Westlake Chemical Partners (NYSE:WLKP) was upgraded by stock analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a report released on Friday.
Separately, BidaskClub cut shares of Westlake Chemical Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 7th.
Westlake Chemical Partners (WLKP) traded up $0.35 during midday trading on Friday, reaching $22.35. The company had a trading volume of 135,396 shares, compared to its average volume of 49,766. Westlake Chemical Partners has a twelve month low of $20.00 and a twelve month high of $26.25. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48. The company has a market cap of $592.59, a PE ratio of 13.95 and a beta of 1.20.
In related news, CEO Albert Chao acquired 14,900 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was bought at an average price of $21.98 per share, with a total value of $327,502.00. Following the acquisition, the chief executive officer now owns 45,000 shares in the company, valued at approximately $989,100. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders bought 27,275 shares of company stock valued at $599,977.
A number of institutional investors have recently made changes to their positions in WLKP. HITE Hedge Asset Management LLC lifted its holdings in Westlake Chemical Partners by 76.5% during the 4th quarter. HITE Hedge Asset Management LLC now owns 317,844 shares of the basic materials company’s stock valued at $7,050,000 after purchasing an additional 137,806 shares during the last quarter. OppenheimerFunds Inc. increased its position in Westlake Chemical Partners by 1,383.3% during the 4th quarter. OppenheimerFunds Inc. now owns 1,965,436 shares of the basic materials company’s stock worth $43,593,000 after buying an additional 1,832,936 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Westlake Chemical Partners by 1.9% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,602 shares of the basic materials company’s stock worth $2,453,000 after buying an additional 2,065 shares during the period. ING Groep NV increased its position in Westlake Chemical Partners by 34.0% during the 1st quarter. ING Groep NV now owns 292,606 shares of the basic materials company’s stock worth $5,747,000 after buying an additional 74,206 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Westlake Chemical Partners during the 1st quarter worth $550,000. 55.31% of the stock is 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. 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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