Westlake Chemical Partners (WLKP) Given a $27.00 Price Target by Citigroup Analysts

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Westlake Chemical Partners (NYSE:WLKP) received a $27.00 price target from stock analysts at Citigroup in a research report issued to clients and investors on Thursday. The brokerage presently has a “buy” rating on the basic materials company’s stock. Citigroup’s price objective points to a potential upside of 17.65% from the stock’s previous close.

Shares of NYSE:WLKP opened at $22.95 on Thursday. The company has a current ratio of 3.94, a quick ratio of 4.97 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $760.15 million, a PE ratio of 13.34, a PEG ratio of 3.50 and a beta of 1.05. Westlake Chemical Partners has a 1 year low of $21.10 and a 1 year high of $27.75.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, November 6th. The basic materials company reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.03). The firm had revenue of $363.70 million during the quarter, compared to analyst estimates of $309.70 million. Westlake Chemical Partners had a return on equity of 5.45% and a net margin of 4.21%. The business’s revenue was up 22.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 earnings per share. Research analysts anticipate that Westlake Chemical Partners will post 1.6 EPS for the current fiscal year.

Several large investors have recently modified their holdings of WLKP. OppenheimerFunds Inc. boosted its stake in shares of Westlake Chemical Partners by 30.5% in the second quarter. OppenheimerFunds Inc. now owns 5,412,950 shares of the basic materials company’s stock worth $132,618,000 after acquiring an additional 1,264,490 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Westlake Chemical Partners by 20.5% in the second quarter. Janus Henderson Group PLC now owns 1,568,360 shares of the basic materials company’s stock worth $38,425,000 after acquiring an additional 266,332 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Westlake Chemical Partners in the second quarter worth approximately $5,633,000. Acadian Asset Management LLC acquired a new stake in shares of Westlake Chemical Partners in the second quarter worth approximately $1,408,000. Finally, Bank of Montreal Can acquired a new stake in shares of Westlake Chemical Partners in the second quarter worth approximately $1,225,000. 45.91% of the stock is currently owned by hedge funds and other institutional investors.

About Westlake Chemical Partners

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

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Analyst Recommendations for Westlake Chemical Partners (NYSE:WLKP)

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