Zacks Investment Research cut shares of Westlake Chemical Partners (NYSE:WLKP) from a hold rating to a sell rating in a report published on Friday morning.

According to Zacks, “Westlake Chemical Partners LP is a manufacturer and supplier of petrochemicals, vinyls, polymers and building products. It focuses on offering ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen. Its offerings are used for a wide variety of consumer and industrial products, including food packaging, automotive products, coatings, pipes and residential construction materials. Westlake Chemical Partners LP is headquartered in Houston, Texas. “

Separately, Citigroup set a $27.00 target price on Westlake Chemical Partners and gave the stock a buy rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $26.60.

Shares of NYSE:WLKP traded down $0.14 during trading on Friday, hitting $22.95. 21,797 shares of the company were exchanged, compared to its average volume of 52,299. The company has a quick ratio of 4.97, a current ratio of 3.94 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $760.15 million, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 3.50 and a beta of 1.05. Westlake Chemical Partners has a fifty-two week low of $21.10 and a fifty-two week high of $27.75.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, November 6th. The basic materials company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). The business had revenue of $363.70 million for the quarter, compared to analyst estimates of $309.70 million. Westlake Chemical Partners had a return on equity of 5.45% and a net margin of 4.21%. The firm’s revenue was up 22.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 earnings per share. As a group, analysts anticipate that Westlake Chemical Partners will post 1.6 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 26th. Investors of record on Friday, November 9th will be issued a dividend of $0.4207 per share. The ex-dividend date of this dividend is Thursday, November 8th. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.33%. Westlake Chemical Partners’s payout ratio is presently 95.35%.

Hedge funds have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. acquired a new position in shares of Westlake Chemical Partners during the 3rd quarter worth approximately $125,000. Bank of America Corp DE boosted its stake in Westlake Chemical Partners by 373.8% in the 2nd quarter. Bank of America Corp DE now owns 13,858 shares of the basic materials company’s stock valued at $340,000 after purchasing an additional 10,933 shares during the period. Janney Montgomery Scott LLC bought a new stake in Westlake Chemical Partners in the 3rd quarter valued at $445,000. HITE Hedge Asset Management LLC bought a new stake in Westlake Chemical Partners in the 2nd quarter valued at $534,000. Finally, GSA Capital Partners LLP boosted its stake in Westlake Chemical Partners by 28.8% in the 2nd quarter. GSA Capital Partners LLP now owns 33,404 shares of the basic materials company’s stock valued at $818,000 after purchasing an additional 7,469 shares during the period. 45.91% of the stock is currently owned by institutional investors and hedge funds.

About Westlake Chemical Partners

Westlake Chemical Partners LP operates, acquires, and develops ethylene production facilities and related assets in the United States. The company operates ethylene production facilities, which 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.

Read More: How Important is Technical Analysis of Stocks

Get a free copy of the Zacks research report on Westlake Chemical Partners (WLKP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Westlake Chemical Partners (NYSE:WLKP)

Receive News & Ratings for Westlake Chemical Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners and related companies with MarketBeat.com's FREE daily email newsletter.