Westlake Chemical Partners (NYSE:WLKP) Shares Break Above 50 Day Moving Average – Here’s What Happened

Westlake Chemical Partners LP (NYSE:WLKP)’s stock price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $21.58 and traded as high as $21.70. Westlake Chemical Partners shares last traded at $21.58, with a volume of 52,526 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently commented on WLKP shares. Wall Street Zen lowered Westlake Chemical Partners from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $26.00 price objective on shares of Westlake Chemical Partners in a report on Wednesday, September 9th. Finally, Weiss Ratings lowered shares of Westlake Chemical Partners from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $26.00.

Westlake Chemical Partners Price Performance

The business has a 50 day moving average price of $21.56 and a two-hundred day moving average price of $22.21. The stock has a market cap of $752.59 million, a PE ratio of 13.10, a P/E/G ratio of 0.83 and a beta of 0.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.36 and a current ratio of 3.44.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). Westlake Chemical Partners had a net margin of 4.66% and a return on equity of 7.25%. The business had revenue of $297.10 million for the quarter, compared to analysts’ expectations of $537.00 million. Research analysts expect that Westlake Chemical Partners LP will post 1.5 earnings per share for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Thursday, August 13th were paid a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.8%. The ex-dividend date was Thursday, August 13th. Westlake Chemical Partners’s payout ratio is presently 115.95%.

Hedge Funds Weigh In On Westlake Chemical Partners

Institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Holdings LLC bought a new stake in Westlake Chemical Partners in the second quarter worth about $867,000. Royal Bank of Canada grew its position in shares of Westlake Chemical Partners by 36.6% during the 1st quarter. Royal Bank of Canada now owns 10,582 shares of the basic materials company’s stock valued at $234,000 after acquiring an additional 2,833 shares during the period. Energy Income Partners LLC increased its stake in shares of Westlake Chemical Partners by 1.1% during the 1st quarter. Energy Income Partners LLC now owns 1,582,007 shares of the basic materials company’s stock worth $34,947,000 after purchasing an additional 17,518 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Westlake Chemical Partners by 9.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,874 shares of the basic materials company’s stock worth $152,000 after purchasing an additional 572 shares during the last quarter. Finally, Pathway Financial Advisers LLC increased its stake in shares of Westlake Chemical Partners by 3.1% during the 1st quarter. Pathway Financial Advisers LLC now owns 106,598 shares of the basic materials company’s stock worth $2,355,000 after purchasing an additional 3,221 shares during the last quarter. Institutional investors 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 formed by Westlake Corporation in 2014. The partnership owns and operates ethylene production facilities and related assets in the United States, with operations centered in the Gulf Coast region and Calvert City, Kentucky.

The company produces ethylene, a basic chemical used in the manufacture of polyethylene, vinyl products, chlor-alkali derivatives and other petrochemical materials. Westlake Chemical Partners sells a substantial portion of its ethylene production to affiliates of Westlake Corporation under long-term agreements, while also serving other customers in the petrochemical industry.

Westlake Chemical Partners is sponsored and supported by Westlake Corporation, a global manufacturer of performance and essential materials.