Westlake Chemical Partners LP (NYSE:WLKP) Holdings Lowered by GSA Capital Partners LLP

GSA Capital Partners LLP reduced its holdings in Westlake Chemical Partners LP (NYSE:WLKP) by 29.3% in the 3rd quarter, Holdings Channel reports. The fund owned 25,607 shares of the basic materials company’s stock after selling 10,619 shares during the period. GSA Capital Partners LLP’s holdings in Westlake Chemical Partners were worth $574,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of WLKP. International Assets Investment Management LLC purchased a new stake in Westlake Chemical Partners in the 2nd quarter worth about $33,000. Future Financial Wealth Managment LLC purchased a new stake in Westlake Chemical Partners in the 3rd quarter worth about $78,000. Rothschild Investment LLC purchased a new stake in Westlake Chemical Partners in the 2nd quarter worth about $181,000. Apollon Wealth Management LLC lifted its stake in Westlake Chemical Partners by 7.5% in the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock worth $334,000 after acquiring an additional 1,041 shares in the last quarter. Finally, Pathway Financial Advisers LLC purchased a new stake in Westlake Chemical Partners in the 1st quarter worth about $2,169,000. 78.28% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Partners Stock Performance

Shares of WLKP stock opened at $22.57 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46. Westlake Chemical Partners LP has a fifty-two week low of $21.19 and a fifty-two week high of $23.68. The stock’s 50-day moving average is $22.41 and its two-hundred day moving average is $22.58. The firm has a market cap of $795.37 million, a P/E ratio of 12.89 and a beta of 1.10.

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

Westlake Chemical Partners Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 12th will be given a $0.471 dividend. This represents a $1.88 annualized dividend and a yield of 8.35%. The ex-dividend date is Tuesday, November 12th. Westlake Chemical Partners’s payout ratio is currently 108.00%.

Wall Street Analyst Weigh In

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

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.