Westlake Chemical Partners (NYSE:WLKP) Sets New 52-Week High – Still a Buy?

Westlake Chemical Partners LP (NYSE:WLKP)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $24.47 and last traded at $24.30, with a volume of 6022 shares changing hands. The stock had previously closed at $24.28.

Westlake Chemical Partners Trading Up 0.5 %

The firm has a 50 day moving average of $23.42 and a 200 day moving average of $22.90. The company has a quick ratio of 4.46, a current ratio of 4.53 and a debt-to-equity ratio of 0.48. The firm has a market cap of $860.21 million, a PE ratio of 13.88 and a beta of 1.10.

Westlake Chemical Partners (NYSE:WLKP) last issued its earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.15. The business had revenue of $277.00 million for the quarter, compared to analysts’ expectations of $244.16 million. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. During the same quarter in the previous year, the firm posted $0.37 EPS. Equities analysts anticipate that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th were given a $0.471 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.88 annualized dividend and a yield of 7.72%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 108.00%.

Institutional Trading of Westlake Chemical Partners

Institutional investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its holdings in shares of Westlake Chemical Partners by 32.2% during the fourth quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 812 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Westlake Chemical Partners by 267.0% during the third quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after purchasing an additional 71,615 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Westlake Chemical Partners in the third quarter worth about $36,000. Hilltop Holdings Inc. raised its stake in Westlake Chemical Partners by 2.7% in the third quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock worth $610,000 after buying an additional 711 shares in the last quarter. Finally, Glenmede Trust Co. NA raised its stake in Westlake Chemical Partners by 22.0% in the third quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock worth $1,243,000 after buying an additional 10,000 shares in the last quarter. 78.28% of the stock is currently owned by hedge funds and other institutional investors.

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.