Westlake Chemical Partners (NYSE:WLKP) Hits New 12-Month High – Here’s Why

Westlake Chemical Partners LP (NYSE:WLKP) reached a new 52-week high on Wednesday . The stock traded as high as $23.70 and last traded at $23.70, with a volume of 7125 shares traded. The stock had previously closed at $23.55.

Wall Street Analyst Weigh In

Separately, Barclays upgraded Westlake Chemical Partners to a “strong-buy” rating in a research report on Monday, August 12th.

Westlake Chemical Partners Price Performance

The company has a market capitalization of $839.42 million, a price-to-earnings ratio of 13.46 and a beta of 1.10. 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 company has a 50 day simple moving average of $22.52 and a 200 day simple moving average of $22.61.

Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.36 by $0.15. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. The company had revenue of $277.00 million during the quarter, compared to analyst estimates of $244.16 million. During the same period in the prior year, the firm posted $0.37 earnings per share. As a group, research analysts predict that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th will be paid a $0.471 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.91%. Westlake Chemical Partners’s dividend payout ratio (DPR) is currently 108.00%.

Institutional Investors Weigh In On Westlake Chemical Partners

A number of hedge funds have recently bought and sold shares of the business. Hilltop Holdings Inc. grew its stake in Westlake Chemical Partners by 2.7% during the 3rd quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock valued at $610,000 after purchasing an additional 711 shares in the last quarter. Apollon Wealth Management LLC lifted its holdings in Westlake Chemical Partners by 7.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock worth $334,000 after buying an additional 1,041 shares during the last quarter. International Assets Investment Management LLC bought a new position in Westlake Chemical Partners during the 2nd quarter worth approximately $33,000. Wilmington Savings Fund Society FSB bought a new position in Westlake Chemical Partners during the 3rd quarter worth approximately $36,000. Finally, Future Financial Wealth Managment LLC bought a new position in Westlake Chemical Partners during the 3rd quarter worth approximately $78,000. Institutional investors and hedge funds own 78.28% of the company’s stock.

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.