Westlake Chemical Partners (NYSE:WLKP) Downgraded by Wall Street Zen to “Buy”

Westlake Chemical Partners (NYSE:WLKP) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Westlake Chemical Partners in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Westlake Chemical Partners Trading Down 2.6%

NYSE:WLKP opened at $22.13 on Friday. The stock’s 50 day moving average price is $20.99 and its 200 day moving average price is $20.42. The company has a market capitalization of $780.08 million, a PE ratio of 16.04, a P/E/G ratio of 2.44 and a beta of 0.58. The company has a quick ratio of 2.32, a current ratio of 2.80 and a debt-to-equity ratio of 0.50. Westlake Chemical Partners has a 52-week low of $17.75 and a 52-week high of $24.58.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Tuesday, February 24th. The basic materials company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The firm had revenue of $323.05 million during the quarter, compared to analysts’ expectations of $313.00 million. Westlake Chemical Partners had a net margin of 4.17% and a return on equity of 5.99%. On average, research analysts anticipate that Westlake Chemical Partners will post 1.55 EPS for the current year.

Institutional Investors Weigh In On Westlake Chemical Partners

Several large investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its holdings in shares of Westlake Chemical Partners by 142.9% during the fourth quarter. Geneos Wealth Management Inc. now owns 6,302 shares of the basic materials company’s stock worth $120,000 after purchasing an additional 3,708 shares during the period. Royal Bank of Canada increased its stake in Westlake Chemical Partners by 15.7% in the 4th quarter. Royal Bank of Canada now owns 7,749 shares of the basic materials company’s stock valued at $147,000 after buying an additional 1,050 shares during the period. Centennial Bank AR acquired a new stake in shares of Westlake Chemical Partners in the 4th quarter worth $173,000. Osaic Holdings Inc. lifted its stake in shares of Westlake Chemical Partners by 45.8% in the 2nd quarter. Osaic Holdings Inc. now owns 10,153 shares of the basic materials company’s stock worth $224,000 after acquiring an additional 3,187 shares during the period. Finally, Susquehanna Portfolio Strategies LLC purchased a new stake in shares of Westlake Chemical Partners in the fourth quarter valued at about $224,000. Hedge funds and other institutional investors own 78.28% of the company’s stock.

About Westlake Chemical Partners

Westlake Chemical Partners LP (NYSE: WLKP) is a publicly traded master limited partnership sponsored by Westlake Chemical Corporation. The partnership owns, operates and acquires a portfolio of ethylene and vinyl manufacturing assets throughout the United States and the United Kingdom. As a downstream producer of basic chemicals and intermediates, WLKP supplies key industrial feedstocks to customers in a variety of end markets.

WLKP’s operations are organized into two primary segments: olefins and vinyls.