Clearbridge Investments LLC Purchases 147,687 Shares of Westlake Chemical Partners LP $WLKP

Clearbridge Investments LLC boosted its position in Westlake Chemical Partners LP (NYSE:WLKP) by 30.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 633,569 shares of the basic materials company’s stock after purchasing an additional 147,687 shares during the period. Clearbridge Investments LLC’s holdings in Westlake Chemical Partners were worth $12,038,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its stake in Westlake Chemical Partners by 142.9% in 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 last quarter. Osaic Holdings Inc. increased its holdings in Westlake Chemical Partners by 45.8% during the second quarter. Osaic Holdings Inc. now owns 10,153 shares of the basic materials company’s stock valued at $224,000 after buying an additional 3,187 shares during the period. Jane Street Group LLC purchased a new position in Westlake Chemical Partners during the second quarter valued at approximately $387,000. Envestnet Asset Management Inc. increased its holdings in Westlake Chemical Partners by 7.3% during the third quarter. Envestnet Asset Management Inc. now owns 18,911 shares of the basic materials company’s stock valued at $397,000 after buying an additional 1,282 shares during the period. Finally, Apollon Wealth Management LLC increased its holdings in Westlake Chemical Partners by 3.3% during the fourth quarter. Apollon Wealth Management LLC now owns 20,395 shares of the basic materials company’s stock valued at $388,000 after buying an additional 658 shares during the period. Institutional investors own 78.28% of the company’s stock.

Wall Street Analysts Forecast Growth

WLKP has been the topic of several analyst reports. Wall Street Zen raised shares of Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 28th. Weiss Ratings raised shares of Westlake Chemical Partners from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, May 21st. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Westlake Chemical Partners presently has a consensus rating of “Moderate Buy”.

Westlake Chemical Partners Trading Up 0.5%

NYSE WLKP opened at $23.33 on Thursday. The company has a market capitalization of $822.43 million, a PE ratio of 14.23, a P/E/G ratio of 0.66 and a beta of 0.52. The company has a fifty day moving average of $22.76 and a 200 day moving average of $21.39. Westlake Chemical Partners LP has a 1 year low of $17.75 and a 1 year high of $23.88. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.65 and a quick ratio of 3.57.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, May 5th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The business had revenue of $305.68 million for the quarter, compared to analyst estimates of $522.00 million. Westlake Chemical Partners had a net margin of 4.69% and a return on equity of 7.15%. Research analysts forecast that Westlake Chemical Partners LP will post 1.88 earnings per share for the current year.

Westlake Chemical Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Thursday, May 14th were given a $0.4714 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.1%. Westlake Chemical Partners’s dividend payout ratio is 114.63%.

Westlake Chemical Partners Company Profile

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.