Westlake Chemical Partners (NYSE:WLKP) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Westlake Chemical Partners from a "hold" rating to a "buy" rating, impacting investor sentiment positively.
• In its most recent earnings report, Westlake Chemical Partners missed analysts' expectations for earnings per share, reporting $0.41 against a consensus estimate of $0.44.
• Insider transactions revealed that Chairman James Chao sold 5,608 shares, indicating a 40.32% decrease in his ownership of the stock.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Monday.

Westlake Chemical Partners Price Performance

Westlake Chemical Partners stock traded down $0.01 during midday trading on Monday, reaching $22.21. 39,758 shares of the stock were exchanged, compared to its average volume of 34,115. The company's fifty day moving average is $22.12 and its 200-day moving average is $22.71. 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 firm has a market cap of $782.68 million, a PE ratio of 14.91, a PEG ratio of 2.78 and a beta of 0.78. Westlake Chemical Partners has a 52 week low of $21.19 and a 52 week high of $25.04.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last posted its earnings results 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). The firm had revenue of $297.12 million for the quarter, compared to the consensus estimate of $301.00 million. Westlake Chemical Partners had a return on equity of 6.38% and a net margin of 4.78%. On average, sell-side analysts forecast that Westlake Chemical Partners will post 1.55 EPS for the current year.

Insider Activity at Westlake Chemical Partners

In other Westlake Chemical Partners news, CEO Jean-Marc Gilson purchased 1,250 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of $21.86 per share, for a total transaction of $27,325.00. Following the purchase, the chief executive officer directly owned 10,458 shares in the company, valued at $228,611.88. The trade was a 13.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Westlake Chemical Partners

Large investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC bought a new stake in Westlake Chemical Partners in the second quarter worth $32,000. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Westlake Chemical Partners during the first quarter valued at about $231,000. Apollon Wealth Management LLC increased its holdings in shares of Westlake Chemical Partners by 7.3% during the first quarter. Apollon Wealth Management LLC now owns 16,547 shares of the basic materials company's stock valued at $382,000 after acquiring an additional 1,126 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Westlake Chemical Partners during the second quarter valued at about $387,000. Finally, Envestnet Asset Management Inc. increased its holdings in 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 worth $389,000 after buying an additional 751 shares during the period. Hedge funds and other institutional investors own 78.28% of the company's stock.

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.