Westlake Chemical Partners (NYSE:WLKP) Shares Cross Below 50 Day Moving Average - Here's What Happened

Key Points

• Westlake Chemical Partners (NYSE: WLKP) fell below its 50-day moving average on Thursday, with shares trading as low as $21.70 and last changing hands at $22.0850.
• The company recently reported Q1 earnings of $0.40 per share, missing analyst estimates of $0.43, while revenue also came in well below expectations at $305.68 million versus $522 million forecast.
• WLKP continues to offer a high dividend yield, paying a quarterly dividend of $0.4714 per share for an annualized yield of 8.5%, though its payout ratio is elevated at 115.24%.

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report)'s share price passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $22.86 and traded as low as $21.70. Westlake Chemical Partners shares last traded at $22.0850, with a volume of 47,002 shares changing hands.

Analyst Ratings Changes

Several brokerages recently issued reports on WLKP. Weiss Ratings upgraded shares of Westlake Chemical Partners from a "hold (c)" rating to a "buy (b-)" rating in a research report on Thursday, May 21st. Wall Street Zen upgraded Westlake Chemical Partners from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 28th. One equities 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 presently has a consensus rating of "Moderate Buy".

Westlake Chemical Partners Stock Down 0.9%

The stock has a market cap of $778.50 million, a P/E ratio of 13.47, a P/E/G ratio of 0.63 and a beta of 0.53. The company has a quick ratio of 3.57, a current ratio of 3.65 and a debt-to-equity ratio of 0.50. The company has a 50-day simple moving average of $22.86 and a two-hundred day simple moving average of $21.92.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last issued its earnings results on Tuesday, May 5th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Westlake Chemical Partners had a return on equity of 7.15% and a net margin of 4.69%.The firm had revenue of $305.68 million during the quarter, compared to the consensus estimate of $522.00 million. On average, equities analysts forecast that Westlake Chemical Partners LP will post 1.88 EPS for the current year.

Westlake Chemical Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Thursday, May 14th were given a dividend of $0.4714 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.89 annualized dividend and a yield of 8.5%. Westlake Chemical Partners's dividend payout ratio is presently 115.24%.

Hedge Funds Weigh In On Westlake Chemical Partners

A number of hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. boosted its holdings in shares of Westlake Chemical Partners by 142.9% during the fourth quarter. Geneos Wealth Management Inc. now owns 6,302 shares of the basic materials company's stock worth $120,000 after purchasing an additional 3,708 shares during the period. Royal Bank of Canada raised its position in Westlake Chemical Partners by 15.7% during the 4th quarter. Royal Bank of Canada now owns 7,749 shares of the basic materials company's stock valued at $147,000 after purchasing an additional 1,050 shares during the last quarter. Centennial Bank AR purchased a new stake in Westlake Chemical Partners in the 4th quarter worth approximately $173,000. Osaic Holdings Inc. lifted its holdings in Westlake Chemical Partners by 45.8% in the 2nd quarter. Osaic Holdings Inc. now owns 10,153 shares of the basic materials company's stock worth $224,000 after buying an additional 3,187 shares during the period. Finally, Susquehanna Portfolio Strategies LLC bought a new stake in shares of Westlake Chemical Partners in the 4th quarter worth approximately $224,000. Hedge funds and other institutional investors own 78.28% of the company's stock.

Westlake Chemical Partners Company Profile

Westlake Chemical Partners LP NYSE: WLKP is a publicly traded master limited partnership sponsored by Westlake Chemical Corporation. The partnership owns, operates and acquires a portfolio of ethylene and vinyl manufacturing assets throughout the United States and the United Kingdom. As a downstream producer of basic chemicals and intermediates, WLKP supplies key industrial feedstocks to customers in a variety of end markets.

WLKP's operations are organized into two primary segments: olefins and vinyls.

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