Tortoise Capital Advisors L.L.C. Sells 4,940 Shares of Westlake Chemical Partners LP (NYSE:WLKP)

Tortoise Capital Advisors L.L.C. cut its stake in Westlake Chemical Partners LP (NYSE:WLKP) by 3.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 126,724 shares of the basic materials company’s stock after selling 4,940 shares during the quarter. Tortoise Capital Advisors L.L.C. owned 0.36% of Westlake Chemical Partners worth $2,932,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new stake in Westlake Chemical Partners in the 3rd quarter worth approximately $36,000. Geneos Wealth Management Inc. boosted its stake in shares of Westlake Chemical Partners by 32.2% in the 4th quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after buying an additional 812 shares during the last quarter. GeoWealth Management LLC bought a new stake in shares of Westlake Chemical Partners in the fourth quarter worth $175,000. Allspring Global Investments Holdings LLC purchased a new stake in Westlake Chemical Partners during the fourth quarter valued at $211,000. Finally, Apollon Wealth Management LLC lifted its holdings in Westlake Chemical Partners by 3.4% in the fourth quarter. Apollon Wealth Management LLC now owns 15,421 shares of the basic materials company’s stock valued at $357,000 after acquiring an additional 512 shares during the period. 78.28% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Partners Trading Up 0.3 %

Shares of NYSE:WLKP opened at $23.05 on Friday. Westlake Chemical Partners LP has a 52-week low of $21.19 and a 52-week high of $25.04. The stock has a market capitalization of $812.26 million, a price-to-earnings ratio of 13.17 and a beta of 0.93. 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 stock’s 50-day simple moving average is $23.36 and its two-hundred day simple moving average is $23.30.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Monday, February 24th. The basic materials company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.07. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. The company had revenue of $290.06 million during the quarter, compared to analyst estimates of $262.00 million. Analysts expect that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Friday, February 7th were paid a $0.4714 dividend. This represents a $1.89 annualized dividend and a dividend yield of 8.18%. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, February 7th. Westlake Chemical Partners’s dividend payout ratio is 106.21%.

Westlake Chemical Partners 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.