Westlake Chemical Partners (NYSE:WLKP) Shares Pass Below Two Hundred Day Moving Average – What’s Next?

Westlake Chemical Partners LP (NYSE:WLKP) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $22.56 and traded as low as $22.50. Westlake Chemical Partners shares last traded at $22.61, with a volume of 35,421 shares traded.

Wall Street Analysts Forecast Growth

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

Westlake Chemical Partners Trading Up 0.0 %

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 market capitalization of $796.57 million, a P/E ratio of 12.92 and a beta of 1.10. The firm’s 50-day moving average price is $22.40 and its 200 day moving average price is $22.56.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Tuesday, November 5th. The basic materials company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $277.00 million during the quarter, compared to analyst estimates of $244.16 million. During the same period in the previous year, the company posted $0.37 EPS. As a group, equities research analysts predict that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders 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 8.33%. The ex-dividend date of this dividend is Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 107.43%.

Institutional Trading of Westlake Chemical Partners

Institutional investors and hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in Westlake Chemical Partners during the second quarter worth about $33,000. Future Financial Wealth Managment LLC bought a new position in shares of Westlake Chemical Partners in the third quarter valued at approximately $78,000. Rothschild Investment LLC bought a new position in shares of Westlake Chemical Partners in the second quarter valued at approximately $181,000. Apollon Wealth Management LLC increased its position in shares of Westlake Chemical Partners by 7.5% during the third quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock valued at $334,000 after acquiring an additional 1,041 shares during the last quarter. Finally, Glenmede Trust Co. NA lifted its holdings in Westlake Chemical Partners by 22.0% during the third quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock worth $1,243,000 after acquiring an additional 10,000 shares during the period. Hedge funds and other institutional investors own 78.28% of the company’s stock.

About Westlake Chemical Partners

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.