Westlake Chemical Partners LP (NYSE:WLKP) SVP Lawrence E. Teel purchased 5,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The stock was bought at an average price of $22.75 per share, with a total value of $113,750.00. Following the completion of the transaction, the senior vice president now directly owns 5,900 shares of the company’s stock, valued at $134,225. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Westlake Chemical Partners LP (NYSE:WLKP) opened at $23.25 on Wednesday. The firm has a market capitalization of $749.46, a P/E ratio of 13.84, a P/E/G ratio of 2.07 and a beta of 1.07. Westlake Chemical Partners LP has a 52-week low of $21.10 and a 52-week high of $25.95. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.84 and a quick ratio of 4.76.
Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Tuesday, February 20th. The basic materials company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $308.60 million during the quarter, compared to analyst estimates of $335.90 million. Westlake Chemical Partners had a return on equity of 5.22% and a net margin of 4.15%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 earnings per share. analysts anticipate that Westlake Chemical Partners LP will post 1.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Thursday, February 8th were paid a dividend of $0.3864 per share. This represents a $1.55 dividend on an annualized basis and a yield of 6.65%. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.38. The ex-dividend date was Wednesday, February 7th. Westlake Chemical Partners’s dividend payout ratio is 92.26%.
A number of large investors have recently added to or reduced their stakes in WLKP. Atlantic Trust Group LLC acquired a new position in Westlake Chemical Partners during the third quarter worth $5,613,000. Harvest Fund Advisors LLC lifted its stake in Westlake Chemical Partners by 8.1% during the third quarter. Harvest Fund Advisors LLC now owns 3,251,681 shares of the basic materials company’s stock worth $73,813,000 after purchasing an additional 242,801 shares in the last quarter. OppenheimerFunds Inc. lifted its stake in Westlake Chemical Partners by 5.8% during the fourth quarter. OppenheimerFunds Inc. now owns 4,208,778 shares of the basic materials company’s stock worth $105,009,000 after purchasing an additional 231,254 shares in the last quarter. Magnetar Financial LLC acquired a new position in Westlake Chemical Partners during the third quarter worth $4,764,000. Finally, HITE Hedge Asset Management LLC acquired a new position in Westlake Chemical Partners during the third quarter worth $4,206,000. Institutional investors own 57.20% of the company’s stock.
A number of research firms have recently issued reports on WLKP. UBS Group restated a “buy” rating and issued a $29.00 price target (up from $28.00) on shares of Westlake Chemical Partners in a research report on Friday, March 2nd. ValuEngine upgraded Westlake Chemical Partners from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research lowered Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research report on Thursday, February 22nd. B. Riley set a $26.00 price objective on Westlake Chemical Partners and gave the stock a “hold” rating in a research report on Tuesday, February 20th. Finally, Deutsche Bank initiated coverage on Westlake Chemical Partners in a research report on Wednesday, January 3rd. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $27.30.
About Westlake Chemical Partners
Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.