Wall Street Zen Downgrades Westlake Chemical Partners (NYSE:WLKP) to Hold

Key Points

• Wall Street Zen has downgraded Westlake Chemical Partners from a "buy" rating to a "hold" rating, with Zacks Research also raising it to a "hold" earlier in August.
• Westlake Chemical Partners reported $0.41 EPS for the latest quarter, missing estimates, and generated revenue of $297.12 million, below the $301 million expected by analysts.
• CEO Jean-Marc Gilson recently purchased 1,250 shares of the company stock, increasing his ownership by 13.58%.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday.

Separately, Zacks Research upgraded shares of Westlake Chemical Partners to a "hold" rating in a report on Thursday, August 28th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold".

Westlake Chemical Partners Stock Performance

WLKP traded up $0.01 during trading on Friday, hitting $21.82. The stock had a trading volume of 36,307 shares, compared to its average volume of 30,888. The firm has a market cap of $768.76 million, a PE ratio of 14.64, a P/E/G ratio of 2.74 and a beta of 0.76. Westlake Chemical Partners has a 12 month low of $21.41 and a 12 month high of $25.04. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.48. The company has a 50 day simple moving average of $22.08 and a 200-day simple moving average of $22.60.

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

Insiders Place Their Bets

In other news, CEO Jean-Marc Gilson acquired 1,250 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were purchased at an average cost of $21.86 per share, with a total value of $27,325.00. Following the completion of the purchase, the chief executive officer owned 10,458 shares of the company's stock, valued at $228,611.88. This represents a 13.58% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.10% of the company's stock.

Institutional Trading of Westlake Chemical Partners

Several large investors have recently added to or reduced their stakes in WLKP. Fractal Investments LLC bought a new stake in Westlake Chemical Partners during the first quarter worth about $1,856,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Westlake Chemical Partners by 6.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 583,932 shares of the basic materials company's stock worth $12,899,000 after purchasing an additional 32,863 shares in the last quarter. Energy Income Partners LLC lifted its position in shares of Westlake Chemical Partners by 1.4% during the second quarter. Energy Income Partners LLC now owns 1,774,544 shares of the basic materials company's stock worth $39,200,000 after purchasing an additional 24,459 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Westlake Chemical Partners during the fourth quarter worth approximately $456,000. Finally, Jane Street Group LLC acquired a new position in shares of Westlake Chemical Partners during the second quarter worth approximately $387,000. 78.28% of the stock is owned by institutional investors.

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.