Westlake Chemical Partners (NYSE:WLKP) Rating Increased to Strong-Buy at StockNews.com

Westlake Chemical Partners (NYSE:WLKP) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.

Westlake Chemical Partners Stock Up 0.2 %

Shares of WLKP opened at $22.20 on Tuesday. The business’s 50 day moving average is $22.52 and its 200 day moving average is $22.08. The company has a market capitalization of $782.11 million, a PE ratio of 14.42 and a beta of 1.08. Westlake Chemical Partners has a 12-month low of $20.86 and a 12-month high of $23.68. The company has a current ratio of 4.02, a quick ratio of 3.94 and a debt-to-equity ratio of 0.47.

Westlake Chemical Partners (NYSE:WLKP) last issued its 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). The business had revenue of $297.27 million for the quarter, compared to the consensus estimate of $316.62 million. Westlake Chemical Partners had a net margin of 4.56% and a return on equity of 6.25%. During the same period last year, the business posted $0.48 EPS. Research analysts expect that Westlake Chemical Partners will post 1.7 earnings per share for the current fiscal year.

Insider Activity at Westlake Chemical Partners

In other Westlake Chemical Partners news, SVP Andrew Kenner bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were bought at an average price of $22.12 per share, with a total value of $221,200.00. Following the purchase, the senior vice president now owns 136,609 shares of the company’s stock, valued at $3,021,791.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have acquired 19,230 shares of company stock valued at $426,437. 1.10% of the stock is owned by company insiders.

Institutional Trading of Westlake Chemical Partners

Large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new stake in Westlake Chemical Partners in the 4th quarter worth approximately $27,000. JPMorgan Chase & Co. increased its stake in Westlake Chemical Partners by 61.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 435 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Westlake Chemical Partners during the 3rd quarter valued at approximately $32,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Westlake Chemical Partners during the 4th quarter valued at approximately $47,000. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Westlake Chemical Partners during the 2nd quarter valued at approximately $111,000. Institutional investors own 78.28% of the company’s stock.

About Westlake Chemical Partners

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.