Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Above 50-Day Moving Average of $22.30

Westlake Chemical Partners LP (NYSE:WLKP)’s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $22.30 and traded as high as $22.36. Westlake Chemical Partners shares last traded at $22.01, with a volume of 20,031 shares.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 26th.

Westlake Chemical Partners Stock Down 0.5 %

The company has a debt-to-equity ratio of 0.47, a current ratio of 4.02 and a quick ratio of 3.94. The firm has a market capitalization of $775.37 million, a P/E ratio of 14.29 and a beta of 1.08. The business has a 50 day moving average price of $22.30 and a 200 day moving average price of $22.11.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, February 20th. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.04). Westlake Chemical Partners had a net margin of 4.56% and a return on equity of 6.25%. The firm had revenue of $297.27 million for the quarter, compared to the consensus estimate of $316.62 million. During the same quarter in the prior year, the firm earned $0.48 earnings per share. On average, analysts predict that Westlake Chemical Partners LP will post 1.7 earnings per share for the current year.

Westlake Chemical Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 20th. Investors of record on Friday, February 2nd were paid a dividend of $0.4714 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.89 annualized dividend and a yield of 8.57%. Westlake Chemical Partners’s dividend payout ratio is 122.08%.

Insider Activity at Westlake Chemical Partners

In other news, SVP Andrew Kenner purchased 10,000 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were purchased at an average cost of $22.12 per share, for a total transaction of $221,200.00. Following the completion of the purchase, the senior vice president now directly owns 136,609 shares of the company’s stock, valued at approximately $3,021,791.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought 24,230 shares of company stock worth $537,587 over the last three months. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Westlake Chemical Partners

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in Westlake Chemical Partners by 61.6% during 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. Tower Research Capital LLC TRC acquired a new stake in Westlake Chemical Partners during the fourth quarter valued at approximately $27,000. International Assets Investment Management LLC acquired a new stake in Westlake Chemical Partners during the third quarter valued at approximately $32,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Westlake Chemical Partners during the fourth quarter valued at approximately $47,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in Westlake Chemical Partners during the second quarter valued at approximately $111,000. 78.28% of the stock is owned by institutional investors and hedge funds.

Westlake Chemical Partners Company Profile

Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company's ethylene production facilities primarily convert ethane into ethylene. It also sells ethylene co-products, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.