Westlake Chemical Partners (NYSE:WLKP) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Westlake Chemical Partners (NYSE:WLKP) from a hold rating to a buy rating in a report released on Saturday.

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Westlake Chemical Partners in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westlake Chemical Partners currently has a consensus rating of “Hold”.

Westlake Chemical Partners Trading Down 0.7%

Shares of Westlake Chemical Partners stock opened at $20.80 on Friday. The company’s fifty day moving average price is $19.14 and its two-hundred day moving average price is $20.57. The firm has a market capitalization of $733.05 million, a PE ratio of 14.86, a price-to-earnings-growth ratio of 2.24 and a beta of 0.59. Westlake Chemical Partners has a 52-week low of $17.75 and a 52-week high of $25.04. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.37 and a quick ratio of 2.32.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings data on Thursday, October 30th. The basic materials company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Westlake Chemical Partners had a net margin of 4.34% and a return on equity of 6.00%. The company had revenue of $308.90 million for the quarter, compared to analyst estimates of $303.00 million. On average, analysts expect that Westlake Chemical Partners will post 1.55 EPS for the current year.

Westlake Chemical Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Monday, November 10th were given a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a dividend yield of 9.1%. The ex-dividend date was Monday, November 10th. Westlake Chemical Partners’s dividend payout ratio is currently 134.29%.

Hedge Funds Weigh In On Westlake Chemical Partners

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC bought a new position in Westlake Chemical Partners in the second quarter worth approximately $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 worth $224,000 after purchasing an additional 3,187 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its holdings in shares of Westlake Chemical Partners by 25.0% in the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 12,500 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 2,500 shares in the last quarter. Jane Street Group LLC acquired a new position in Westlake Chemical Partners during the second quarter worth $387,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Westlake Chemical Partners by 4.4% during 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. Institutional investors and hedge funds own 78.28% of the company’s stock.

Westlake Chemical Partners Company Profile

Westlake Chemical Partners LP (NYSE: WLKP) is a publicly traded master limited partnership sponsored by Westlake Chemical Corporation. The partnership owns, operates and acquires a portfolio of ethylene and vinyl manufacturing assets throughout the United States and the United Kingdom. As a downstream producer of basic chemicals and intermediates, WLKP supplies key industrial feedstocks to customers in a variety of end markets.

WLKP’s operations are organized into two primary segments: olefins and vinyls.