Westlake Chemical Partners (NYSE:WLKP) Share Price Passes Above 200-Day Moving Average – What’s Next?

Westlake Chemical Partners LP (NYSE:WLKP) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $22.77 and traded as high as $23.98. Westlake Chemical Partners shares last traded at $23.54, with a volume of 90,530 shares traded.

Westlake Chemical Partners Trading Down 0.4 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46. The firm has a market cap of $829.53 million, a PE ratio of 13.45 and a beta of 1.11. The company’s 50 day moving average price is $22.99 and its 200 day moving average price is $22.77.

Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.36 by $0.15. The business had revenue of $277.00 million during the quarter, compared to the consensus estimate of $244.16 million. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. During the same quarter in the previous year, the firm posted $0.37 earnings per share. As a group, analysts forecast that Westlake Chemical Partners LP will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 12th were given a $0.471 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 8.00%. The ex-dividend date was Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio is currently 107.43%.

Hedge Funds Weigh In On Westlake Chemical Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new position in Westlake Chemical Partners in the second quarter worth approximately $33,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Westlake Chemical Partners during the 3rd quarter worth $36,000. Future Financial Wealth Managment LLC acquired a new position in shares of Westlake Chemical Partners during the third quarter worth $78,000. Rothschild Investment LLC purchased a new position in Westlake Chemical Partners in the second quarter valued at $181,000. Finally, Apollon Wealth Management LLC raised its stake in Westlake Chemical Partners by 7.5% in the third quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock valued at $334,000 after buying an additional 1,041 shares in the last quarter. 78.28% of the stock is owned by institutional investors and hedge funds.

About Westlake Chemical Partners

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.