Westlake Chemical Partners (NYSE:WLKP) Sees Unusually-High Trading Volume

Westlake Chemical Partners LP (NYSE:WLKP) shares saw unusually-strong trading volume on Wednesday . Approximately 508,836 shares were traded during trading, an increase of 1,227% from the previous session’s volume of 38,344 shares.The stock last traded at $22.20 and had previously closed at $22.05.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 26th.

Westlake Chemical Partners Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.47, a current ratio of 5.21 and a quick ratio of 5.09. The business’s 50 day simple moving average is $22.19 and its 200 day simple moving average is $22.16. The stock has a market cap of $778.54 million, a P/E ratio of 14.35 and a beta of 1.08.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Wednesday, May 1st. The basic materials company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.01). Westlake Chemical Partners had a return on equity of 6.32% and a net margin of 4.64%. The company had revenue of $284.67 million for the quarter, compared to the consensus estimate of $280.76 million. During the same quarter last year, the business earned $0.42 EPS. On average, analysts expect that Westlake Chemical Partners LP will post 1.7 earnings per share for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Monday, May 13th will be given a $0.4714 dividend. The ex-dividend date is Friday, May 10th. This represents a $1.89 dividend on an annualized basis and a yield of 8.53%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 122.08%.

Insiders Place Their Bets

In other Westlake Chemical Partners news, SVP Andrew Kenner purchased 4,230 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were acquired at an average cost of $22.16 per share, for a total transaction of $93,736.80. Following the transaction, the senior vice president now directly owns 145,839 shares in the company, valued at $3,231,792.24. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have bought 24,230 shares of company stock valued at $537,587. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Westlake Chemical Partners

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its position in Westlake Chemical Partners by 4.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 595,137 shares of the basic materials company’s stock worth $12,944,000 after purchasing an additional 25,123 shares during the last quarter. Eagle Global Advisors LLC raised its position in shares of Westlake Chemical Partners by 3.5% during the third quarter. Eagle Global Advisors LLC now owns 43,873 shares of the basic materials company’s stock worth $954,000 after acquiring an additional 1,500 shares during the last quarter. UBS Group AG lifted its stake in shares of Westlake Chemical Partners by 9.3% during the third quarter. UBS Group AG now owns 537,225 shares of the basic materials company’s stock valued at $11,685,000 after acquiring an additional 45,515 shares during the period. Samalin Investment Counsel LLC bought a new position in Westlake Chemical Partners in the third quarter valued at about $218,000. Finally, Raymond James & Associates increased its position in 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 worth $434,000 after purchasing an additional 6,043 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.