Westlake Chemical Partners LP (NYSE:WLKP – Get Free Report)’s stock price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $22.31 and traded as high as $22.49. Westlake Chemical Partners shares last traded at $22.48, with a volume of 20,828 shares trading hands.
Analyst Upgrades and Downgrades
Separately, StockNews.com upgraded Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 26th.
Check Out Our Latest Report on WLKP
Westlake Chemical Partners Stock Performance
Westlake Chemical Partners (NYSE:WLKP – Get Free Report) last announced its earnings results on Wednesday, May 1st. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Westlake Chemical Partners had a net margin of 4.64% and a return on equity of 6.32%. The business had revenue of $284.67 million during the quarter, compared to the consensus estimate of $280.76 million. During the same period in the previous year, the firm posted $0.42 EPS. On average, equities research analysts expect that Westlake Chemical Partners LP will post 1.75 earnings per share for the current year.
Westlake Chemical Partners Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Monday, May 13th were paid a $0.4714 dividend. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.89 dividend on an annualized basis and a yield of 8.36%. Westlake Chemical Partners’s dividend payout ratio (DPR) is 122.73%.
Insider Activity
In related news, SVP Andrew Kenner purchased 10,000 shares of Westlake Chemical Partners stock in a transaction dated Wednesday, May 8th. The shares were bought at an average cost of $22.10 per share, for a total transaction of $221,000.00. Following the purchase, the senior vice president now owns 160,839 shares in the company, valued at approximately $3,554,541.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have acquired 19,469 shares of company stock worth $430,347. Insiders own 1.10% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James & Associates increased its stake in shares of Westlake Chemical Partners by 43.2% in the fourth quarter. Raymond James & Associates now owns 20,043 shares of the basic materials company’s stock valued at $434,000 after buying an additional 6,043 shares during the period. International Assets Investment Management LLC increased its position in Westlake Chemical Partners by 2,065.0% during the 4th quarter. International Assets Investment Management LLC now owns 31,652 shares of the basic materials company’s stock valued at $685,000 after purchasing an additional 30,190 shares during the period. Kovack Advisors Inc. bought a new position in Westlake Chemical Partners during the 4th quarter worth approximately $261,000. Apollon Wealth Management LLC lifted its position in shares of Westlake Chemical Partners by 14.0% in the 4th quarter. Apollon Wealth Management LLC now owns 12,294 shares of the basic materials company’s stock worth $266,000 after purchasing an additional 1,513 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc boosted its stake in shares of Westlake Chemical Partners by 25.0% in the 4th quarter. Texas Capital Bank Wealth Management Services Inc now owns 25,000 shares of the basic materials company’s stock valued at $541,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 78.28% of the company’s stock.
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.
Featured Stories
- Five stocks we like better than Westlake Chemical Partners
- 3 Healthcare Dividend Stocks to Buy
- Qualcomm Stock: AI-Powered Growth Despite Volatility
- What is Forex and How Does it Work?
- Salesforce Stock: Meeting Recap, AI Focus, and Forecast
- How to Most Effectively Use the MarketBeat Earnings Screener
- Is CAVA Overextended? A Closer Look at This High-Flying Stock
Receive News & Ratings for Westlake Chemical Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners and related companies with MarketBeat.com's FREE daily email newsletter.