Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) saw strong trading volume on Wednesday . 508,836 shares were traded during mid-day trading, an increase of 1,227% from the previous session's volume of 38,344 shares.The stock last traded at $22.20 and had previously closed at $22.05.
Wall Street Analyst Weigh In
Separately, StockNews.com raised shares of Westlake Chemical Partners from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, March 26th.
Check Out Our Latest Research Report on WLKP
Westlake Chemical Partners Stock Down 0.2 %
The company's 50-day moving average is $22.19 and its 200 day moving average is $22.17. The stock has a market capitalization of $775.06 million, a PE ratio of 14.29 and a beta of 1.08. The company has a current ratio of 5.21, a quick ratio of 5.09 and a debt-to-equity ratio of 0.47.
Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.01). The firm had revenue of $284.67 million during the quarter, compared to analysts' expectations of $280.76 million. Westlake Chemical Partners had a return on equity of 6.32% and a net margin of 4.64%. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, analysts anticipate that Westlake Chemical Partners LP will post 1.7 EPS for the current year.
Westlake Chemical Partners Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Monday, May 13th will be given a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a yield of 8.57%. The ex-dividend date is Friday, May 10th. Westlake Chemical Partners's dividend payout ratio is currently 122.73%.
Insider Buying and Selling at Westlake Chemical Partners
In related news, SVP Andrew Kenner bought 5,000 shares of the company's stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $22.30 per share, with a total value of $111,500.00. Following the completion of the acquisition, the senior vice president now directly owns 141,609 shares in the company, valued at $3,157,880.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders purchased 24,230 shares of company stock worth $537,587. Insiders own 1.10% of the company's stock.
Institutional Trading of Westlake Chemical Partners
Hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Westlake Chemical Partners by 4.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 595,137 shares of the basic materials company's stock worth $12,944,000 after acquiring an additional 25,123 shares in the last quarter. UBS Group AG increased its position in shares of Westlake Chemical Partners by 9.3% in the third quarter. UBS Group AG now owns 537,225 shares of the basic materials company's stock valued at $11,685,000 after buying an additional 45,515 shares in the last quarter. Eagle Global Advisors LLC grew its stake in Westlake Chemical Partners by 3.5% in the 3rd quarter. Eagle Global Advisors LLC now owns 43,873 shares of the basic materials company's stock valued at $954,000 after acquiring an additional 1,500 shares during the period. GSA Capital Partners LLP increased its stake in shares of Westlake Chemical Partners by 10.7% during the first quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company's stock worth $853,000 after purchasing an additional 3,713 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Westlake Chemical Partners by 2,065.0% during the fourth quarter. International Assets Investment Management LLC now owns 31,652 shares of the basic materials company's stock valued at $685,000 after acquiring an additional 30,190 shares during the last quarter. 78.28% of the stock is owned by hedge funds and other institutional investors.
Westlake Chemical Partners Company Profile
(
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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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