Wilmington Savings Fund Society FSB Takes Position in Westlake Chemical Partners LP (NYSE:WLKP)

Wilmington Savings Fund Society FSB bought a new position in Westlake Chemical Partners LP (NYSE:WLKP) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,600 shares of the basic materials company’s stock, valued at approximately $36,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hilltop Holdings Inc. lifted its holdings in shares of Westlake Chemical Partners by 2.7% in the 3rd quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock worth $610,000 after acquiring an additional 711 shares during the last quarter. Apollon Wealth Management LLC raised its position 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 purchasing an additional 1,041 shares during the period. International Assets Investment Management LLC bought a new stake in Westlake Chemical Partners in the second quarter worth $33,000. Future Financial Wealth Managment LLC bought a new position in shares of Westlake Chemical Partners during the third quarter valued at about $78,000. Finally, Rothschild Investment LLC purchased a new position in shares of Westlake Chemical Partners in the second quarter worth about $181,000. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Price Performance

WLKP opened at $22.95 on Monday. 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 stock’s 50 day simple moving average is $23.03 and its 200 day simple moving average is $22.77. The firm has a market cap of $808.74 million, a price-to-earnings ratio of 13.11 and a beta of 1.11. Westlake Chemical Partners LP has a 1 year low of $21.19 and a 1 year high of $24.34.

Westlake Chemical Partners (NYSE:WLKP) last issued its 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 company had revenue of $277.00 million for 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 period in the previous year, the firm earned $0.37 earnings per share. As a group, analysts predict that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th were paid a $0.471 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.88 annualized dividend and a dividend yield of 8.21%. Westlake Chemical Partners’s payout ratio is presently 107.43%.

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.