Short Interest in Westlake Chemical Partners LP (NYSE:WLKP) Increases By 59.0%

Key Points

• Short interest in Westlake Chemical Partners LP (NYSE:WLKP) surged by 59.0% in September, totaling 98,900 shares as of September 30th.
• CEO Jean-Marc Gilson significantly increased his ownership of WLKP by acquiring 4,700 shares at a total cost of $102,648, which raised his holdings by 104.26%.
• The company declared a quarterly dividend of $0.4714 per share, reflecting a 9.5% yield, despite a payout ratio of 126.17%.

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) saw a significant growth in short interest in September. As of September 30th, there was short interest totaling 98,900 shares, a growth of 59.0% from the September 15th total of 62,200 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 38,800 shares, the short-interest ratio is presently 2.5 days. Based on an average daily trading volume, of 38,800 shares, the short-interest ratio is presently 2.5 days. Approximately 0.5% of the shares of the stock are sold short.

Insider Activity

In related news, CEO Jean-Marc Gilson purchased 4,700 shares of the stock in a transaction dated Friday, August 15th. The stock was bought at an average cost of $21.84 per share, for a total transaction of $102,648.00. Following the completion of the acquisition, the chief executive officer owned 9,208 shares of the company's stock, valued at approximately $201,102.72. This represents a 104.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WLKP. Samalin Investment Counsel LLC increased its stake in shares of Westlake Chemical Partners by 2.3% in the 1st quarter. Samalin Investment Counsel LLC now owns 24,855 shares of the basic materials company's stock valued at $574,000 after acquiring an additional 568 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Westlake Chemical Partners by 4.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,629 shares of the basic materials company's stock valued at $389,000 after acquiring an additional 751 shares in the last quarter. Apollon Wealth Management LLC increased its stake in shares of Westlake Chemical Partners by 5.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 19,737 shares of the basic materials company's stock valued at $414,000 after acquiring an additional 1,106 shares in the last quarter. Sound Income Strategies LLC bought a new stake in shares of Westlake Chemical Partners in the 2nd quarter valued at $32,000. Finally, Pathway Financial Advisers LLC increased its stake in shares of Westlake Chemical Partners by 1.6% in the 1st quarter. Pathway Financial Advisers LLC now owns 103,390 shares of the basic materials company's stock valued at $2,387,000 after acquiring an additional 1,610 shares in the last quarter. Institutional investors and hedge funds own 78.28% of the company's stock.

Westlake Chemical Partners Stock Up 0.3%

Shares of NYSE WLKP opened at $19.93 on Wednesday. The company has a market capitalization of $702.14 million, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 2.50 and a beta of 0.73. Westlake Chemical Partners has a 52-week low of $19.75 and a 52-week high of $25.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.10 and a current ratio of 2.15. The company's 50 day moving average price is $21.41 and its 200-day moving average price is $22.08.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.03). The firm had revenue of $297.12 million during the quarter, compared to analyst estimates of $301.00 million. Westlake Chemical Partners had a return on equity of 6.38% and a net margin of 4.78%. Equities analysts forecast that Westlake Chemical Partners will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 12th were given a $0.4714 dividend. The ex-dividend date was Tuesday, August 12th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 9.5%. Westlake Chemical Partners's payout ratio is 126.17%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WLKP. Wall Street Zen downgraded shares of Westlake Chemical Partners from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Weiss Ratings reiterated a "hold (c)" rating on shares of Westlake Chemical Partners in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Westlake Chemical Partners to a "hold" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Westlake Chemical Partners presently has a consensus rating of "Hold".

Westlake Chemical Partners Company Profile

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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