Westlake Chemical Partners LP (NYSE:WLKP) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 251,400 shares, a growth of 10.0% from the September 30th total of 228,600 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily volume of 42,200 shares, the short-interest ratio is presently 6.0 days.
Shares of WLKP stock traded down $0.07 during midday trading on Wednesday, hitting $22.92. 24,917 shares of the company were exchanged, compared to its average volume of 55,224. The firm has a market capitalization of $741.75 million, a P/E ratio of 15.18, a PEG ratio of 0.85 and a beta of 0.59. The company has a debt-to-equity ratio of 0.42, a quick ratio of 5.71 and a current ratio of 5.80. The firm’s 50 day moving average price is $23.10 and its two-hundred day moving average price is $22.91. Westlake Chemical Partners has a 52 week low of $20.25 and a 52 week high of $24.95.
Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, November 5th. The basic materials company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.05). The company had revenue of $249.93 million for the quarter. Westlake Chemical Partners had a return on equity of 5.77% and a net margin of 4.81%. Analysts expect that Westlake Chemical Partners will post 1.7 EPS for the current year.
In other news, CAO George J. Mangieri sold 5,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $22.93, for a total transaction of $114,650.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Several hedge funds have recently made changes to their positions in WLKP. Bourgeon Capital Management LLC bought a new stake in Westlake Chemical Partners in the 3rd quarter valued at about $70,000. Tower Research Capital LLC TRC bought a new stake in Westlake Chemical Partners in the 3rd quarter valued at about $100,000. Delphi Management Inc. MA bought a new stake in Westlake Chemical Partners in the 3rd quarter valued at about $503,000. GSA Capital Partners LLP boosted its holdings in Westlake Chemical Partners by 4.4% in the 2nd quarter. GSA Capital Partners LLP now owns 31,462 shares of the basic materials company’s stock valued at $774,000 after purchasing an additional 1,318 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Westlake Chemical Partners by 41.5% in the 2nd quarter. Renaissance Technologies LLC now owns 33,831 shares of the basic materials company’s stock valued at $832,000 after purchasing an additional 9,915 shares during the period. 49.06% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on WLKP shares. Citigroup lowered shares of Westlake Chemical Partners from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $26.00 to $23.00 in a research note on Wednesday, October 9th. Barclays raised shares of Westlake Chemical Partners from an “equal weight” rating to an “overweight” rating and set a $27.00 target price for the company in a report on Friday, September 13th. Finally, Zacks Investment Research raised shares of Westlake Chemical Partners from a “sell” rating to a “hold” rating in a report on Saturday, October 12th.
About Westlake Chemical Partners
Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company's ethylene production facilities primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.
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