ValuEngine Upgrades Westlake Chemical Partners (WLKP) to Buy
ValuEngine upgraded shares of Westlake Chemical Partners (NYSE:WLKP) from a hold rating to a buy rating in a research report released on Thursday morning.
Other equities analysts also recently issued reports about the stock. TheStreet raised shares of Westlake Chemical Partners from a c+ rating to a b- rating in a report on Tuesday, December 12th. Citigroup initiated coverage on shares of Westlake Chemical Partners in a report on Tuesday, December 5th. They set a buy rating and a $25.50 price objective on the stock. Deutsche Bank started coverage on shares of Westlake Chemical Partners in a report on Wednesday, January 3rd. They set a buy rating on the stock. Barclays started coverage on shares of Westlake Chemical Partners in a research report on Wednesday, December 20th. They issued an equal weight rating and a $26.00 target price for the company. Finally, Tudor Pickering cut shares of Westlake Chemical Partners from a buy rating to a hold rating in a research report on Wednesday, December 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Westlake Chemical Partners currently has an average rating of Hold and a consensus price target of $27.30.
Westlake Chemical Partners (WLKP) opened at $22.85 on Thursday. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48. The stock has a market cap of $736.56, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 2.07 and a beta of 1.07. Westlake Chemical Partners has a twelve month low of $21.10 and a twelve month high of $26.00.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Thursday, February 8th were given a $0.3864 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 6.76%. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.38. The ex-dividend date was Wednesday, February 7th. Westlake Chemical Partners’s dividend payout ratio is 92.26%.
In other news, Director James Chao acquired 8,473 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was purchased at an average cost of $22.17 per share, for a total transaction of $187,846.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Albert Chao acquired 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were purchased at an average price of $22.98 per share, with a total value of $57,450.00. Following the completion of the transaction, the chief executive officer now owns 47,500 shares of the company’s stock, valued at approximately $1,091,550. The disclosure for this purchase can be found here. Insiders bought 12,973 shares of company stock valued at $292,836 over the last quarter.
A number of institutional investors have recently added to or reduced their stakes in WLKP. Atlantic Trust Group LLC acquired a new stake in Westlake Chemical Partners during the third quarter worth about $5,613,000. Harvest Fund Advisors LLC increased its position in Westlake Chemical Partners by 8.1% during the third quarter. Harvest Fund Advisors LLC now owns 3,251,681 shares of the basic materials company’s stock worth $73,813,000 after purchasing an additional 242,801 shares during the last quarter. OppenheimerFunds Inc. increased its position in Westlake Chemical Partners by 5.8% during the fourth quarter. OppenheimerFunds Inc. now owns 4,208,778 shares of the basic materials company’s stock worth $105,009,000 after purchasing an additional 231,254 shares during the last quarter. Magnetar Financial LLC acquired a new stake in Westlake Chemical Partners during the third quarter worth about $4,764,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in Westlake Chemical Partners during the third quarter worth about $4,206,000. Hedge funds and other institutional investors own 57.43% of the company’s stock.
About Westlake Chemical Partners
Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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