Texas Capital Bank Wealth Management Services Inc Reduces Stock Holdings in Westlake Chemical Partners LP (NYSE:WLKP)

Texas Capital Bank Wealth Management Services Inc cut its holdings in Westlake Chemical Partners LP (NYSE:WLKP) by 50.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,000 shares of the basic materials company’s stock after selling 10,000 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Westlake Chemical Partners were worth $226,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WLKP. International Assets Investment Management LLC purchased a new position in shares of Westlake Chemical Partners in the 2nd quarter valued at approximately $33,000. Future Financial Wealth Managment LLC acquired a new position in Westlake Chemical Partners during the 1st quarter valued at approximately $78,000. Rothschild Investment LLC purchased a new position in shares of Westlake Chemical Partners in the second quarter worth $181,000. GSA Capital Partners LLP lifted its stake in shares of Westlake Chemical Partners by 10.7% during the first quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company’s stock worth $853,000 after buying an additional 3,713 shares during the period. Finally, Pathway Financial Advisers LLC purchased a new stake in shares of Westlake Chemical Partners during the first quarter valued at $2,169,000. Institutional investors and hedge funds own 78.28% of the company’s stock.

Insider Transactions at Westlake Chemical Partners

In related news, SVP Andrew Kenner purchased 12,000 shares of Westlake Chemical Partners stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average cost of $22.99 per share, for a total transaction of $275,880.00. Following the completion of the transaction, the senior vice president now owns 182,308 shares in the company, valued at $4,191,260.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 16,119 shares of company stock worth $369,340 over the last quarter. 1.10% of the stock is currently owned by insiders.

Westlake Chemical Partners Price Performance

Shares of NYSE:WLKP opened at $22.35 on Friday. Westlake Chemical Partners LP has a twelve month low of $20.91 and a twelve month high of $23.68. The company has a current ratio of 4.68, a quick ratio of 4.59 and a debt-to-equity ratio of 0.48. The company has a market cap of $787.35 million, a PE ratio of 14.51 and a beta of 1.11. The company’s 50 day moving average is $22.62 and its 200 day moving average is $22.49.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.03). The business had revenue of $284.17 million during the quarter, compared to analyst estimates of $270.28 million. Westlake Chemical Partners had a return on equity of 6.68% and a net margin of 4.78%. During the same quarter in the previous year, the company earned $0.34 EPS. On average, sell-side analysts forecast that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 12th were issued a $0.4714 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.89 annualized dividend and a dividend yield of 8.44%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 122.08%.

Analysts Set New Price Targets

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

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.