Westlake Chemical Partners LP (NYSE:WLKP) Sees Significant Decline in Short Interest

Westlake Chemical Partners LP (NYSE:WLKP) was the target of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 330,600 shares, a decline of 5.7% from the January 15th total of 350,600 shares. Approximately 1.8% of the shares of the company are sold short. Based on an average daily volume of 79,200 shares, the short-interest ratio is currently 4.2 days.

A number of large investors have recently added to or reduced their stakes in WLKP. Bourgeon Capital Management LLC bought a new position in shares of Westlake Chemical Partners in the third quarter worth about $70,000. Tower Research Capital LLC TRC bought a new position in shares of Westlake Chemical Partners in the third quarter worth about $100,000. Jane Street Group LLC bought a new position in shares of Westlake Chemical Partners in the fourth quarter worth about $397,000. Raymond James & Associates boosted its stake in shares of Westlake Chemical Partners by 69.3% in the fourth quarter. Raymond James & Associates now owns 16,228 shares of the basic materials company’s stock worth $429,000 after acquiring an additional 6,644 shares during the period. Finally, State of Tennessee Treasury Department boosted its stake in shares of Westlake Chemical Partners by 62.4% in the fourth quarter. State of Tennessee Treasury Department now owns 16,452 shares of the basic materials company’s stock worth $435,000 after acquiring an additional 6,321 shares during the period. 48.41% of the stock is owned by institutional investors and hedge funds.

NYSE:WLKP opened at $22.78 on Friday. The stock has a 50-day simple moving average of $24.09 and a two-hundred day simple moving average of $22.90. Westlake Chemical Partners has a 52-week low of $20.95 and a 52-week high of $26.48. The company has a debt-to-equity ratio of 0.42, a quick ratio of 5.71 and a current ratio of 5.80. The firm has a market capitalization of $735.65 million, a PE ratio of 13.89, a P/E/G ratio of 2.55 and a beta of 0.61.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd will be issued a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a yield of 8.28%. The ex-dividend date is Friday, January 31st. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.46. Westlake Chemical Partners’s payout ratio is currently 125.17%.

Separately, Zacks Investment Research raised Westlake Chemical Partners from a “hold” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Saturday, January 11th.

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, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.

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