B. Riley Reiterates “$26.00” Price Target for Westlake Chemical Partners (WLKP)
B. Riley set a $26.00 target price on Westlake Chemical Partners (NYSE:WLKP) in a report issued on Monday morning, Marketbeat.com reports. The brokerage currently has a neutral rating on the basic materials company’s stock.
Other research analysts have also issued reports about the company. TheStreet upgraded Westlake Chemical Partners from a c+ rating to a b- rating in a research report on Tuesday, December 12th. Citigroup started coverage on Westlake Chemical Partners in a research report on Tuesday, December 5th. They issued a buy rating and a $25.50 price objective on the stock. ValuEngine lowered Westlake Chemical Partners from a strong-buy rating to a buy rating in a research report on Tuesday, November 14th. Tudor Pickering lowered Westlake Chemical Partners from a buy rating to a hold rating in a research report on Wednesday, December 6th. Finally, BidaskClub lowered Westlake Chemical Partners from a sell rating to a strong sell rating in a research report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Westlake Chemical Partners currently has an average rating of Hold and a consensus target price of $26.88.
Shares of Westlake Chemical Partners (NYSE WLKP) opened at $23.65 on Monday. Westlake Chemical Partners has a twelve month low of $20.65 and a twelve month high of $26.25. The firm has a market capitalization of $644.00, a price-to-earnings ratio of 15.16, a P/E/G ratio of 4.34 and a beta of 1.18. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 29th. Shareholders of record on Tuesday, November 14th were given a $0.3756 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 6.35%. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, November 13th. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 95.54%.
In related news, CEO Albert Chao purchased 10,375 shares of Westlake Chemical Partners stock in a transaction dated Monday, November 27th. The shares were acquired at an average cost of $22.12 per share, for a total transaction of $229,495.00. Following the transaction, the chief executive officer now directly owns 45,000 shares of the company’s stock, valued at $995,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Chao purchased 8,473 shares of Westlake Chemical Partners stock in a transaction dated Monday, December 4th. The stock was bought at an average price of $22.17 per share, for a total transaction of $187,846.41. The disclosure for this purchase can be found here. Insiders acquired a total of 35,748 shares of company stock worth $787,823 over the last quarter.
Several large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of Westlake Chemical Partners by 1.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 61,237 shares of the basic materials company’s stock worth $1,516,000 after purchasing an additional 661 shares during the last quarter. Bamco Inc. NY boosted its position in shares of Westlake Chemical Partners by 0.8% in the 2nd quarter. Bamco Inc. NY now owns 350,000 shares of the basic materials company’s stock worth $8,662,000 after purchasing an additional 2,668 shares during the last quarter. Citigroup Inc. boosted its position in shares of Westlake Chemical Partners by 27,347.0% in the 2nd quarter. Citigroup Inc. now owns 27,447 shares of the basic materials company’s stock worth $679,000 after purchasing an additional 27,347 shares during the last quarter. Tiedemann Wealth Management LLC lifted its holdings in Westlake Chemical Partners by 20.4% during the third quarter. Tiedemann Wealth Management LLC now owns 175,730 shares of the basic materials company’s stock worth $3,989,000 after acquiring an additional 29,810 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Westlake Chemical Partners by 12.5% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 334,672 shares of the basic materials company’s stock worth $7,597,000 after acquiring an additional 37,174 shares in the last quarter. Institutional investors and hedge funds own 55.16% of the company’s stock.
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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. Its 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.
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