Westlake Chemical Partners LP (NYSE:WLKP) Short Interest Down 15.6% in March

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) saw a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 112,200 shares, a decrease of 15.6% from the February 28th total of 133,000 shares. Based on an average daily volume of 38,100 shares, the short-interest ratio is presently 2.9 days. Currently, 0.6% of the company's stock are short sold.

Westlake Chemical Partners Stock Down 0.4 %

Shares of Westlake Chemical Partners stock traded down $0.10 during trading on Wednesday, hitting $23.14. 11,353 shares of the stock were exchanged, compared to its average volume of 47,235. Westlake Chemical Partners has a 12-month low of $21.19 and a 12-month high of $25.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46. The stock has a market cap of $815.43 million, a price-to-earnings ratio of 13.22 and a beta of 0.93. The firm's 50-day moving average price is $23.88 and its 200 day moving average price is $23.28.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last announced its earnings results on Monday, February 24th. The basic materials company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.07. The company had revenue of $290.06 million for the quarter, compared to the consensus estimate of $262.00 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. As a group, analysts forecast that Westlake Chemical Partners will post 1.55 earnings per share for the current fiscal year.

Remove Ads

Westlake Chemical Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Friday, February 7th were given a $0.4714 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.89 dividend on an annualized basis and a yield of 8.15%. This is an increase from Westlake Chemical Partners's previous quarterly dividend of $0.47. Westlake Chemical Partners's dividend payout ratio (DPR) is presently 106.21%.

Hedge Funds Weigh In On Westlake Chemical Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Glenmede Trust Co. NA lifted its holdings in shares of Westlake Chemical Partners by 22.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company's stock valued at $1,243,000 after buying an additional 10,000 shares during the period. Hilltop Holdings Inc. raised its position 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 acquiring an additional 711 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Westlake Chemical Partners in the third quarter valued at $36,000. JPMorgan Chase & Co. boosted its position in shares of Westlake Chemical Partners by 267.0% during the 3rd 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 in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Westlake Chemical Partners by 32.2% during the 4th 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. 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.