Westlake Chemical Partners (NYSE:WLKP) Sets New 1-Year High – Still a Buy?

Westlake Chemical Partners LP (NYSE:WLKP) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $24.15 and last traded at $24.11, with a volume of 21374 shares. The stock had previously closed at $23.84.

Wall Street Analysts Forecast Growth

Separately, Barclays upgraded Westlake Chemical Partners to a “strong-buy” rating in a research note on Monday, August 12th.

Westlake Chemical Partners Trading Down 0.5 %

The firm’s fifty day moving average price is $22.71 and its 200-day moving average price is $22.68. The company has a market cap of $834.48 million, a price-to-earnings ratio of 13.60 and a beta of 1.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, November 5th. The basic materials company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.36 by $0.15. The firm had revenue of $277.00 million for the quarter, compared to analysts’ expectations of $244.16 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. During the same period last year, the firm earned $0.37 EPS. On average, equities analysts expect that Westlake Chemical Partners LP will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.471 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.88 annualized dividend and a dividend yield of 7.96%. Westlake Chemical Partners’s dividend payout ratio (DPR) is 108.00%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WLKP. Hilltop Holdings Inc. boosted its stake in Westlake Chemical Partners by 2.7% in the 3rd quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock worth $610,000 after purchasing an additional 711 shares during the period. Apollon Wealth Management LLC boosted its position in shares of Westlake Chemical Partners by 7.5% in the third quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock worth $334,000 after buying an additional 1,041 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Westlake Chemical Partners during the second quarter valued at $33,000. Wilmington Savings Fund Society FSB acquired a new position in Westlake Chemical Partners during the third quarter valued at $36,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Westlake Chemical Partners in the 3rd quarter worth about $78,000. Institutional investors and hedge funds 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.