Barclays upgraded shares of Westlake Chemical Partners (NYSE:WLKP) from an equal weight rating to an overweight rating in a research note issued to investors on Friday, BenzingaRatingsTable reports. They currently have $27.00 price target on the basic materials company’s stock.

Separately, Zacks Investment Research cut shares of Westlake Chemical Partners from a hold rating to a sell rating in a report on Saturday, August 10th.

NYSE:WLKP opened at $22.53 on Friday. The stock has a market cap of $721.43 million, a P/E ratio of 14.92, a price-to-earnings-growth ratio of 0.80 and a beta of 0.60. The firm’s fifty day simple moving average is $21.90 and its 200 day simple moving average is $22.79. Westlake Chemical Partners has a twelve month low of $20.25 and a twelve month high of $25.25. The company has a quick ratio of 6.01, a current ratio of 6.12 and a debt-to-equity ratio of 0.41.

Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.07). The company had revenue of $270.06 million during the quarter. Westlake Chemical Partners had a net margin of 4.18% and a return on equity of 5.53%. On average, analysts expect that Westlake Chemical Partners will post 1.7 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 12th were issued a $0.458 dividend. The ex-dividend date was Friday, August 9th. This represents a $1.83 annualized dividend and a yield of 8.13%. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.45. Westlake Chemical Partners’s payout ratio is 121.19%.

A number of large investors have recently added to or reduced their stakes in WLKP. Bank of America Corp DE boosted its holdings in Westlake Chemical Partners by 481.8% in the fourth quarter. Bank of America Corp DE now owns 13,701 shares of the basic materials company’s stock valued at $331,000 after acquiring an additional 11,346 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Westlake Chemical Partners by 81.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,691 shares of the basic materials company’s stock valued at $356,000 after buying an additional 7,037 shares in the last quarter. GSA Capital Partners LLP boosted its holdings in shares of Westlake Chemical Partners by 4.4% during the 2nd quarter. GSA Capital Partners LLP now owns 31,462 shares of the basic materials company’s stock valued at $774,000 after buying an additional 1,318 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Westlake Chemical Partners by 41.5% during the 2nd quarter. Renaissance Technologies LLC now owns 33,831 shares of the basic materials company’s stock valued at $832,000 after buying an additional 9,915 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Westlake Chemical Partners by 2.3% during the 2nd quarter. Van ECK Associates Corp now owns 56,434 shares of the basic materials company’s stock valued at $1,388,000 after buying an additional 1,255 shares in the last quarter. Institutional investors and hedge funds own 48.87% of the company’s stock.

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.

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