Tortoise Capital Advisors L.L.C. cut its stake in Westlake Chemical Partners LP (NYSE:WLKP) by 5.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 132,812 shares of the basic materials company’s stock after selling 7,100 shares during the period. Tortoise Capital Advisors L.L.C.’s holdings in Westlake Chemical Partners were worth $3,190,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in WLKP. Royal Bank of Canada boosted its position in shares of Westlake Chemical Partners by 29.1% in the first quarter. Royal Bank of Canada now owns 1,692 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 381 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Westlake Chemical Partners by 100.0% in the first quarter. International Assets Investment Management LLC now owns 2,924 shares of the basic materials company’s stock worth $70,000 after acquiring an additional 1,462 shares during the last quarter. Citigroup Inc. purchased a new position in Westlake Chemical Partners in the first quarter valued at approximately $116,000. Rockefeller Capital Management L.P. raised its holdings in Westlake Chemical Partners by 4,098.4% in the first quarter. Rockefeller Capital Management L.P. now owns 5,122 shares of the basic materials company’s stock valued at $122,000 after buying an additional 5,000 shares during the period. Finally, Sei Investments Co. raised its holdings in Westlake Chemical Partners by 10.2% in the first quarter. Sei Investments Co. now owns 14,367 shares of the basic materials company’s stock valued at $345,000 after buying an additional 1,329 shares during the period. 33.92% of the stock is currently owned by institutional investors and hedge funds.
Shares of WLKP traded up $0.05 during mid-day trading on Thursday, reaching $26.99. 170 shares of the stock traded hands, compared to its average volume of 49,725. The stock has a market cap of $950.05 million, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.73 and a beta of 1.16. The firm has a fifty day moving average of $26.86. Westlake Chemical Partners LP has a 12-month low of $17.82 and a 12-month high of $27.57. The company has a current ratio of 6.54, a quick ratio of 6.47 and a debt-to-equity ratio of 0.44.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 27th. Stockholders of record on Thursday, May 13th were paid a dividend of $0.471 per share. The ex-dividend date of this dividend was Wednesday, May 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.98%. Westlake Chemical Partners’s dividend payout ratio is currently 100.53%.
Several research firms recently commented on WLKP. UBS Group restated a “neutral” rating and issued a $25.00 price target (up previously from $23.00) on shares of Westlake Chemical Partners in a report on Wednesday, March 24th. Zacks Investment Research lowered shares of Westlake Chemical Partners from a “hold” rating to a “sell” rating in a report on Wednesday. Bank of America upgraded shares of Westlake Chemical Partners from an “underperform” rating to a “buy” rating in a report on Friday, July 16th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Westlake Chemical Partners from $26.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, May 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $25.60.
Westlake Chemical Partners Company Profile
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.
Further Reading: Special Purpose Acquisition Company (SPAC) – What You Need to Know
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