Zacks Research Upgrades Westlake Chemical Partners (NYSE:WLKP) to Hold

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 analysts at Zacks Research to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

Separately, Wall Street Zen upgraded Westlake Chemical Partners from a "hold" rating to a "buy" rating in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold".

Westlake Chemical Partners Stock Performance

NYSE WLKP traded down $0.14 on Thursday, reaching $21.97. The stock had a trading volume of 26,973 shares, compared to its average volume of 34,009. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.10 and a current ratio of 2.15. Westlake Chemical Partners has a 12-month low of $21.19 and a 12-month high of $25.04. The business's 50-day moving average price is $22.13 and its 200 day moving average price is $22.69. The stock has a market cap of $774.02 million, a P/E ratio of 14.74, 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 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 analysts' expectations of $301.00 million. As a group, equities analysts expect that Westlake Chemical Partners will post 1.55 earnings per share for the current year.

Insider Activity

In related news, CEO Jean-Marc Gilson bought 4,700 shares of the company's stock in a transaction dated Friday, August 15th. The shares were acquired at an average price of $21.84 per share, with a total value of $102,648.00. Following the completion of the acquisition, the chief executive officer owned 9,208 shares in the company, valued at approximately $201,102.72. This trade represents a 104.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Sound Income Strategies LLC purchased a new position in Westlake Chemical Partners in the second quarter worth $32,000. U.S. Capital Wealth Advisors LLC purchased a new position in Westlake Chemical Partners in the first quarter worth $231,000. Apollon Wealth Management LLC raised its position 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 acquiring an additional 1,126 shares in the last quarter. Jane Street Group LLC purchased a new position in Westlake Chemical Partners in the second quarter worth $387,000. Finally, Envestnet Asset Management Inc. raised its position in Westlake Chemical Partners by 4.4% in the second quarter. Envestnet Asset Management Inc. now owns 17,629 shares of the basic materials company's stock worth $389,000 after acquiring an additional 751 shares in the last quarter. 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.