Westlake Chemical Partners LP (WLKP) Given Average Recommendation of “Hold” by Analysts
Westlake Chemical Partners LP (NYSE:WLKP) has earned an average rating of “Hold” from the nine research firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $26.88.
A number of research firms recently issued reports on WLKP. Citigroup started coverage on Westlake Chemical Partners in a research note on Tuesday, December 5th. They set a “buy” rating and a $25.50 price target on the stock. ValuEngine raised Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Barclays started coverage on Westlake Chemical Partners in a research note on Wednesday, December 20th. They set an “equal weight” rating and a $26.00 price target on the stock. TheStreet raised Westlake Chemical Partners from a “c+” rating to a “b-” rating in a research note on Tuesday, December 12th. Finally, BidaskClub lowered Westlake Chemical Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 7th.
Westlake Chemical Partners (NYSE:WLKP) traded down $0.05 on Monday, hitting $24.80. The stock had a trading volume of 31,400 shares, compared to its average volume of 82,050. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.84 and a quick ratio of 4.76. Westlake Chemical Partners has a twelve month low of $20.65 and a twelve month high of $26.25. The firm has a market capitalization of $671.06, a PE ratio of 15.80, a P/E/G ratio of 3.66 and a beta of 1.19.
In related news, CEO Albert Chao purchased 14,900 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was purchased at an average cost of $21.98 per share, for a total transaction of $327,502.00. Following the acquisition, the chief executive officer now owns 45,000 shares in the company, valued at $989,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Chao purchased 8,473 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was bought at an average price of $22.17 per share, with a total value of $187,846.41. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 35,748 shares of company stock valued at $787,823.
A number of large investors have recently bought and sold shares of WLKP. Atlantic Trust Group LLC acquired a new position in Westlake Chemical Partners in the third quarter worth approximately $5,613,000. Tortoise Capital Advisors L.L.C. purchased a new stake in Westlake Chemical Partners in the third quarter worth approximately $3,724,000. California Public Employees Retirement System boosted its stake in Westlake Chemical Partners by 332.2% in the third quarter. California Public Employees Retirement System now owns 127,500 shares of the basic materials company’s stock worth $2,894,000 after buying an additional 98,000 shares in the last quarter. Magnetar Financial LLC purchased a new stake in Westlake Chemical Partners in the third quarter worth approximately $4,764,000. Finally, Franklin Square Holdings L.P. purchased a new stake in Westlake Chemical Partners in the third quarter worth approximately $931,000. 55.16% of the stock is owned by institutional investors.
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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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