Pathway Financial Advisers LLC Boosts Stake in Westlake Chemical Partners LP (NYSE:WLKP)

Pathway Financial Advisers LLC lifted its position in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 2,178.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,230,436 shares of the basic materials company’s stock after acquiring an additional 2,132,523 shares during the quarter. Westlake Chemical Partners accounts for approximately 0.5% of Pathway Financial Advisers LLC’s investment portfolio, making the stock its 26th biggest holding. Pathway Financial Advisers LLC owned approximately 6.33% of Westlake Chemical Partners worth $49,984,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WLKP. International Assets Investment Management LLC raised its position in shares of Westlake Chemical Partners by 2,141.0% during the 3rd quarter. International Assets Investment Management LLC now owns 32,763 shares of the basic materials company’s stock worth $734,000 after purchasing an additional 31,301 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of Westlake Chemical Partners during the 3rd quarter worth about $78,000. Rothschild Investment LLC acquired a new position in shares of Westlake Chemical Partners during the 2nd quarter worth about $181,000. Finally, GSA Capital Partners LLP raised its position in shares of Westlake Chemical Partners by 10.7% during the 1st quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company’s stock worth $853,000 after purchasing an additional 3,713 shares during the last quarter. 78.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Westlake Chemical Partners Trading Up 0.1 %

Shares of WLKP stock opened at $22.43 on Wednesday. The stock has a market cap of $790.16 million, a price-to-earnings ratio of 14.56 and a beta of 1.10. The company has a current ratio of 4.68, a quick ratio of 4.59 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $22.44 and its 200-day moving average price is $22.51. Westlake Chemical Partners LP has a twelve month low of $21.13 and a twelve month high of $23.68.

Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.03). The business 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 last year, the company earned $0.34 EPS. As a group, equities analysts predict that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Insider Activity

In related news, SVP Andrew Kenner bought 2,692 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $22.63 per share, for a total transaction of $60,919.96. Following the acquisition, the senior vice president now owns 185,000 shares of the company’s stock, valued at approximately $4,186,550. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have purchased 16,119 shares of company stock valued at $369,340. Company insiders own 1.10% of the company’s stock.

Westlake Chemical Partners 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.