticipate that Westlake Chemical Partners LP will post 1.7 EPS for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Friday, February 2nd were given a $0.4714 dividend. The ex-dividend date was Thursday, February 1st. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.57%. Westlake Chemical Partners's dividend payout ratio (DPR) is currently 122.73%.

Insiders Place Their Bets

In other news, SVP Andrew Kenner acquired 5,000 shares of the firm's stock in a transaction on Wednesday, March 6th. The stock was acquired at an average price of $22.30 per share, for a total transaction of $111,500.00. Following the completion of the transaction, the senior vice president now owns 141,609 shares in the company, valued at approximately $3,157,880.70. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders bought 24,230 shares of company stock worth $537,587. Company insiders own 1.10% of the company's stock.

Institutional Trading of Westlake Chemical Partners

A number of institutional investors and hedge funds have recently modified their holdings of WLKP. Tower Research Capital LLC TRC acquired a new stake in shares of Westlake Chemical Partners in the 4th quarter valued at $27,000. JPMorgan Chase & Co. lifted its position in shares of Westlake Chemical Partners by 61.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company's stock worth $28,000 after purchasing an additional 435 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Westlake Chemical Partners during the 3rd quarter worth $32,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Westlake Chemical Partners during the 4th quarter worth $47,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in Westlake Chemical Partners during the 2nd quarter worth $111,000. Hedge funds and other institutional investors own 78.28% of the company's stock.

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.