Westlake Chemical Partners (NYSE:WLKP) Hits New 1-Year High – Here’s Why

Westlake Chemical Partners LP (NYSE:WLKP)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $24.85 and last traded at $24.85, with a volume of 110 shares changing hands. The stock had previously closed at $24.03.

Analysts Set New Price Targets

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

Westlake Chemical Partners Trading Up 3.4 %

The company has a market cap of $875.71 million, a P/E ratio of 13.73 and a beta of 1.11. The firm’s 50 day moving average is $22.81 and its two-hundred day moving average is $22.71. The company has a quick ratio of 4.46, a current ratio of 4.53 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last issued its earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share 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 business had revenue of $277.00 million during the quarter, compared to the consensus estimate of $244.16 million. During the same period in the previous year, the company posted $0.37 earnings per share. As a group, equities research analysts anticipate 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 was paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th were issued a $0.471 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.58%. The ex-dividend date was Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio is currently 108.00%.

Hedge Funds Weigh In On Westlake Chemical Partners

Hedge funds have recently added to or reduced their stakes in the stock. Hilltop Holdings Inc. increased 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 buying an additional 711 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of Westlake Chemical Partners by 7.5% in the third quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock worth $334,000 after purchasing an additional 1,041 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Westlake Chemical Partners in the second quarter valued at approximately $33,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Westlake Chemical Partners during the third quarter worth $36,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Westlake Chemical Partners in the third quarter worth $78,000. Institutional investors and hedge funds 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.