Westlake Chemical Partners (NYSE:WLKP) Hits New 12-Month High – Here’s Why

Westlake Chemical Partners LP (NYSE:WLKP)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $23.70 and last traded at $23.70, with a volume of 7125 shares. The stock had previously closed at $23.55.

Wall Street Analysts Forecast Growth

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

Westlake Chemical Partners Trading Up 1.1 %

The firm has a market cap of $839.42 million, a P/E ratio of 13.46 and a beta of 1.10. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.46 and a current ratio of 4.53. The firm has a fifty day moving average of $22.52 and a 200-day moving average of $22.61.

Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share (EPS) 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 the consensus estimate 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 last year, the business posted $0.37 EPS. Equities research analysts forecast 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 will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th will be given a $0.471 dividend. This represents a $1.88 annualized dividend and a yield of 7.91%. The ex-dividend date is Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio is currently 108.00%.

Institutional Trading of Westlake Chemical Partners

Large investors have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC increased its position 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 valued at $49,984,000 after purchasing an additional 2,132,523 shares during the period. Glenmede Trust Co. NA increased its position in shares of Westlake Chemical Partners by 22.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock valued at $1,243,000 after purchasing an additional 10,000 shares during the period. International Assets Investment Management LLC increased its position in shares of Westlake Chemical Partners by 2,141.0% during the 3rd quarter. International Assets Investment Management LLC now owns 32,763 shares of the basic materials company’s stock valued at $734,000 after purchasing an additional 31,301 shares during the period. Hilltop Holdings Inc. increased its position in shares of Westlake Chemical Partners by 2.7% during the 3rd quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock valued at $610,000 after purchasing an additional 711 shares during the period. Finally, Apollon Wealth Management LLC increased its position in shares of Westlake Chemical Partners by 7.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock valued at $334,000 after purchasing an additional 1,041 shares during the period. 78.28% of the stock is currently owned by institutional investors and hedge funds.

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.