Westlake Chemical Partners LP (NYSE:WLKP) Shares Bought by Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. raised its stake in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 14.7% during the second quarter, Holdings Channel reports. The fund owned 311,460 shares of the basic materials company’s stock after buying an additional 40,000 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Westlake Chemical Partners were worth $7,709,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of WLKP. Renaissance Technologies LLC increased its position in shares of Westlake Chemical Partners by 185.3% in the fourth quarter. Renaissance Technologies LLC now owns 43,647 shares of the basic materials company’s stock valued at $945,000 after buying an additional 28,347 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Westlake Chemical Partners by 9.9% in the first quarter. Bank of New York Mellon Corp now owns 60,576 shares of the basic materials company’s stock valued at $1,523,000 after buying an additional 5,438 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Westlake Chemical Partners by 50.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 246,965 shares of the basic materials company’s stock valued at $6,211,000 after buying an additional 82,411 shares during the last quarter. Tiedemann Wealth Management LLC acquired a new position in shares of Westlake Chemical Partners during the first quarter valued at about $3,864,000. Finally, JPMorgan Chase & Co. increased its position in shares of Westlake Chemical Partners by 1,955.0% in the first quarter. JPMorgan Chase & Co. now owns 11,200 shares of the basic materials company’s stock valued at $282,000 after buying an additional 10,655 shares during the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Westlake Chemical Partners LP (NYSE:WLKP) opened at 24.30 on Friday. Westlake Chemical Partners LP has a 12 month low of $19.25 and a 12 month high of $26.25. The company has a market cap of $657.53 million, a P/E ratio of 16.97 and a beta of 1.24. The firm has a 50-day moving average price of $24.47 and a 200 day moving average price of $24.79.

Westlake Chemical Partners (NYSE:WLKP) last released its earnings results on Thursday, August 3rd. The basic materials company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by $0.05. Westlake Chemical Partners had a return on equity of 4.34% and a net margin of 3.60%. The business had revenue of $290.11 million for the quarter, compared to the consensus estimate of $381.59 million. During the same quarter in the previous year, the company earned $0.34 earnings per share. The firm’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, equities analysts expect that Westlake Chemical Partners LP will post $1.51 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th will be paid a dividend of $0.365 per share. The ex-dividend date of this dividend is Friday, August 11th. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.35. This represents a $1.46 annualized dividend and a yield of 6.01%. Westlake Chemical Partners’s dividend payout ratio is presently 100.00%.

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Separately, ValuEngine downgraded Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 31st.

Westlake Chemical Partners Company Profile

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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Institutional Ownership by Quarter for Westlake Chemical Partners (NYSE:WLKP)

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