Westlake Chemical Partners (NYSE:WLKP) Sees Unusually-High Trading Volume

Shares of Westlake Chemical Partners LP (NYSE:WLKPGet Free Report) saw unusually-high trading volume on Wednesday . Approximately 8,930 shares were traded during mid-day trading, a decline of 69% from the previous session’s volume of 28,582 shares.The stock last traded at $22.22 and had previously closed at $22.21.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 26th.

Check Out Our Latest Analysis on Westlake Chemical Partners

Westlake Chemical Partners Price Performance

The company’s fifty day moving average is $22.45 and its two-hundred day moving average is $22.10. The firm has a market capitalization of $777.17 million, a price-to-earnings ratio of 14.42 and a beta of 1.08. The company has a quick ratio of 3.94, a current ratio of 4.02 and a debt-to-equity ratio of 0.47.

Westlake Chemical Partners (NYSE:WLKPGet Free Report) last posted its earnings results on Tuesday, February 20th. The basic materials company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.04). The firm had revenue of $297.27 million during the quarter, compared to analyst estimates of $316.62 million. Westlake Chemical Partners had a return on equity of 6.25% and a net margin of 4.56%. During the same quarter last year, the business posted $0.48 earnings per share. Equities research analysts anticipate that Westlake Chemical Partners LP will post 1.7 earnings per share for the current fiscal year.

Westlake Chemical Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Friday, February 2nd were issued a $0.4714 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.89 annualized dividend and a yield of 8.55%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 122.73%.

Insiders Place Their Bets

In related news, SVP Andrew Kenner acquired 5,000 shares of the stock in a transaction dated Thursday, March 28th. The stock was bought at an average price of $22.23 per share, with a total value of $111,150.00. Following the completion of the transaction, the senior vice president now directly owns 150,839 shares of the company’s stock, valued at $3,353,150.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have bought 24,230 shares of company stock worth $537,587. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Westlake Chemical Partners

Several large investors have recently made changes to their positions in WLKP. Raymond James & Associates grew its position in Westlake Chemical Partners by 219.1% in the first quarter. Raymond James & Associates now owns 38,435 shares of the basic materials company’s stock valued at $1,041,000 after purchasing an additional 26,389 shares in the last quarter. Private Advisor Group LLC bought a new position in Westlake Chemical Partners in the first quarter valued at $252,000. Mariner LLC bought a new position in Westlake Chemical Partners in the first quarter valued at $438,000. UBS Group AG grew its position in Westlake Chemical Partners by 0.3% in the first quarter. UBS Group AG now owns 263,019 shares of the basic materials company’s stock valued at $7,123,000 after purchasing an additional 773 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Westlake Chemical Partners by 14.4% in the first quarter. Geneos Wealth Management Inc. now owns 9,965 shares of the basic materials company’s stock valued at $269,000 after purchasing an additional 1,257 shares in the last quarter. Institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Company Profile

(Get Free Report)

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.

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