Westlake Chemical Partners (NYSE:WLKP) Stock Rating Upgraded by Zacks Research

Key Points

• Westlake Chemical Partners' stock was upgraded from a "hold" to a "buy" rating by Wall Street Zen, while Zacks Research maintained a "hold" rating.
• The company reported a quarterly earnings of $0.41 per share, missing consensus estimates, with revenues of $297.12 million against an expected $301.00 million.
• CEO Jean-Marc Gilson increased his stake by purchasing 1,250 shares at an average price of $21.86, representing a 13.58% increase in his total ownership of the stock.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) was upgraded by research analysts at Zacks Research to a "hold" rating in a research note issued to investors on Thursday, August 28th,Zacks.com reports.

Separately, Wall Street Zen raised Westlake Chemical Partners from a "hold" rating to a "buy" rating in a research report on Monday, August 25th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold".

Westlake Chemical Partners Stock Down 0.4%

Shares of WLKP stock traded down $0.09 during midday trading on Thursday, reaching $21.89. 23,679 shares of the stock were exchanged, compared to its average volume of 33,943. Westlake Chemical Partners has a 1 year low of $21.19 and a 1 year high of $25.04. The company's 50 day moving average is $22.13 and its two-hundred day moving average is $22.69. 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 firm has a market cap of $771.40 million, a PE ratio of 14.69, a price-to-earnings-growth ratio of 2.78 and a beta of 0.76.

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 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $297.12 million during the quarter, compared to the consensus estimate of $301.00 million. On average, equities research analysts predict that Westlake Chemical Partners will post 1.55 EPS for the current year.

Insider Activity at Westlake Chemical Partners

In related news, CEO Jean-Marc Gilson acquired 1,250 shares of Westlake Chemical Partners stock in a transaction dated Wednesday, August 20th. The stock was purchased 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 of the company's stock, valued at approximately $228,611.88. This trade represents a 13.58% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Westlake Chemical Partners

Several hedge funds and other institutional investors have recently modified their holdings of WLKP. Sound Income Strategies LLC purchased a new stake in Westlake Chemical Partners in the 2nd quarter worth $32,000. Osaic Holdings Inc. lifted its holdings in shares of 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 valued at $224,000 after acquiring an additional 3,187 shares during the last quarter. U.S. Capital Wealth Advisors LLC bought a new position in shares of Westlake Chemical Partners in the 1st quarter valued at about $231,000. Apollon Wealth Management LLC lifted its stake in Westlake Chemical Partners by 7.3% in the first quarter. Apollon Wealth Management LLC now owns 16,547 shares of the basic materials company's stock worth $382,000 after purchasing an additional 1,126 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in Westlake Chemical Partners in the second quarter worth about $387,000. 78.28% of the stock is currently owned by hedge funds and other 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.