Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Above Fifty Day Moving Average of $24.75

Westlake Chemical Partners LP (NYSE:WLKP)’s stock price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $24.75 and traded as high as $27.23. Westlake Chemical Partners shares last traded at $26.55, with a volume of 21,656 shares trading hands.

Separately, Zacks Investment Research cut Westlake Chemical Partners from a “hold” rating to a “sell” rating in a report on Wednesday, November 10th.

The stock has a 50-day moving average of $24.80 and a 200-day moving average of $25.61. The firm has a market cap of $957.47 million, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 1.46 and a beta of 1.18. The company has a debt-to-equity ratio of 0.44, a quick ratio of 5.22 and a current ratio of 5.34.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Monday, November 1st. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.15). Westlake Chemical Partners had a net margin of 6.02% and a return on equity of 7.39%. The firm had revenue of $293.97 million during the quarter. During the same quarter in the previous year, the company posted $0.53 earnings per share. Sell-side analysts predict that Westlake Chemical Partners LP will post 1.82 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 29th. Investors of record on Friday, November 12th were given a $0.471 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.93%. The ex-dividend date was Wednesday, November 10th. Westlake Chemical Partners’s dividend payout ratio is presently 97.93%.

A number of institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP acquired a new position in shares of Westlake Chemical Partners during the 2nd quarter worth approximately $49,268,000. Goldman Sachs Group Inc. increased its position in shares of Westlake Chemical Partners by 12.1% during the 3rd quarter. Goldman Sachs Group Inc. now owns 382,375 shares of the basic materials company’s stock worth $9,307,000 after purchasing an additional 41,266 shares during the last quarter. Morgan Stanley increased its position in shares of Westlake Chemical Partners by 22.3% during the 2nd quarter. Morgan Stanley now owns 282,755 shares of the basic materials company’s stock worth $7,612,000 after purchasing an additional 51,606 shares during the last quarter. NBW Capital LLC increased its position in shares of Westlake Chemical Partners by 2.4% during the 2nd quarter. NBW Capital LLC now owns 54,501 shares of the basic materials company’s stock worth $1,467,000 after purchasing an additional 1,287 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its position in shares of Westlake Chemical Partners by 26.6% during the 2nd quarter. Glenmede Trust Co. NA now owns 49,992 shares of the basic materials company’s stock worth $1,345,000 after purchasing an additional 10,500 shares during the last quarter. 32.16% of the stock is currently owned by institutional investors and hedge funds.

About Westlake Chemical Partners (NYSE:WLKP)

Westlake Chemical Partners LP engages in the operation, acquisition and development of ethylene production facilities and related assets. It also involves in the manufacture and marketing of basic chemicals, polymers and fabricated building products. The company was founded on March 14, 2014 and is headquartered in Houston, TX.

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