Stock analysts at Barclays initiated coverage on shares of Westlake Chemical Partners (NYSE:WLKP) in a research report issued to clients and investors on Wednesday, December 20th, MarketBeat reports. The firm set an “equal weight” rating and a $26.00 price target on the basic materials company’s stock. Barclays’ price target would indicate a potential upside of 4.21% from the stock’s previous close.
Other equities research analysts have also issued research reports about the company. TheStreet upgraded Westlake Chemical Partners from a “c+” rating to a “b-” rating in a research note on Tuesday, December 12th. Citigroup assumed coverage on Westlake Chemical Partners in a research report on Tuesday, December 5th. They set a “buy” rating and a $25.50 price objective for the company. ValuEngine lowered Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 14th. Tudor Pickering lowered Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, B. Riley set a $26.00 price objective on Westlake Chemical Partners and gave the company a “neutral” rating in a research report on Monday, December 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Westlake Chemical Partners presently has an average rating of “Hold” and an average price target of $26.88.
Shares of Westlake Chemical Partners (NYSE:WLKP) traded up $0.25 during mid-day trading on Wednesday, reaching $24.95. The company’s stock had a trading volume of 35,075 shares, compared to its average volume of 58,522. Westlake Chemical Partners has a 1-year low of $20.65 and a 1-year high of $26.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.84 and a quick ratio of 4.76. The stock has a market cap of $784.92, a price-to-earnings ratio of 15.40, a PEG ratio of 3.66 and a beta of 1.18.
Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, November 7th. The basic materials company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.06. Westlake Chemical Partners had a return on equity of 4.73% and a net margin of 3.80%. The business had revenue of $296.78 million during the quarter. equities analysts anticipate that Westlake Chemical Partners will post 1.58 earnings per share for the current fiscal year.
In other news, CEO Albert Chao acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was acquired at an average price of $21.49 per share, with a total value of $42,980.00. Following the completion of the purchase, the chief executive officer now directly owns 47,000 shares in the company, valued at $1,010,030. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Chao acquired 8,473 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was purchased at an average cost of $22.17 per share, with a total value of $187,846.41. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 35,748 shares of company stock valued at $787,823.
A number of hedge funds and other institutional investors have recently made changes to their positions in WLKP. Bank of New York Mellon Corp lifted its stake in Westlake Chemical Partners by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 61,237 shares of the basic materials company’s stock worth $1,516,000 after purchasing an additional 661 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Westlake Chemical Partners by 20.5% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 297,498 shares of the basic materials company’s stock worth $7,363,000 after purchasing an additional 50,533 shares during the last quarter. Citigroup Inc. lifted its stake in Westlake Chemical Partners by 27,347.0% in the second quarter. Citigroup Inc. now owns 27,447 shares of the basic materials company’s stock worth $679,000 after purchasing an additional 27,347 shares during the last quarter. Bamco Inc. NY increased its position in shares of Westlake Chemical Partners by 0.8% during the second quarter. Bamco Inc. NY now owns 350,000 shares of the basic materials company’s stock worth $8,662,000 after acquiring an additional 2,668 shares during the period. Finally, Duff & Phelps Investment Management Co. increased its position in shares of Westlake Chemical Partners by 109.2% during the third quarter. Duff & Phelps Investment Management Co. now owns 651,460 shares of the basic materials company’s stock worth $14,788,000 after acquiring an additional 340,000 shares during the period. 55.16% of the stock is owned by institutional investors and hedge funds.
Westlake Chemical Partners Company Profile
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.
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