Westlake Chemical Partners LP (WLKP) Earns Hold Rating from Analysts at Tudor Pickering
Research analysts at Tudor Pickering assumed coverage on shares of Westlake Chemical Partners LP (NYSE:WLKP) in a research note issued to investors on Friday. The firm set a “hold” rating on the stock.
Separately, FBR & Co began coverage on shares of Westlake Chemical Partners in a report on Friday, September 9th. They issued an “outperform” rating and a $28.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $23.67.
Shares of Westlake Chemical Partners (NYSE:WLKP) opened at 23.08 on Friday. Westlake Chemical Partners has a 1-year low of $15.35 and a 1-year high of $24.00. The firm has a market capitalization of $624.52 million, a PE ratio of 14.76 and a beta of 1.21. The firm’s 50 day moving average is $22.86 and its 200 day moving average is $21.39.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/14/westlake-chemical-partners-lp-wlkp-earns-hold-rating-from-analysts-at-tudor-pickering-2.html
Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.08. The business earned $210.84 million during the quarter, compared to the consensus estimate of $177.91 million. Westlake Chemical Partners had a net margin of 4.41% and a return on equity of 4.96%. The company’s quarterly revenue was down 16.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 earnings per share. Analysts anticipate that Westlake Chemical Partners will post $1.66 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the company. Acrospire Investment Management LLC boosted its stake in shares of Westlake Chemical Partners by 126.8% in the second quarter. Acrospire Investment Management LLC now owns 5,898 shares of the company’s stock valued at $118,000 after buying an additional 3,297 shares during the period. Glenmede Trust Co. NA acquired a new stake in shares of Westlake Chemical Partners during the second quarter valued at approximately $141,000. Center Coast Capital Advisors LP boosted its stake in shares of Westlake Chemical Partners by 1,269.9% in the second quarter. Center Coast Capital Advisors LP now owns 18,000 shares of the company’s stock valued at $360,000 after buying an additional 16,686 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Westlake Chemical Partners during the second quarter valued at approximately $420,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Westlake Chemical Partners during the first quarter valued at approximately $550,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.
About Westlake Chemical Partners
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. The Company’s 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.
Receive News & Ratings for Westlake Chemical Partners LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners LP and related companies with MarketBeat.com's FREE daily email newsletter.