Westlake Chemical Partners (NYSE:WLKP) Share Price Crosses Below 200 Day Moving Average of $22.49

Shares of Westlake Chemical Partners LP (NYSE:WLKP) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $22.49 and traded as low as $22.17. Westlake Chemical Partners shares last traded at $22.37, with a volume of 18,425 shares.

Analyst Upgrades and Downgrades

Separately, Barclays upgraded Westlake Chemical Partners to a “strong-buy” rating in a research note on Monday, August 12th.

Westlake Chemical Partners Trading Up 0.8 %

The firm has a 50-day moving average of $22.66 and a 200-day moving average of $22.49. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.59 and a current ratio of 4.68. The firm has a market capitalization of $788.05 million, a P/E ratio of 14.53 and a beta of 1.11.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.03). The firm had revenue of $284.17 million for the quarter, compared to the consensus estimate of $270.28 million. Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.68%. During the same quarter in the prior year, the firm earned $0.34 earnings per share. On average, equities research analysts anticipate that Westlake Chemical Partners LP will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 12th were issued a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a yield of 8.43%. The ex-dividend date was Monday, August 12th. Westlake Chemical Partners’s dividend payout ratio is presently 122.08%.

Insider Buying and Selling

In related news, SVP Andrew Kenner bought 2,692 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $22.63 per share, with a total value of $60,919.96. Following the transaction, the senior vice president now owns 185,000 shares in the company, valued at approximately $4,186,550. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have acquired 16,119 shares of company stock valued at $369,340. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Westlake Chemical Partners

Hedge funds and other institutional investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC purchased a new stake in Westlake Chemical Partners in the first quarter valued at about $78,000. GSA Capital Partners LLP grew its holdings in Westlake Chemical Partners by 10.7% in the first quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company’s stock valued at $853,000 after purchasing an additional 3,713 shares during the period. Pathway Financial Advisers LLC acquired a new stake in Westlake Chemical Partners in the first quarter valued at approximately $2,169,000. International Assets Investment Management LLC acquired a new stake in Westlake Chemical Partners in the second quarter valued at approximately $33,000. Finally, Rothschild Investment LLC acquired a new stake in Westlake Chemical Partners in the second quarter valued at approximately $181,000. 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.