Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Above 50-Day Moving Average – Should You Sell?

Westlake Chemical Partners LP (NYSE:WLKP)’s share price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $23.13 and traded as high as $23.21. Westlake Chemical Partners shares last traded at $23.14, with a volume of 34,126 shares traded.

Westlake Chemical Partners Stock Down 0.6 %

The stock’s 50-day simple moving average is $23.14 and its 200-day simple moving average is $22.80. The firm has a market capitalization of $810.50 million, a P/E ratio of 13.14 and a beta of 1.11. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings data 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. The business had revenue of $277.00 million for the quarter, compared to analysts’ expectations of $244.16 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. During the same quarter in the previous year, the firm earned $0.37 earnings per share. As a group, research 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 disclosed 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 was Tuesday, November 12th. This represents a $1.88 annualized dividend and a yield of 8.19%. Westlake Chemical Partners’s payout ratio is 107.43%.

Institutional Trading of Westlake Chemical Partners

A number of large investors have recently bought and sold shares of WLKP. Pathway Financial Advisers LLC grew its stake in shares of Westlake Chemical Partners by 2,178.0% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,230,436 shares of the basic materials company’s stock worth $49,984,000 after acquiring an additional 2,132,523 shares during the period. JPMorgan Chase & Co. boosted its position in Westlake Chemical Partners by 267.0% during the third quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after purchasing an additional 71,615 shares during the period. International Assets Investment Management LLC boosted its position in Westlake Chemical Partners by 2,141.0% during the third quarter. International Assets Investment Management LLC now owns 32,763 shares of the basic materials company’s stock worth $734,000 after purchasing an additional 31,301 shares during the period. Glenmede Trust Co. NA increased its stake in shares of Westlake Chemical Partners by 22.0% in the third quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock worth $1,243,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Westlake Chemical Partners in the third quarter valued at approximately $78,000. 78.28% of the stock is owned by hedge funds and other institutional investors.

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.