Westlake Chemical Partners (NYSE:WLKP) Earns Strong-Buy Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Westlake Chemical Partners (NYSE:WLKP – Get Rating) in a research note issued to investors on Thursday. The firm issued a strong-buy rating on the basic materials company’s stock.

Separately, Deutsche Bank Aktiengesellschaft lowered their price objective on Westlake Chemical Partners from $30.00 to $29.00 and set a buy rating for the company in a research report on Friday, November 18th.

Westlake Chemical Partners Stock Up 1.1 %

Westlake Chemical Partners stock opened at $21.57 on Thursday. The firm has a market capitalization of $759.74 million, a P/E ratio of 11.79, a P/E/G ratio of 1.44 and a beta of 1.01. The stock’s fifty day simple moving average is $23.81 and its 200-day simple moving average is $23.09. Westlake Chemical Partners has a twelve month low of $18.58 and a twelve month high of $29.40. The company has a current ratio of 3.67, a quick ratio of 3.60 and a debt-to-equity ratio of 0.44.

Westlake Chemical Partners (NYSE:WLKP – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The basic materials company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.04. The company had revenue of $366.84 million for the quarter. Westlake Chemical Partners had a return on equity of 6.75% and a net margin of 4.03%. During the same period in the prior year, the business earned $0.84 EPS. As a group, equities analysts expect that Westlake Chemical Partners will post 1.83 earnings per share for the current fiscal year.

Westlake Chemical Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 16th. Stockholders of record on Thursday, February 2nd were given a dividend of $0.471 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 8.73%. The ex-dividend date of this dividend was Wednesday, February 1st. Westlake Chemical Partners’s dividend payout ratio is presently 102.73%.

Insider Transactions at Westlake Chemical Partners

In other Westlake Chemical Partners news, SVP Andrew Kenner purchased 5,000 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was purchased at an average cost of $21.44 per share, with a total value of $107,200.00. Following the completion of the acquisition, the senior vice president now directly owns 65,000 shares of the company’s stock, valued at approximately $1,393,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Hedge Funds Weigh In On Westlake Chemical Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in Westlake Chemical Partners by 61.6% in the second quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 435 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Westlake Chemical Partners in the fourth quarter valued at approximately $47,000. ING Groep NV purchased a new stake in Westlake Chemical Partners in the fourth quarter valued at approximately $235,000. Janney Montgomery Scott LLC lifted its stake in Westlake Chemical Partners by 5.3% in the second quarter. Janney Montgomery Scott LLC now owns 9,600 shares of the basic materials company’s stock valued at $243,000 after buying an additional 485 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new stake in Westlake Chemical Partners in the first quarter valued at approximately $252,000. 31.10% of the stock is owned by institutional investors and hedge funds.

Westlake Chemical Partners Company Profile

(Get Rating)

Westlake Chemical Partners LP engages in the operation, acquisition and development of ethylene production facilities and related assets. It is also involved in the manufacture and marketing of basic chemicals, polymers, and fabricated building products. The company was founded on March 14, 2014 and is headquartered in Houston, TX.