Westlake Chemical Partners (NYSE:WLKP) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Westlake Chemical Partners from a "hold" rating to a "buy" rating, indicating increased confidence in the company's future performance.
• The company reported an EPS of $0.41 for the last quarter, which was lower than analysts' expectations of $0.44, highlighting a miss in earnings.
• Institutional investors hold a significant share, with 78.28% of the stock owned by these entities, reflecting strong institutional interest in Westlake Chemical Partners.

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

Westlake Chemical Partners Stock Up 0.2%

Shares of WLKP traded up $0.04 during midday trading on Friday, reaching $21.97. The stock had a trading volume of 14,383 shares, compared to its average volume of 34,318. Westlake Chemical Partners has a 1-year low of $21.19 and a 1-year high of $25.04. The company's fifty day simple moving average is $22.14 and its two-hundred day simple moving average is $22.92. The company has a market cap of $774.20 million, a price-to-earnings ratio of 14.74 and a beta of 0.78. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.15 and a quick ratio of 2.10.

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

Insider Activity at Westlake Chemical Partners

In related news, Chairman James Chao sold 5,608 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $22.17, for a total value of $124,329.36. Following the transaction, the chairman directly owned 8,300 shares of the company's stock, valued at $184,011. This trade represents a 40.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 13,908 shares of company stock valued at $307,759. Company insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Westlake Chemical Partners by 5.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 558,919 shares of the basic materials company's stock worth $12,933,000 after purchasing an additional 28,430 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Westlake Chemical Partners by 3.8% in the first quarter. Goldman Sachs Group Inc. now owns 228,885 shares of the basic materials company's stock valued at $5,285,000 after acquiring an additional 8,424 shares in the last quarter. Pathway Financial Advisers LLC boosted its holdings in shares of Westlake Chemical Partners by 1.6% in the first 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. Fractal Investments LLC purchased a new stake in shares of Westlake Chemical Partners in the first quarter valued at about $1,856,000. Finally, Eagle Global Advisors LLC boosted its holdings in shares of Westlake Chemical Partners by 4.6% in the fourth quarter. Eagle Global Advisors LLC now owns 45,873 shares of the basic materials company's stock valued at $1,062,000 after acquiring an additional 2,000 shares in the last quarter. 78.28% of the stock is owned by hedge funds and other institutional investors.

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.