Westlake Chemical Partners LP (WLKP) Stake Lessened by Clearbridge Investments LLC

Clearbridge Investments LLC cut its holdings in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 50.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 298,000 shares of the basic materials company’s stock after selling 305,500 shares during the quarter. Clearbridge Investments LLC owned approximately 1.10% of Westlake Chemical Partners worth $7,435,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Atlantic Trust Group LLC acquired a new position in shares of Westlake Chemical Partners in the 3rd quarter worth approximately $5,613,000. Harvest Fund Advisors LLC grew its position in shares of Westlake Chemical Partners by 8.1% in the 3rd quarter. Harvest Fund Advisors LLC now owns 3,251,681 shares of the basic materials company’s stock worth $73,813,000 after acquiring an additional 242,801 shares in the last quarter. OppenheimerFunds Inc. grew its position in shares of Westlake Chemical Partners by 5.8% in the 4th quarter. OppenheimerFunds Inc. now owns 4,208,778 shares of the basic materials company’s stock worth $105,009,000 after acquiring an additional 231,254 shares in the last quarter. Magnetar Financial LLC acquired a new position in shares of Westlake Chemical Partners in the 3rd quarter worth approximately $4,764,000. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of Westlake Chemical Partners in the 3rd quarter worth approximately $4,206,000. Institutional investors own 48.01% of the company’s stock.

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Shares of Westlake Chemical Partners stock traded down $0.10 on Friday, reaching $21.90. 31,920 shares of the company were exchanged, compared to its average volume of 63,410. The firm has a market capitalization of $705.99, a PE ratio of 13.35, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04. The company has a quick ratio of 5.61, a current ratio of 5.75 and a debt-to-equity ratio of 0.47. Westlake Chemical Partners LP has a fifty-two week low of $21.10 and a fifty-two week high of $25.95.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, February 20th. The basic materials company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Westlake Chemical Partners had a return on equity of 5.13% and a net margin of 4.15%. The business had revenue of $308.60 million for the quarter, compared to the consensus estimate of $335.90 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. Westlake Chemical Partners’s revenue for the quarter was up 5.0% compared to the same quarter last year. analysts expect that Westlake Chemical Partners LP will post 1.83 EPS for the current year.

In other news, SVP Lawrence E. Teel bought 5,000 shares of the stock in a transaction on Friday, March 2nd. The shares were purchased at an average price of $22.75 per share, for a total transaction of $113,750.00. Following the completion of the purchase, the senior vice president now directly owns 5,900 shares of the company’s stock, valued at approximately $134,225. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Mark Steven Bender bought 2,000 shares of the stock in a transaction on Tuesday, February 27th. The stock was purchased at an average price of $23.77 per share, for a total transaction of $47,540.00. Following the purchase, the chief financial officer now directly owns 12,000 shares of the company’s stock, valued at $285,240. The disclosure for this purchase can be found here. Insiders have bought 11,500 shares of company stock worth $264,560 in the last quarter.

A number of research analysts recently issued reports on WLKP shares. ValuEngine lowered Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Zacks Investment Research upgraded Westlake Chemical Partners from a “sell” rating to a “hold” rating in a research report on Saturday, February 3rd. Deutsche Bank assumed coverage on Westlake Chemical Partners in a research note on Wednesday, January 3rd. They issued a “buy” rating on the stock. UBS reissued a “buy” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Westlake Chemical Partners in a research note on Friday, March 2nd. Finally, Barclays assumed coverage on Westlake Chemical Partners in a research note on Wednesday, December 20th. They issued an “equal weight” rating and a $26.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $27.30.

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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.

Institutional Ownership by Quarter for Westlake Chemical Partners (NYSE:WLKP)

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