Tudor Pickering cut shares of Westlake Chemical Partners (NYSE:WLKP) from a buy rating to a hold rating in a report issued on Wednesday morning.

Other analysts have also recently issued reports about the company. Citigroup initiated coverage on Westlake Chemical Partners in a report on Tuesday. They issued a buy rating and a $25.50 target price on the stock. ValuEngine cut Westlake Chemical Partners from a strong-buy rating to a buy rating in a report on Tuesday, November 14th. Finally, BidaskClub cut Westlake Chemical Partners from a sell rating to a strong sell rating in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $27.75.

Westlake Chemical Partners (WLKP) traded up $0.10 during trading hours on Wednesday, hitting $22.50. The stock had a trading volume of 168,800 shares, compared to its average volume of 50,521. The company has a market capitalization of $606.12, a PE ratio of 14.27, a P/E/G ratio of 4.08 and a beta of 1.18. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.76 and a current ratio of 4.84. Westlake Chemical Partners has a 52 week low of $20.00 and a 52 week high of $26.25.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, November 7th. The basic materials company reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.06. Westlake Chemical Partners had a return on equity of 4.73% and a net margin of 3.80%. The business had revenue of $296.78 million for the quarter. equities analysts forecast that Westlake Chemical Partners will post 1.46 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 29th. Investors of record on Tuesday, November 14th were issued a $0.3756 dividend. The ex-dividend date was Monday, November 13th. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.37. This represents a $1.50 annualized dividend and a yield of 6.68%. Westlake Chemical Partners’s dividend payout ratio is presently 95.54%.

In other Westlake Chemical Partners news, Director James Chao purchased 8,473 shares of the company’s stock in a transaction on Monday, December 4th. The shares were purchased at an average cost of $22.17 per share, with a total value of $187,846.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Albert Chao purchased 2,000 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was acquired at an average cost of $21.49 per share, for a total transaction of $42,980.00. Following the completion of the purchase, the chief executive officer now owns 47,000 shares of the company’s stock, valued at approximately $1,010,030. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 35,748 shares of company stock worth $787,823.

A number of institutional investors and hedge funds have recently modified their holdings of WLKP. Renaissance Technologies LLC raised its position in shares of Westlake Chemical Partners by 91.4% during the first quarter. Renaissance Technologies LLC now owns 83,535 shares of the basic materials company’s stock worth $2,101,000 after purchasing an additional 39,888 shares during the period. Duff & Phelps Investment Management Co. raised its position in shares of Westlake Chemical Partners by 14.7% during the second quarter. Duff & Phelps Investment Management Co. now owns 311,460 shares of the basic materials company’s stock worth $7,709,000 after purchasing an additional 40,000 shares during the period. Bank of New York Mellon Corp raised its position in shares of Westlake Chemical Partners by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 61,237 shares of the basic materials company’s stock worth $1,516,000 after purchasing an additional 661 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Westlake Chemical Partners by 20.5% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 297,498 shares of the basic materials company’s stock worth $7,363,000 after purchasing an additional 50,533 shares during the period. Finally, Citigroup Inc. raised its position in shares of Westlake Chemical Partners by 27,347.0% during the second quarter. Citigroup Inc. now owns 27,447 shares of the basic materials company’s stock worth $679,000 after purchasing an additional 27,347 shares during the period. 55.16% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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