Westlake Chemical Partners (NYSE:WLKP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Westlake Chemical Partners LP is a manufacturer and supplier of petrochemicals, vinyls, polymers and building products. It focuses on offering ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen. Its offerings are used for a wide variety of consumer and industrial products, including food packaging, automotive products, coatings, pipes and residential construction materials. Westlake Chemical Partners LP is headquartered in Houston, Texas. “
WLKP has been the topic of a number of other reports. ValuEngine upgraded Westlake Chemical Partners from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. B. Riley set a $26.00 price target on Westlake Chemical Partners and gave the stock a “hold” rating in a research note on Tuesday, February 20th. Tudor Pickering cut Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. UBS Group restated a “buy” rating and set a $29.00 price target (up from $28.00) on shares of Westlake Chemical Partners in a research note on Friday, March 2nd. Finally, Deutsche Bank started coverage on Westlake Chemical Partners in a research note on Wednesday, January 3rd. They set a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $27.30.
Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings results on Tuesday, February 20th. The basic materials company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Westlake Chemical Partners had a return on equity of 5.13% and a net margin of 4.15%. The company had revenue of $308.60 million for the quarter, compared to analysts’ expectations of $335.90 million. During the same period in the prior year, the firm earned $0.39 earnings per share. The firm’s revenue was up 5.0% compared to the same quarter last year. equities analysts predict that Westlake Chemical Partners will post 1.83 earnings per share for the current fiscal year.
In other Westlake Chemical Partners news, CEO Albert Chao bought 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The shares were purchased at an average price of $22.98 per share, with a total value of $57,450.00. Following the completion of the acquisition, the chief executive officer now directly owns 47,500 shares of the company’s stock, valued at approximately $1,091,550. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Steven Bender bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average cost of $23.77 per share, for a total transaction of $47,540.00. Following the acquisition, the chief financial officer now directly owns 12,000 shares of the company’s stock, valued at $285,240. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 11,500 shares of company stock worth $264,560.
A number of large investors have recently bought and sold shares of WLKP. Eagle Global Advisors LLC increased its holdings in Westlake Chemical Partners by 28.6% in the fourth quarter. Eagle Global Advisors LLC now owns 13,500 shares of the basic materials company’s stock valued at $337,000 after buying an additional 3,000 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Westlake Chemical Partners in the fourth quarter valued at $344,000. Glenmede Trust Co. NA grew its holdings in shares of Westlake Chemical Partners by 26.5% during the fourth quarter. Glenmede Trust Co. NA now owns 29,610 shares of the basic materials company’s stock worth $738,000 after purchasing an additional 6,200 shares during the last quarter. Citadel Advisors LLC purchased a new position in shares of Westlake Chemical Partners during the third quarter worth about $923,000. Finally, Franklin Square Holdings L.P. purchased a new position in shares of Westlake Chemical Partners during the third quarter worth about $931,000. 57.20% of the stock is currently owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION NOTICE: This report was posted by American Banking News and is the sole property of of American Banking News. If you are viewing this report on another site, it was illegally stolen and republished in violation of U.S. & international copyright laws. The original version of this report can be read at https://www.americanbankingnews.com/2018/03/14/westlake-chemical-partners-wlkp-lowered-to-sell-at-zacks-investment-research-2.html.
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. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Westlake Chemical Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners and related companies with MarketBeat.com's FREE daily email newsletter.