Westlake Chemical Partners LP (WLKP) Receives Consensus Rating of “Hold” from Brokerages

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Shares of Westlake Chemical Partners LP (NYSE:WLKP) have received a consensus recommendation of “Hold” from the nine analysts that are covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $26.60.

WLKP has been the subject of a number of recent research reports. Citigroup set a $27.00 target price on shares of Westlake Chemical Partners and gave the company a “buy” rating in a report on Thursday, November 8th. Zacks Investment Research lowered shares of Westlake Chemical Partners from a “hold” rating to a “sell” rating in a report on Friday, November 9th.

In other news, Director David Lumpkins acquired 4,000 shares of the company’s stock in a transaction on Monday, November 12th. The stock was bought at an average cost of $22.83 per share, with a total value of $91,320.00. Following the completion of the purchase, the director now directly owns 18,259 shares of the company’s stock, valued at $416,852.97. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Angela A. Minas acquired 5,000 shares of the company’s stock in a transaction on Monday, November 26th. The shares were purchased at an average cost of $22.75 per share, with a total value of $113,750.00. Following the completion of the purchase, the director now directly owns 13,382 shares of the company’s stock, valued at $304,440.50. The disclosure for this purchase can be found here. Insiders have acquired 55,935 shares of company stock valued at $1,294,827 over the last ninety days.

Large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new stake in shares of Westlake Chemical Partners during the second quarter worth $1,225,000. GSA Capital Partners LLP lifted its position in shares of Westlake Chemical Partners by 28.8% during the second quarter. GSA Capital Partners LLP now owns 33,404 shares of the basic materials company’s stock worth $818,000 after purchasing an additional 7,469 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Westlake Chemical Partners by 10.9% during the second quarter. Van ECK Associates Corp now owns 133,409 shares of the basic materials company’s stock worth $3,269,000 after purchasing an additional 13,087 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Westlake Chemical Partners by 373.8% during the second quarter. Bank of America Corp DE now owns 13,858 shares of the basic materials company’s stock worth $340,000 after purchasing an additional 10,933 shares during the last quarter. Finally, Blair William & Co. IL lifted its position in shares of Westlake Chemical Partners by 4.3% during the third quarter. Blair William & Co. IL now owns 100,381 shares of the basic materials company’s stock worth $2,499,000 after purchasing an additional 4,110 shares during the last quarter. Institutional investors and hedge funds own 45.97% of the company’s stock.

Shares of Westlake Chemical Partners stock traded down $0.67 on Monday, hitting $22.25. 69,541 shares of the company traded hands, compared to its average volume of 38,123. The stock has a market cap of $739.10 million, a P/E ratio of 12.94, a PEG ratio of 5.09 and a beta of 1.04. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.94 and a quick ratio of 3.87. Westlake Chemical Partners has a 52 week low of $21.75 and a 52 week high of $27.75.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings data on Tuesday, November 6th. The basic materials company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.03). Westlake Chemical Partners had a net margin of 4.21% and a return on equity of 5.45%. The company had revenue of $363.70 million for the quarter, compared to the consensus estimate of $309.70 million. During the same quarter in the previous year, the business earned $0.47 EPS. The company’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, equities analysts expect that Westlake Chemical Partners will post 1.62 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Friday, November 9th were paid a dividend of $0.4207 per share. This represents a $1.68 annualized dividend and a yield of 7.56%. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, November 8th. Westlake Chemical Partners’s payout ratio is presently 97.67%.

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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