Apollon Wealth Management LLC Boosts Stock Position in Westlake Chemical Partners LP (NYSE:WLKP)

Apollon Wealth Management LLC boosted its holdings in Westlake Chemical Partners LP (NYSE:WLKP) by 7.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,909 shares of the basic materials company’s stock after buying an additional 1,041 shares during the quarter. Apollon Wealth Management LLC’s holdings in Westlake Chemical Partners were worth $334,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in WLKP. Pathway Financial Advisers LLC purchased a new position in shares of Westlake Chemical Partners during the first quarter worth about $2,169,000. International Assets Investment Management LLC purchased a new position in shares of Westlake Chemical Partners during the 2nd quarter worth approximately $33,000. Rothschild Investment LLC purchased a new stake in Westlake Chemical Partners in the 2nd quarter worth approximately $181,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Westlake Chemical Partners in the 3rd quarter worth approximately $78,000. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Stock Performance

Shares of Westlake Chemical Partners stock opened at $22.55 on Monday. The firm has a market cap of $794.46 million, a PE ratio of 12.89 and a beta of 1.10. The firm’s 50-day simple moving average is $22.41 and its 200-day simple moving average is $22.57. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.46 and a current ratio of 4.53. Westlake Chemical Partners LP has a 1 year low of $21.19 and a 1 year high of $23.68.

Westlake Chemical Partners (NYSE:WLKP) last posted its 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. The firm had revenue of $277.00 million during the quarter, compared to analysts’ expectations of $244.16 million. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. During the same quarter in the prior year, the firm earned $0.37 EPS. Equities analysts forecast that Westlake Chemical Partners LP will post 1.55 earnings per share for the current fiscal year.

Westlake Chemical Partners Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th will be paid a dividend of $0.471 per share. This represents a $1.88 annualized dividend and a yield of 8.35%. The ex-dividend date is Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio is presently 107.43%.

Analyst Ratings Changes

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

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.