Westlake Chemical Partners (NYSE:WLKP) Stock Passes Below Two Hundred Day Moving Average - Here's Why

Shares of Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $22.49 and traded as low as $22.44. Westlake Chemical Partners shares last traded at $22.50, with a volume of 20,622 shares.

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Wall Street Analyst Weigh In

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

View Our Latest Report on Westlake Chemical Partners

Westlake Chemical Partners Price Performance

The company has a market cap of $794.39 million, a PE ratio of 14.64 and a beta of 1.10. The company has a quick ratio of 4.59, a current ratio of 4.68 and a debt-to-equity ratio of 0.48. The company's fifty day moving average is $22.45 and its 200-day moving average is $22.49.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.03). Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.68%. The firm had revenue of $284.17 million for the quarter, compared to analysts' expectations of $270.28 million. During the same period in the prior year, the firm earned $0.34 EPS. On average, analysts predict that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

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Westlake Chemical Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 12th were paid a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a yield of 8.36%. The ex-dividend date was Monday, August 12th. Westlake Chemical Partners's payout ratio is 122.08%.

Insider Activity

In other Westlake Chemical Partners news, SVP Andrew Kenner bought 12,000 shares of the company's stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $22.99 per share, for a total transaction of $275,880.00. Following the acquisition, the senior vice president now directly owns 182,308 shares in the company, valued at approximately $4,191,260.92. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have acquired 16,119 shares of company stock valued at $369,340. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Westlake Chemical Partners

Several institutional investors and hedge funds have recently modified their holdings of WLKP. Future Financial Wealth Managment LLC acquired a new position in Westlake Chemical Partners in the 1st quarter valued at $78,000. GSA Capital Partners LLP increased its position in shares of Westlake Chemical Partners by 10.7% during the first quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company's stock worth $853,000 after acquiring an additional 3,713 shares during the period. Pathway Financial Advisers LLC purchased a new stake in Westlake Chemical Partners during the 1st quarter worth about $2,169,000. International Assets Investment Management LLC purchased a new position in Westlake Chemical Partners in the second quarter worth approximately $33,000. Finally, Rothschild Investment LLC purchased a new stake in shares of Westlake Chemical Partners during the 2nd quarter worth $181,000. Institutional investors and hedge funds own 78.28% of the company's stock.

About Westlake Chemical Partners

(Get Free Report)

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.

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