Tudor Pickering Lowers Westlake Chemical Partners (WLKP) to Hold
Westlake Chemical Partners (NYSE:WLKP) was downgraded by stock analysts at Tudor Pickering from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
A number of other equities analysts have also recently weighed in on WLKP. BidaskClub cut Westlake Chemical Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. ValuEngine cut Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 14th. Finally, Citigroup initiated coverage on Westlake Chemical Partners in a report on Tuesday. They set a “buy” rating and a $25.50 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $27.75.
Westlake Chemical Partners (NYSE WLKP) traded up $0.25 during trading hours on Wednesday, hitting $22.40. The company’s stock had a trading volume of 100,200 shares, compared to its average volume of 50,016. Westlake Chemical Partners has a 1 year low of $20.00 and a 1 year high of $26.25. The stock has a market cap of $599.36, a PE ratio of 14.11, a P/E/G ratio of 4.03 and a beta of 1.18. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48.
In related news, CEO Albert Chao purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were acquired at an average cost of $21.49 per share, with a total value of $42,980.00. Following the purchase, the chief executive officer now directly owns 47,000 shares of the company’s stock, valued at $1,010,030. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Chao purchased 8,473 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was bought at an average cost of $22.17 per share, for a total transaction of $187,846.41. The disclosure for this purchase can be found here. Insiders acquired a total of 35,748 shares of company stock worth $787,823 over the last ninety days.
A number of institutional investors have recently made changes to their positions in WLKP. Acrospire Investment Management LLC increased its stake in Westlake Chemical Partners by 126.8% in the 2nd quarter. Acrospire Investment Management LLC now owns 5,898 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 3,297 shares during the period. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of Westlake Chemical Partners in the 1st quarter worth approximately $126,000. Glenmede Trust Co. NA bought a new stake in shares of Westlake Chemical Partners in the 2nd quarter worth approximately $141,000. JPMorgan Chase & Co. grew its position in shares of Westlake Chemical Partners by 1,955.0% in the 1st quarter. JPMorgan Chase & Co. now owns 11,200 shares of the basic materials company’s stock worth $282,000 after buying an additional 10,655 shares during the last quarter. Finally, Center Coast Capital Advisors LP grew its position in shares of Westlake Chemical Partners by 1,269.9% in the 2nd quarter. Center Coast Capital Advisors LP now owns 18,000 shares of the basic materials company’s stock worth $360,000 after buying an additional 16,686 shares during the last quarter. 55.16% 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. 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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