Westlake Chemical Partners (NYSE:WLKP) Shares Cross Below 200-Day Moving Average – Should You Sell?

Westlake Chemical Partners LP (NYSE:WLKP)’s share price crossed 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.

Wall Street Analyst Weigh In

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

Westlake Chemical Partners Stock Performance

The business’s fifty day simple moving average is $22.40 and its 200-day simple moving average is $22.56. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.46 and a current ratio of 4.53. The firm has a market capitalization of $794.44 million, a PE ratio of 12.86 and a beta of 1.10.

Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly 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 business had revenue of $277.00 million for 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 previous year, the company earned $0.37 EPS. As a group, equities research analysts expect that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.471 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 8.35%. Westlake Chemical Partners’s dividend payout ratio is currently 108.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WLKP. Hilltop Holdings Inc. increased its position in Westlake Chemical Partners by 2.7% during the third quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock valued at $610,000 after acquiring an additional 711 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in Westlake Chemical Partners by 7.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock valued at $334,000 after purchasing an additional 1,041 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Westlake Chemical Partners in the 2nd quarter worth about $33,000. Future Financial Wealth Managment LLC bought a new stake in Westlake Chemical Partners in the third quarter worth about $78,000. Finally, Rothschild Investment LLC purchased a new position in shares of Westlake Chemical Partners during the second quarter valued at approximately $181,000. 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.