ValuEngine Lowers Westlake Chemical Partners (WLKP) to Hold

ValuEngine lowered shares of Westlake Chemical Partners (NYSE:WLKP) from a buy rating to a hold rating in a research note issued to investors on Monday, April 2nd.

Several other analysts have also weighed in on WLKP. Zacks Investment Research upgraded Westlake Chemical Partners from a sell rating to a hold rating in a research note on Saturday, February 3rd. Deutsche Bank assumed coverage on Westlake Chemical Partners in a research note on Wednesday, January 3rd. They issued a buy rating for the company. UBS reiterated a buy rating and set a $29.00 price objective (up from $28.00) on shares of Westlake Chemical Partners in a research report on Friday, March 2nd. Barclays assumed coverage on Westlake Chemical Partners in a research report on Wednesday, December 20th. They set an equal weight rating and a $26.00 price objective for the company. Finally, B. Riley set a $26.00 price objective on Westlake Chemical Partners and gave the stock a neutral rating in a research report on Monday, December 18th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Westlake Chemical Partners currently has an average rating of Hold and a consensus price target of $26.63.

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NYSE:WLKP remained flat at $$23.40 during mid-day trading on Monday. The company’s stock had a trading volume of 108,966 shares, compared to its average volume of 64,425. Westlake Chemical Partners has a one year low of $21.10 and a one year high of $25.95. The stock has a market capitalization of $749.51, a price-to-earnings ratio of 13.58, a PEG ratio of 2.11 and a beta of 1.04. The company has a quick ratio of 5.61, a current ratio of 5.75 and a debt-to-equity ratio of 0.47.

Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings data on Tuesday, February 20th. The basic materials company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The firm had revenue of $308.60 million during the quarter, compared to analyst estimates of $335.90 million. Westlake Chemical Partners had a return on equity of 5.13% and a net margin of 4.15%. Westlake Chemical Partners’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 earnings per share. research analysts predict that Westlake Chemical Partners will post 1.83 EPS for the current fiscal year.

In other news, CEO Albert Chao bought 2,000 shares of the business’s stock in a transaction on Monday, March 5th. The shares were bought at an average cost of $22.91 per share, with a total value of $45,820.00. Following the purchase, the chief executive officer now directly owns 49,500 shares in the company, valued at $1,134,045. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Lawrence E. Teel bought 5,000 shares of the business’s stock in a transaction on Friday, March 2nd. The shares were purchased at an average cost of $22.75 per share, for a total transaction of $113,750.00. Following the completion of the purchase, the senior vice president now owns 5,900 shares in the company, valued at $134,225. The disclosure for this purchase can be found here. Insiders acquired 11,500 shares of company stock valued at $264,560 over the last 90 days.

A number of large investors have recently made changes to their positions in WLKP. Atlantic Trust Group LLC purchased a new position in shares of Westlake Chemical Partners during the 3rd quarter valued at $5,613,000. OppenheimerFunds Inc. grew its holdings in shares of Westlake Chemical Partners by 5.8% during the 4th quarter. OppenheimerFunds Inc. now owns 4,208,778 shares of the basic materials company’s stock valued at $105,009,000 after acquiring an additional 231,254 shares in the last quarter. Magnetar Financial LLC purchased a new position in shares of Westlake Chemical Partners during the 3rd quarter valued at $4,764,000. Tortoise Capital Advisors L.L.C. purchased a new position in shares of Westlake Chemical Partners during the 3rd quarter valued at $3,724,000. Finally, Deutsche Bank AG grew its holdings in shares of Westlake Chemical Partners by 152.0% during the 4th quarter. Deutsche Bank AG now owns 197,848 shares of the basic materials company’s stock valued at $4,936,000 after acquiring an additional 119,348 shares in the last quarter. 48.01% of the stock is currently owned by 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Westlake Chemical Partners (NYSE:WLKP)

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