StockNews.com Downgrades Westlake Chemical Partners (NYSE:WLKP) to Buy

StockNews.com lowered shares of Westlake Chemical Partners (NYSE:WLKP) from a strong-buy rating to a buy rating in a research report report published on Monday.

Westlake Chemical Partners Trading Down 0.2 %

WLKP stock opened at $22.97 on Monday. Westlake Chemical Partners has a 1-year low of $21.19 and a 1-year high of $25.04. The firm has a market cap of $809.44 million, a P/E ratio of 13.13 and a beta of 0.84. The business’s 50 day moving average is $23.21 and its 200-day moving average is $23.38. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Friday, May 2nd. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.24). The firm had revenue of $237.63 million for the quarter, compared to the consensus estimate of $296.00 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. Equities analysts anticipate that Westlake Chemical Partners will post 1.55 earnings per share for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Tuesday, May 13th will be issued a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a yield of 8.21%. The ex-dividend date of this dividend is Tuesday, May 13th. Westlake Chemical Partners’s dividend payout ratio is presently 106.21%.

Institutional Investors Weigh In On Westlake Chemical Partners

A number of institutional investors have recently made changes to their positions in the stock. Apollon Wealth Management LLC boosted its holdings in Westlake Chemical Partners by 3.4% during the fourth quarter. Apollon Wealth Management LLC now owns 15,421 shares of the basic materials company’s stock worth $357,000 after buying an additional 512 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Westlake Chemical Partners by 32.2% in the 4th quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock valued at $77,000 after acquiring an additional 812 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Westlake Chemical Partners in the 3rd quarter valued at approximately $36,000. Eagle Global Advisors LLC grew its holdings in Westlake Chemical Partners by 4.6% during the fourth quarter. Eagle Global Advisors LLC now owns 45,873 shares of the basic materials company’s stock valued at $1,062,000 after purchasing an additional 2,000 shares during the period. Finally, Samalin Investment Counsel LLC increased its stake in Westlake Chemical Partners by 10.6% in the fourth quarter. Samalin Investment Counsel LLC now owns 24,287 shares of the basic materials company’s stock valued at $562,000 after purchasing an additional 2,327 shares in the last quarter. 78.28% of the stock is owned by institutional investors and hedge funds.

About Westlake Chemical Partners

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.