Westlake Chemical Partners LP (NYSE:WLKP) Short Interest Update

Westlake Chemical Partners LP (NYSE:WLKP) saw a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 115,100 shares, a decline of 14.0% from the May 31st total of 133,800 shares. Based on an average daily volume of 91,600 shares, the short-interest ratio is presently 1.3 days. Currently, 0.6% of the company’s shares are sold short.

Westlake Chemical Partners Trading Up 0.5 %

NYSE WLKP opened at $22.58 on Friday. 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 has a 52 week low of $20.91 and a 52 week high of $23.68. The stock has a market capitalization of $795.49 million, a PE ratio of 14.66 and a beta of 1.13. The firm has a 50 day moving average of $22.35 and a two-hundred day moving average of $22.34.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $0.42 earnings per share for the quarter, missing the consensus estimate 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 quarter in the prior year, the firm posted $0.42 EPS. As a group, research analysts expect that Westlake Chemical Partners will post 1.75 EPS for the current fiscal year.

Westlake Chemical Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Monday, May 13th were given a dividend of $0.4714 per share. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.89 annualized dividend and a dividend yield of 8.35%. Westlake Chemical Partners’s dividend payout ratio is presently 122.73%.

Analyst Upgrades and Downgrades

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.

Insiders Place Their Bets

In other news, SVP Andrew Kenner bought 7,178 shares of Westlake Chemical Partners stock in a transaction on Friday, May 10th. The shares were bought at an average cost of $22.07 per share, with a total value of $158,418.46. Following the completion of the purchase, the senior vice president now directly owns 168,017 shares of the company’s stock, valued at $3,708,135.19. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought 19,469 shares of company stock valued at $430,347 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Westlake Chemical Partners

Several institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC purchased a new stake in Westlake Chemical Partners in the 1st quarter valued at $2,169,000. International Assets Investment Management LLC increased its stake in Westlake Chemical Partners by 2,065.0% in the 4th quarter. International Assets Investment Management LLC now owns 31,652 shares of the basic materials company’s stock valued at $685,000 after buying an additional 30,190 shares during the period. Kovack Advisors Inc. acquired a new position in Westlake Chemical Partners in the 4th quarter valued at $261,000. 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 worth $434,000 after purchasing an additional 6,043 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc grew its stake in shares of Westlake Chemical Partners by 25.0% during the 4th quarter. Texas Capital Bank Wealth Management Services Inc now owns 25,000 shares of the basic materials company’s stock worth $541,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 78.28% of the company’s stock.

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.