Tortoise Capital Advisors L.L.C. trimmed its stake in Westlake Chemical Partners LP (NYSE:WLKP) by 5.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 132,812 shares of the basic materials company’s stock after selling 7,100 shares during the period. Tortoise Capital Advisors L.L.C. owned about 0.38% of Westlake Chemical Partners worth $3,190,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in WLKP. Sei Investments Co. increased its stake in Westlake Chemical Partners by 10.2% during the 1st quarter. Sei Investments Co. now owns 14,367 shares of the basic materials company’s stock worth $345,000 after buying an additional 1,329 shares during the period. Arkfeld Wealth Strategies L.L.C. purchased a new stake in Westlake Chemical Partners during the 1st quarter worth approximately $1,679,000. Pinnacle Holdings LLC increased its stake in Westlake Chemical Partners by 14.1% during the 1st quarter. Pinnacle Holdings LLC now owns 14,720 shares of the basic materials company’s stock worth $354,000 after buying an additional 1,820 shares during the period. Shapiro Capital Management LLC purchased a new stake in Westlake Chemical Partners during the 1st quarter worth approximately $418,000. Finally, International Assets Investment Management LLC increased its stake in Westlake Chemical Partners by 100.0% during the 1st quarter. International Assets Investment Management LLC now owns 2,924 shares of the basic materials company’s stock worth $70,000 after buying an additional 1,462 shares during the period. 33.92% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on WLKP. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Westlake Chemical Partners from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, May 6th. Zacks Investment Research cut shares of Westlake Chemical Partners from a “hold” rating to a “sell” rating in a report on Wednesday. Bank of America upgraded shares of Westlake Chemical Partners from an “underperform” rating to a “buy” rating in a report on Friday, July 16th. Finally, UBS Group reiterated a “neutral” rating and set a $25.00 price target (up previously from $23.00) on shares of Westlake Chemical Partners in a report on Wednesday, March 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Westlake Chemical Partners currently has an average rating of “Hold” and a consensus target price of $25.60.
Westlake Chemical Partners (NYSE:WLKP) last issued its earnings results on Monday, May 3rd. The basic materials company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.09). Westlake Chemical Partners had a net margin of 6.46% and a return on equity of 6.87%. The company had revenue of $268.21 million during the quarter. Equities research analysts expect that Westlake Chemical Partners LP will post 1.83 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 27th. Stockholders of record on Thursday, May 13th were issued a $0.471 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.98%. The ex-dividend date was Wednesday, May 12th. Westlake Chemical Partners’s payout ratio is 100.53%.
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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