Westlake Chemical Partners (NYSE:WLKP) Stock Price Crosses Below 200 Day Moving Average of $22.49

Westlake Chemical Partners LP (NYSE:WLKP)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $22.49 and traded as low as $22.29. Westlake Chemical Partners shares last traded at $22.41, with a volume of 10,171 shares traded.

Analysts Set New Price Targets

Separately, Barclays upgraded shares of Westlake Chemical Partners to a “strong-buy” rating in a research note on Monday, August 12th.

Westlake Chemical Partners Price Performance

The company has a quick ratio of 4.59, a current ratio of 4.68 and a debt-to-equity ratio of 0.48. The stock has a market cap of $789.50 million, a P/E ratio of 14.55 and a beta of 1.11. The company’s 50 day moving average price is $22.79 and its 200-day moving average price is $22.49.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.03). The company had revenue of $284.17 million during the quarter, compared to analyst estimates of $270.28 million. Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.68%. During the same period in the previous year, the company posted $0.34 EPS. As a group, sell-side analysts expect that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 12th were issued a dividend of $0.4714 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.89 dividend on an annualized basis and a yield of 8.41%. Westlake Chemical Partners’s payout ratio is currently 122.73%.

Insider Buying and Selling

In related news, SVP Andrew Kenner acquired 2,692 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $22.63 per share, for a total transaction of $60,919.96. Following the purchase, the senior vice president now directly owns 185,000 shares of the company’s stock, valued at approximately $4,186,550. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders acquired 16,119 shares of company stock valued at $369,340 over the last 90 days. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Westlake Chemical Partners

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in Westlake Chemical Partners in the 2nd quarter valued at about $33,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Westlake Chemical Partners in the first quarter worth approximately $78,000. Rothschild Investment LLC bought a new position in shares of Westlake Chemical Partners in the second quarter valued at approximately $181,000. Hilltop Holdings Inc. boosted its position in shares of Westlake Chemical Partners by 3.4% during the fourth quarter. Hilltop Holdings Inc. now owns 27,229 shares of the basic materials company’s stock valued at $590,000 after buying an additional 897 shares during the last quarter. Finally, GSA Capital Partners LLP grew its holdings in Westlake Chemical Partners by 10.7% during the first quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company’s stock worth $853,000 after buying an additional 3,713 shares in the last quarter. 78.28% of the stock is currently owned by institutional investors.

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.