Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Below Fifty Day Moving Average – Here’s Why

Westlake Chemical Partners LP (NYSE:WLKP) shares crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $22.86 and traded as low as $21.70. Westlake Chemical Partners shares last traded at $22.0850, with a volume of 47,002 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Weiss Ratings upgraded Westlake Chemical Partners from a “hold (c)” rating to a “buy (b-)” rating in a research note on Thursday, May 21st. Wall Street Zen upgraded Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 28th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Westlake Chemical Partners Stock Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 3.65 and a quick ratio of 3.57. The stock has a market cap of $775.64 million, a price-to-earnings ratio of 13.42, a P/E/G ratio of 0.63 and a beta of 0.53. The stock’s 50-day moving average is $22.85 and its 200 day moving average is $21.92.

Westlake Chemical Partners (NYSE:WLKP) last released its earnings results on Tuesday, May 5th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $305.68 million for the quarter, compared to analyst estimates of $522.00 million. Westlake Chemical Partners had a return on equity of 7.15% and a net margin of 4.69%. As a group, analysts predict that Westlake Chemical Partners LP will post 1.88 earnings per share for the current fiscal year.

Westlake Chemical Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Thursday, May 14th were issued a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date of this dividend was Thursday, May 14th. Westlake Chemical Partners’s dividend payout ratio is currently 115.24%.

Institutional Investors Weigh In On Westlake Chemical Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of WLKP. Goldman Sachs Group Inc. boosted its position in shares of Westlake Chemical Partners by 3.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 228,885 shares of the basic materials company’s stock worth $5,285,000 after purchasing an additional 8,424 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Westlake Chemical Partners by 6.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 583,932 shares of the basic materials company’s stock valued at $12,899,000 after purchasing an additional 32,863 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Westlake Chemical Partners in the second quarter valued at about $387,000. Advisory Services Network LLC lifted its stake in shares of Westlake Chemical Partners by 19.4% in the second quarter. Advisory Services Network LLC now owns 37,000 shares of the basic materials company’s stock valued at $815,000 after purchasing an additional 6,000 shares during the period. Finally, Osaic Holdings Inc. boosted its holdings in Westlake Chemical Partners by 45.8% during the second quarter. Osaic Holdings Inc. now owns 10,153 shares of the basic materials company’s stock worth $224,000 after buying an additional 3,187 shares in the last quarter. Institutional investors and hedge funds own 78.28% of the company’s stock.

About Westlake Chemical Partners

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.