Tudor Pickering began coverage on shares of Westlake Chemical Partners LP (NYSE:WLKP) in a report released on Friday. The firm issued a hold rating and a $23.00 target price on the stock.

Separately, FBR & Co started coverage on shares of Westlake Chemical Partners in a report on Friday, September 9th. They set an outperform rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $23.50.

Westlake Chemical Partners (NYSE:WLKP) traded down 1.13% on Friday, reaching $22.72. The company had a trading volume of 2,414 shares. The stock has a 50 day moving average price of $22.84 and a 200 day moving average price of $21.42. Westlake Chemical Partners has a 52-week low of $15.35 and a 52-week high of $24.00. The stock has a market capitalization of $614.78 million, a PE ratio of 14.53 and a beta of 1.21.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.08. The business had revenue of $210.84 million for the quarter, compared to analyst estimates of $177.91 million. Westlake Chemical Partners had a net margin of 4.41% and a return on equity of 4.96%. The business’s quarterly revenue was down 16.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.39 EPS. Analysts expect that Westlake Chemical Partners will post $1.66 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in WLKP. Acrospire Investment Management LLC increased its stake in Westlake Chemical Partners by 126.8% in the second quarter. Acrospire Investment Management LLC now owns 5,898 shares of the company’s stock valued at $118,000 after buying an additional 3,297 shares during the period. Van ECK Associates Corp increased its stake in Westlake Chemical Partners by 2.1% in the second quarter. Van ECK Associates Corp now owns 217,548 shares of the company’s stock valued at $4,347,000 after buying an additional 4,420 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Westlake Chemical Partners by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 110,280 shares of the company’s stock valued at $2,203,000 after buying an additional 4,934 shares during the last quarter. Glenmede Trust Co. NA bought a new stake in Westlake Chemical Partners during the second quarter valued at $141,000. Finally, California Public Employees Retirement System increased its stake in Westlake Chemical Partners by 17.7% in the second quarter. California Public Employees Retirement System now owns 59,900 shares of the company’s stock valued at $1,197,000 after buying an additional 9,000 shares during the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

About Westlake Chemical Partners

Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. The Company’s business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.

5 Day Chart for NYSE:WLKP

Receive News & Stock Ratings for Westlake Chemical Partners LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners LP and related stocks with our FREE daily email newsletter.