Westlake Chemical Partners (WLKP) Coverage Initiated at Barclays

Investment analysts at Barclays assumed coverage on shares of Westlake Chemical Partners (NYSE:WLKP) in a research note issued to investors on Wednesday, December 20th, MarketBeat.com reports. The firm set an “equal weight” rating and a $26.00 price target on the basic materials company’s stock. Barclays’ price target would indicate a potential upside of 5.26% from the company’s current price.

Several other brokerages have also commented on WLKP. BidaskClub lowered shares of Westlake Chemical Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 7th. ValuEngine lowered shares of Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 14th. Citigroup started coverage on shares of Westlake Chemical Partners in a research note on Tuesday, December 5th. They set a “buy” rating and a $25.50 price target on the stock. Tudor Pickering lowered shares of Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Finally, TheStreet upgraded shares of Westlake Chemical Partners from a “c+” rating to a “b-” rating in a research note on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Westlake Chemical Partners presently has an average rating of “Hold” and an average target price of $26.88.

Westlake Chemical Partners (NYSE:WLKP) traded up $0.35 during trading on Wednesday, reaching $24.70. 29,242 shares of the company’s stock traded hands, compared to its average volume of 61,468. The firm has a market cap of $784.92, a price-to-earnings ratio of 15.25, a PEG ratio of 3.66 and a beta of 1.18. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48. Westlake Chemical Partners has a 1 year low of $20.65 and a 1 year high of $26.25.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings data on Tuesday, November 7th. The basic materials company reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.06. The firm had revenue of $296.78 million for the quarter. Westlake Chemical Partners had a net margin of 3.80% and a return on equity of 4.73%. research analysts expect that Westlake Chemical Partners will post 1.58 EPS for the current fiscal year.

In other news, CEO Albert Chao acquired 14,900 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was acquired at an average cost of $21.98 per share, with a total value of $327,502.00. Following the acquisition, the chief executive officer now owns 45,000 shares in the company, valued at $989,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Chao acquired 8,473 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were purchased at an average cost of $22.17 per share, with a total value of $187,846.41. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 35,748 shares of company stock valued at $787,823.

A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in Westlake Chemical Partners by 1.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 61,237 shares of the basic materials company’s stock valued at $1,516,000 after purchasing an additional 661 shares during the period. Bamco Inc. NY boosted its holdings in Westlake Chemical Partners by 0.8% in the 2nd quarter. Bamco Inc. NY now owns 350,000 shares of the basic materials company’s stock valued at $8,662,000 after purchasing an additional 2,668 shares during the period. Citigroup Inc. boosted its holdings in Westlake Chemical Partners by 27,347.0% in the 2nd quarter. Citigroup Inc. now owns 27,447 shares of the basic materials company’s stock valued at $679,000 after purchasing an additional 27,347 shares during the period. Tiedemann Wealth Management LLC boosted its holdings in Westlake Chemical Partners by 20.4% in the 3rd quarter. Tiedemann Wealth Management LLC now owns 175,730 shares of the basic materials company’s stock valued at $3,989,000 after purchasing an additional 29,810 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Westlake Chemical Partners by 12.5% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 334,672 shares of the basic materials company’s stock valued at $7,597,000 after purchasing an additional 37,174 shares during the period. 55.16% of the stock is owned by hedge funds and other institutional investors.

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About Westlake Chemical Partners

Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.

Analyst Recommendations for Westlake Chemical Partners (NYSE:WLKP)

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