Westlake Chemical Partners (NYSE:WLKP) Sees Unusually-High Trading Volume

Westlake Chemical Partners LP (NYSE:WLKPGet Free Report) saw strong trading volume on Wednesday . 8,930 shares changed hands during trading, a decline of 69% from the previous session’s volume of 28,582 shares.The stock last traded at $22.22 and had previously closed at $22.21.

Analyst Ratings Changes

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

View Our Latest Research Report on WLKP

Westlake Chemical Partners Stock Performance

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 stock has a market capitalization of $777.17 million, a PE ratio of 14.42 and a beta of 1.08. The firm has a fifty day moving average price of $22.45 and a two-hundred day moving average price of $22.10.

Westlake Chemical Partners (NYSE:WLKPGet Free Report) last released its earnings results on Tuesday, February 20th. The basic materials company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.04). The business had revenue of $297.27 million during the quarter, compared to analysts’ expectations of $316.62 million. Westlake Chemical Partners had a return on equity of 6.25% and a net margin of 4.56%. During the same quarter in the previous year, the business earned $0.48 EPS. Research analysts expect that Westlake Chemical Partners LP will post 1.7 EPS for the current year.

Westlake Chemical Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Friday, February 2nd were given a $0.4714 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.89 annualized dividend and a yield of 8.55%. Westlake Chemical Partners’s dividend payout ratio (DPR) is 122.73%.

Insider Transactions at Westlake Chemical Partners

In other news, SVP Andrew Kenner bought 10,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was acquired at an average cost of $22.12 per share, with a total value of $221,200.00. Following the transaction, the senior vice president now directly owns 136,609 shares in the company, valued at approximately $3,021,791.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have purchased 24,230 shares of company stock valued at $537,587. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Westlake Chemical Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of WLKP. Tower Research Capital LLC TRC purchased a new position in Westlake Chemical Partners in the fourth quarter valued at $27,000. JPMorgan Chase & Co. grew its holdings in shares of Westlake Chemical Partners by 61.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 435 shares during the period. International Assets Investment Management LLC purchased a new stake in Westlake Chemical Partners in the 3rd quarter valued at about $32,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Westlake Chemical Partners in the fourth quarter worth $47,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Westlake Chemical Partners during the second quarter worth $111,000. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Company Profile

(Get Free Report)

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.

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