Westlake Chemical Partners (NYSE:WLKP – Get Free Report) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.
Westlake Chemical Partners Price Performance
NYSE WLKP traded up $0.72 during midday trading on Friday, hitting $23.00. The company had a trading volume of 44,931 shares, compared to its average volume of 30,981. The company has a market capitalization of $810.24 million, a PE ratio of 14.29, a P/E/G ratio of 7.44 and a beta of 1.05. The company has a current ratio of 3.06, a quick ratio of 3.00 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $21.95 and a 200-day moving average price of $22.05. Westlake Chemical Partners has a twelve month low of $18.58 and a twelve month high of $26.00.
Westlake Chemical Partners (NYSE:WLKP – Get Free Report) last announced its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.05). Westlake Chemical Partners had a net margin of 4.50% and a return on equity of 6.45%. The company had revenue of $321.66 million during the quarter, compared to analyst estimates of $297.46 million. As a group, analysts anticipate that Westlake Chemical Partners will post 1.59 earnings per share for the current fiscal year.
Insider Transactions at Westlake Chemical Partners
In other Westlake Chemical Partners news, SVP Andrew Kenner purchased 5,000 shares of the stock in a transaction dated Thursday, November 9th. The stock was bought at an average price of $21.48 per share, with a total value of $107,400.00. Following the acquisition, the senior vice president now owns 126,609 shares of the company’s stock, valued at $2,719,561.32. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Institutional Investors Weigh In On Westlake Chemical Partners
A number of hedge funds and other institutional investors have recently bought and sold shares of WLKP. JPMorgan Chase & Co. grew its position in Westlake Chemical Partners by 61.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 435 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Westlake Chemical Partners during the 3rd quarter worth $32,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Westlake Chemical Partners in the 4th quarter valued at about $47,000. Rockefeller Capital Management L.P. bought a new stake in shares of Westlake Chemical Partners in the 2nd quarter valued at about $111,000. Finally, State of Tennessee Treasury Department bought a new stake in shares of Westlake Chemical Partners in the 1st quarter valued at about $176,000. Institutional investors own 30.04% 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, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.