Westlake Chemical Partners LP (NYSE:WLKP) Sees Large Growth in Short Interest

Westlake Chemical Partners LP (NYSE:WLKP) was the recipient of a large increase in short interest in January. As of January 31st, there was short interest totalling 140,100 shares, an increase of 20.8% from the January 15th total of 116,000 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average daily volume of 41,800 shares, the short-interest ratio is presently 3.4 days.

Institutional Investors Weigh In On Westlake Chemical Partners

Several institutional investors have recently bought and sold shares of WLKP. Wilmington Savings Fund Society FSB acquired a new position in shares of Westlake Chemical Partners during the 3rd quarter worth approximately $36,000. Geneos Wealth Management Inc. boosted its holdings in shares of Westlake Chemical Partners by 32.2% during the 4th quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 812 shares during the last quarter. GeoWealth Management LLC acquired a new position in shares of Westlake Chemical Partners during the 4th quarter worth approximately $175,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Westlake Chemical Partners during the 4th quarter worth approximately $211,000. Finally, Apollon Wealth Management LLC boosted its holdings in shares of 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 worth $334,000 after purchasing an additional 1,041 shares during the last quarter. 78.28% of the stock is currently owned by institutional investors and hedge funds.

Westlake Chemical Partners Price Performance

WLKP stock traded up $0.09 during trading on Friday, hitting $23.64. The stock had a trading volume of 99,281 shares, compared to its average volume of 29,747. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46. Westlake Chemical Partners has a twelve month low of $21.19 and a twelve month high of $24.98. The stock has a market capitalization of $833.07 million, a P/E ratio of 13.51 and a beta of 1.09. The company’s 50-day moving average price is $23.73 and its two-hundred day moving average price is $23.03.

Westlake Chemical Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Friday, February 7th will be issued a $0.4714 dividend. This represents a $1.89 annualized dividend and a yield of 7.98%. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.47. The ex-dividend date is Friday, February 7th. Westlake Chemical Partners’s payout ratio is presently 108.00%.

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.