Westlake Chemical Partners LP (WLKP) Earns Hold Rating from Analysts at Tudor Pickering
Equities researchers at Tudor Pickering began coverage on shares of Westlake Chemical Partners LP (NYSE:WLKP) in a report issued on Friday. The firm set a “hold” rating on the stock.
Separately, FBR & Co initiated coverage on Westlake Chemical Partners in a report on Friday, September 9th. They set an “outperform” rating and a $28.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $23.67.
Westlake Chemical Partners (NYSE:WLKP) opened at 23.08 on Friday. The firm’s 50 day moving average price is $22.86 and its 200-day moving average price is $21.39. Westlake Chemical Partners has a 12-month low of $15.35 and a 12-month high of $24.00. The company has a market capitalization of $624.52 million, a PE ratio of 14.76 and a beta of 1.21.
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Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.08. The company had revenue of $210.84 million for the quarter, compared to analysts’ expectations of $177.91 million. Westlake Chemical Partners had a return on equity of 4.96% and a net margin of 4.41%. Westlake Chemical Partners’s revenue for the quarter was down 16.2% compared to the same quarter last year. During the same period last year, the firm posted $0.39 EPS. On average, equities analysts anticipate that Westlake Chemical Partners will post $1.66 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. OppenheimerFunds Inc. boosted its position in shares of Westlake Chemical Partners by 1,383.3% in the fourth quarter. OppenheimerFunds Inc. now owns 1,965,436 shares of the company’s stock worth $43,593,000 after buying an additional 1,832,936 shares during the period. HITE Hedge Asset Management LLC raised its stake in shares of Westlake Chemical Partners by 76.5% in the fourth quarter. HITE Hedge Asset Management LLC now owns 317,844 shares of the company’s stock worth $7,050,000 after buying an additional 137,806 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Westlake Chemical Partners during the second quarter worth $2,016,000. ING Groep NV raised its stake in shares of Westlake Chemical Partners by 34.0% in the first quarter. ING Groep NV now owns 292,606 shares of the company’s stock worth $5,747,000 after buying an additional 74,206 shares in the last quarter. Finally, Harvest Fund Advisors LLC raised its stake in shares of Westlake Chemical Partners by 3.6% in the first quarter. Harvest Fund Advisors LLC now owns 1,720,523 shares of the company’s stock worth $33,894,000 after buying an additional 60,218 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.
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. 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.
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