Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Above 50-Day Moving Average of $22.31

Westlake Chemical Partners LP (NYSE:WLKP) shares passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $22.31 and traded as high as $22.49. Westlake Chemical Partners shares last traded at $22.48, with a volume of 20,828 shares changing hands.

Analyst Ratings Changes

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

Westlake Chemical Partners Price Performance

The company has a fifty day moving average price of $22.31 and a two-hundred day moving average price of $22.33. The firm has a market capitalization of $791.93 million, a price-to-earnings ratio of 14.60 and a beta of 1.13. The company has a quick ratio of 5.09, a current ratio of 5.21 and a debt-to-equity ratio of 0.47.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). The company had revenue of $284.67 million for the quarter, compared to analysts’ expectations of $280.76 million. Westlake Chemical Partners had a return on equity of 6.32% and a net margin of 4.64%. During the same period in the prior year, the business earned $0.42 EPS. On average, equities research analysts expect that Westlake Chemical Partners LP will post 1.75 EPS for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Monday, May 13th were paid a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.39%. The ex-dividend date of this dividend was Friday, May 10th. Westlake Chemical Partners’s dividend payout ratio (DPR) is 122.08%.

Insiders Place Their Bets

In other news, SVP Andrew Kenner bought 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were bought at an average cost of $22.10 per share, for a total transaction of $221,000.00. Following the completion of the transaction, the senior vice president now owns 160,839 shares in the company, valued at $3,554,541.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have purchased 19,469 shares of company stock worth $430,347. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Samalin Investment Counsel LLC acquired a new stake in shares of Westlake Chemical Partners during the third quarter valued at $218,000. Raymond James & Associates grew its stake in shares of Westlake Chemical Partners by 43.2% during the 4th quarter. Raymond James & Associates now owns 20,043 shares of the basic materials company’s stock valued at $434,000 after buying an additional 6,043 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Westlake Chemical Partners by 2,065.0% during the 4th quarter. International Assets Investment Management LLC now owns 31,652 shares of the basic materials company’s stock worth $685,000 after buying an additional 30,190 shares during the last quarter. Kovack Advisors Inc. acquired a new position in Westlake Chemical Partners in the fourth quarter valued at $261,000. Finally, Apollon Wealth Management LLC increased its position in shares of Westlake Chemical Partners by 14.0% in the fourth quarter. Apollon Wealth Management LLC now owns 12,294 shares of the basic materials company’s stock worth $266,000 after acquiring an additional 1,513 shares in the last quarter. 78.28% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Partners Company Profile

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.