Westlake Chemical Partners (WLKP) Given “Buy” Rating at UBS Group
Westlake Chemical Partners (NYSE:WLKP)‘s stock had its “buy” rating reissued by equities research analysts at UBS Group in a report released on Friday, www.benzinga.com reports. They currently have a $29.00 price objective on the basic materials company’s stock, up from their previous price objective of $28.00. UBS Group’s price target would suggest a potential upside of 26.91% from the stock’s previous close.
WLKP has been the topic of a number of other research reports. Tudor Pickering cut Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Citigroup started coverage on Westlake Chemical Partners in a research note on Tuesday, December 5th. They issued a “buy” rating and a $25.50 price target on the stock. ValuEngine raised Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Barclays started coverage on Westlake Chemical Partners in a research note on Wednesday, December 20th. They issued an “equal weight” rating and a $26.00 price target on the stock. Finally, B. Riley set a $26.00 price target on Westlake Chemical Partners and gave the stock a “neutral” rating in a research note on Monday, December 18th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $27.30.
Shares of Westlake Chemical Partners (NYSE:WLKP) remained flat at $$22.85 on Friday. The stock had a trading volume of 21,987 shares, compared to its average volume of 48,749. The stock has a market cap of $618.30, a PE ratio of 13.93, a PEG ratio of 2.07 and a beta of 1.07. Westlake Chemical Partners has a one year low of $21.10 and a one year high of $26.15. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.76 and a current ratio of 4.84.
In other Westlake Chemical Partners news, CFO Mark Steven Bender bought 2,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were bought at an average price of $23.77 per share, with a total value of $47,540.00. Following the purchase, the chief financial officer now directly owns 12,000 shares in the company, valued at approximately $285,240. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Albert Chao bought 2,500 shares of the stock in a transaction on Thursday, March 1st. The shares were acquired at an average cost of $22.98 per share, for a total transaction of $57,450.00. Following the purchase, the chief executive officer now owns 47,500 shares in the company, valued at $1,091,550. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 12,973 shares of company stock worth $292,836.
A number of large investors have recently added to or reduced their stakes in the business. Eagle Global Advisors LLC lifted its holdings in shares of Westlake Chemical Partners by 28.6% during the 4th quarter. Eagle Global Advisors LLC now owns 13,500 shares of the basic materials company’s stock valued at $337,000 after buying an additional 3,000 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Westlake Chemical Partners during the 4th quarter valued at about $344,000. Glenmede Trust Co. NA lifted its holdings in shares of Westlake Chemical Partners by 26.5% during the 4th quarter. Glenmede Trust Co. NA now owns 29,610 shares of the basic materials company’s stock valued at $738,000 after buying an additional 6,200 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of Westlake Chemical Partners during the 3rd quarter valued at about $923,000. Finally, Franklin Square Holdings L.P. acquired a new stake in shares of Westlake Chemical Partners during the 3rd quarter valued at about $931,000. 57.43% of the stock is currently owned by institutional investors.
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Westlake Chemical Partners Company Profile
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.
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