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

Westlake Chemical Partners LP (NYSE:WLKP) was the target of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 115,100 shares, a decrease 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. Approximately 0.6% of the company’s shares are short sold.

Insider Buying and Selling at Westlake Chemical Partners

In other news, SVP Andrew Kenner bought 2,291 shares of Westlake Chemical Partners stock in a transaction on Thursday, May 30th. The shares were purchased at an average price of $22.23 per share, for a total transaction of $50,928.93. Following the acquisition, the senior vice president now owns 170,308 shares of the company’s stock, valued at $3,785,946.84. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders acquired 19,469 shares of company stock valued at $430,347 in the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional Trading of Westlake Chemical Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new stake in Westlake Chemical Partners during the 4th quarter valued at $27,000. Future Financial Wealth Managment LLC purchased a new stake in Westlake Chemical Partners during the 1st quarter valued at $78,000. Kovack Advisors Inc. purchased a new stake in Westlake Chemical Partners during the 4th quarter valued at $261,000. Apollon Wealth Management LLC lifted its holdings in shares of Westlake Chemical Partners by 14.0% during the 4th quarter. Apollon Wealth Management LLC now owns 12,294 shares of the basic materials company’s stock valued at $266,000 after buying an additional 1,513 shares during the period. Finally, Raymond James & Associates lifted its holdings 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. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Stock Up 0.5 %

WLKP stock opened at $22.58 on Friday. Westlake Chemical Partners has a fifty-two week low of $20.91 and a fifty-two week high of $23.68. The business’s 50 day moving average price is $22.35 and its two-hundred day moving average price is $22.34. The company has a debt-to-equity ratio of 0.47, a quick ratio of 5.09 and a current ratio of 5.21. The company has a market capitalization of $795.49 million, a price-to-earnings ratio of 14.66 and a beta of 1.13.

Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings results 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 during 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 previous year, the company earned $0.42 EPS. As a group, analysts forecast that Westlake Chemical Partners will post 1.75 earnings per share for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

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.