Westlake Chemical Partners (NYSE:WLKP) Stock Rating Upgraded by Wall Street Zen

Westlake Chemical Partners (NYSE:WLKP) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Westlake Chemical Partners Price Performance

Shares of NYSE WLKP opened at $22.36 on Monday. Westlake Chemical Partners has a twelve month low of $21.19 and a twelve month high of $25.04. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $787.97 million, a price-to-earnings ratio of 15.01 and a beta of 0.78. The firm has a 50-day moving average of $22.11 and a two-hundred day moving average of $22.74.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.03). Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.38%. The business had revenue of $297.12 million during the quarter, compared to analyst estimates of $301.00 million. As a group, analysts expect that Westlake Chemical Partners will post 1.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Westlake Chemical Partners news, Chairman James Chao sold 3,700 shares of the company’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $22.10, for a total transaction of $81,770.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Westlake Chemical Partners

A number of large investors have recently made changes to their positions in the business. Samalin Investment Counsel LLC increased its holdings in shares of Westlake Chemical Partners by 2.3% in the 1st quarter. Samalin Investment Counsel LLC now owns 24,855 shares of the basic materials company’s stock valued at $574,000 after purchasing an additional 568 shares during the period. Envestnet Asset Management Inc. increased its holdings in Westlake Chemical Partners by 4.4% in the second quarter. Envestnet Asset Management Inc. now owns 17,629 shares of the basic materials company’s stock worth $389,000 after buying an additional 751 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in Westlake Chemical Partners by 7.3% in the first quarter. Apollon Wealth Management LLC now owns 16,547 shares of the basic materials company’s stock worth $382,000 after buying an additional 1,126 shares during the last quarter. Sound Income Strategies LLC acquired a new position in Westlake Chemical Partners in the second quarter worth approximately $32,000. Finally, Pathway Financial Advisers LLC increased its holdings in Westlake Chemical Partners by 1.6% in the first quarter. Pathway Financial Advisers LLC now owns 103,390 shares of the basic materials company’s stock worth $2,387,000 after buying an additional 1,610 shares during the last quarter. 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.