Westlake Chemical Partners (WLKP) Downgraded by ValuEngine to Hold

Westlake Chemical Partners (NYSE:WLKP) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Monday.

Other equities analysts have also recently issued reports about the stock. TheStreet raised shares of Westlake Chemical Partners from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th. Citigroup started coverage on shares of Westlake Chemical Partners in a research report on Tuesday, December 5th. They set a “buy” rating and a $25.50 price target on the stock. UBS reissued a “buy” rating and set a $29.00 price target (up from $28.00) on shares of Westlake Chemical Partners in a research report on Friday, March 2nd. Deutsche Bank started coverage on shares of Westlake Chemical Partners in a research report on Wednesday, January 3rd. They set a “buy” rating on the stock. Finally, Barclays started coverage on shares of Westlake Chemical Partners in a research report on Wednesday, December 20th. They set an “equal weight” rating and a $26.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $27.30.

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Shares of NYSE WLKP traded down $0.10 during midday trading on Monday, reaching $22.25. 17,074 shares of the stock were exchanged, compared to its average volume of 63,293. The stock has a market cap of $720.50, a price-to-earnings ratio of 12.94, a P/E/G ratio of 2.03 and a beta of 1.04. Westlake Chemical Partners has a 12 month low of $21.10 and a 12 month high of $25.95. The company has a quick ratio of 5.61, a current ratio of 5.75 and a debt-to-equity ratio of 0.47.

Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings results on Tuesday, February 20th. The basic materials company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $308.60 million for the quarter, compared to analysts’ expectations of $335.90 million. Westlake Chemical Partners had a net margin of 4.15% and a return on equity of 5.13%. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. research analysts anticipate that Westlake Chemical Partners will post 1.83 EPS for the current fiscal year.

In related news, SVP Lawrence E. Teel acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The shares were acquired at an average cost of $22.75 per share, with a total value of $113,750.00. Following the transaction, the senior vice president now owns 5,900 shares of the company’s stock, valued at approximately $134,225. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Albert Chao acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 5th. The stock was bought at an average cost of $22.91 per share, for a total transaction of $45,820.00. Following the completion of the transaction, the chief executive officer now directly owns 49,500 shares in the company, valued at approximately $1,134,045. The disclosure for this purchase can be found here. Insiders purchased a total of 11,500 shares of company stock worth $264,560 over the last ninety days.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Yorkville Capital Management LLC bought a new stake in Westlake Chemical Partners in the 4th quarter valued at $1,525,000. Glenmede Trust Co. NA lifted its position in Westlake Chemical Partners by 26.5% in the 4th quarter. Glenmede Trust Co. NA now owns 29,610 shares of the basic materials company’s stock valued at $738,000 after acquiring an additional 6,200 shares in the last quarter. Deutsche Bank AG lifted its position in Westlake Chemical Partners by 152.0% in the 4th quarter. Deutsche Bank AG now owns 197,848 shares of the basic materials company’s stock valued at $4,936,000 after acquiring an additional 119,348 shares in the last quarter. Renaissance Technologies LLC lifted its position in Westlake Chemical Partners by 173.5% in the 4th quarter. Renaissance Technologies LLC now owns 153,967 shares of the basic materials company’s stock valued at $3,841,000 after acquiring an additional 97,678 shares in the last quarter. Finally, Eagle Global Advisors LLC lifted its position in Westlake Chemical Partners by 28.6% in the 4th quarter. Eagle Global Advisors LLC now owns 13,500 shares of the basic materials company’s stock valued at $337,000 after acquiring an additional 3,000 shares in the last quarter. 48.01% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Westlake Chemical Partners (NYSE:WLKP)

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