Westlake Chemical Partners LP (NYSE:WLKP) Sees Significant Drop in Short Interest

Westlake Chemical Partners LP (NYSE:WLKP) saw a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 112,200 shares, a drop of 15.6% from the February 28th total of 133,000 shares. Currently, 0.6% of the shares of the company are short sold. Based on an average daily volume of 38,100 shares, the days-to-cover ratio is presently 2.9 days.

Westlake Chemical Partners Stock Performance

Shares of WLKP traded up $0.19 during mid-day trading on Thursday, reaching $23.41. 18,205 shares of the company’s stock traded hands, compared to its average volume of 47,124. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.46 and a current ratio of 4.53. The business’s 50-day moving average price is $23.86 and its 200-day moving average price is $23.28. The stock has a market capitalization of $824.77 million, a P/E ratio of 13.37 and a beta of 0.93. Westlake Chemical Partners has a 12 month low of $21.19 and a 12 month high of $25.04.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Monday, February 24th. The basic materials company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.07. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. The firm had revenue of $290.06 million for the quarter, compared to the consensus estimate of $262.00 million. Equities analysts predict that Westlake Chemical Partners will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Friday, February 7th were given a $0.4714 dividend. This represents a $1.89 dividend on an annualized basis and a yield of 8.06%. The ex-dividend date was Friday, February 7th. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.47. Westlake Chemical Partners’s dividend payout ratio is currently 106.21%.

Institutional Trading of Westlake Chemical Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Westlake Chemical Partners by 5.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 558,919 shares of the basic materials company’s stock valued at $12,933,000 after acquiring an additional 28,430 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Westlake Chemical Partners by 267.0% in the third quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after purchasing an additional 71,615 shares during the period. Proficio Capital Partners LLC bought a new position in Westlake Chemical Partners during the 4th quarter valued at $1,874,000. Glenmede Trust Co. NA increased its position in shares of Westlake Chemical Partners by 22.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock valued at $1,243,000 after purchasing an additional 10,000 shares during the period. Finally, Eagle Global Advisors LLC raised its stake in shares of Westlake Chemical Partners by 4.6% in the 4th quarter. Eagle Global Advisors LLC now owns 45,873 shares of the basic materials company’s stock worth $1,062,000 after buying an additional 2,000 shares in the last quarter. 78.28% of the stock is currently owned by institutional investors.

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.