Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Below 200 Day Moving Average - Here's What Happened

Key Points

• Westlake Chemical Partners shares fell below their 200-day moving average, reaching $21.36 versus the $22.31 average, and last traded at $21.5150.
• Analyst sentiment remains mixed but leans positive: Deutsche Bank maintained a Buy rating with a $26 price target, while Weiss Ratings and Wall Street Zen downgraded the stock to Hold. The consensus rating is “Moderate Buy” with a $26 target.
• The partnership announced a quarterly dividend of $0.4714 per share, equivalent to an annualized $1.89 payout and an 8.8% yield; however, its payout ratio is elevated at 115.95%.

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $22.31 and traded as low as $21.36. Westlake Chemical Partners shares last traded at $21.5150, with a volume of 27,224 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on WLKP shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $26.00 target price on shares of Westlake Chemical Partners in a report on Wednesday, September 9th. Weiss Ratings downgraded shares of Westlake Chemical Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 1st. Finally, Wall Street Zen downgraded shares of Westlake Chemical Partners from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.00.

Westlake Chemical Partners Trading Up 0.2%

The company has a quick ratio of 3.36, a current ratio of 3.44 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $758.40 million, a P/E ratio of 13.20, a PEG ratio of 0.82 and a beta of 0.54. The firm has a 50 day moving average of $21.77 and a 200-day moving average of $22.31.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.01). Westlake Chemical Partners had a return on equity of 7.25% and a net margin of 4.66%.The company had revenue of $297.10 million for the quarter, compared to analyst estimates of $537.00 million. On average, equities research analysts predict that Westlake Chemical Partners LP will post 1.5 earnings per share for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Thursday, August 13th were given a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.8%. The ex-dividend date was Thursday, August 13th. Westlake Chemical Partners's dividend payout ratio is presently 115.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its stake in Westlake Chemical Partners by 9.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,874 shares of the basic materials company's stock valued at $152,000 after purchasing an additional 572 shares during the last quarter. Apollon Wealth Management LLC grew its stake in shares of Westlake Chemical Partners by 3.4% during the first quarter. Apollon Wealth Management LLC now owns 21,084 shares of the basic materials company's stock worth $466,000 after buying an additional 689 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Westlake Chemical Partners by 36.6% during the first quarter. Royal Bank of Canada now owns 10,582 shares of the basic materials company's stock worth $234,000 after buying an additional 2,833 shares during the last quarter. Pathway Financial Advisers LLC increased its holdings in shares of Westlake Chemical Partners by 3.1% during the first quarter. Pathway Financial Advisers LLC now owns 106,598 shares of the basic materials company's stock worth $2,355,000 after buying an additional 3,221 shares in the last quarter. Finally, Centennial Bank AR acquired a new position in shares of Westlake Chemical Partners during the fourth quarter worth $173,000. Institutional investors own 78.28% of the company's stock.

About Westlake Chemical Partners

Westlake Chemical Partners LP NYSE: WLKP is a master limited partnership that owns, operates and acquires ethylene production assets. Ethylene is a basic petrochemical used in the manufacture of polyethylene, vinyl products and other chemical materials.

The partnership's principal business is the production and sale of ethylene. Its output is sold primarily to Westlake Corporation, its sponsor, under long-term commercial arrangements, with additional sales to third-party customers. Westlake Chemical Partners' assets are located in the United States and are integrated with Westlake's broader petrochemical operations.

Westlake Chemical Partners was formed in 2014 and became a publicly traded partnership on the New York Stock Exchange that year.

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