California Public Employees Retirement System raised its position in Westlake Chemical Partners LP (NYSE:WLKP) by 17.7% during the second quarter, Holdings Channel reports. The fund owned 59,900 shares of the company’s stock after buying an additional 9,000 shares during the period. California Public Employees Retirement System owned 0.22% of Westlake Chemical Partners worth $1,197,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of WLKP. Harvest Fund Advisors LLC increased its position in Westlake Chemical Partners by 3.6% in the first quarter. Harvest Fund Advisors LLC now owns 1,720,523 shares of the company’s stock worth $33,894,000 after buying an additional 60,218 shares during the period. ING Groep NV increased its position in Westlake Chemical Partners by 34.0% in the first quarter. ING Groep NV now owns 292,606 shares of the company’s stock worth $5,747,000 after buying an additional 74,206 shares during the period. Bank of New York Mellon Corp increased its position in Westlake Chemical Partners by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 110,280 shares of the company’s stock worth $2,203,000 after buying an additional 4,934 shares during the period. Renaissance Technologies LLC purchased a new position in Westlake Chemical Partners during the first quarter worth $550,000. Finally, Emerald Acquisition Ltd. purchased a new position in Westlake Chemical Partners during the second quarter worth $420,000. 76.55% of the stock is owned by institutional investors and hedge funds.
Westlake Chemical Partners LP (NYSE:WLKP) traded down 0.43% during midday trading on Friday, hitting $22.98. The stock had a trading volume of 40,085 shares. The stock’s 50-day moving average is $22.84 and its 200-day moving average is $21.42. The stock has a market capitalization of $621.82 million, a PE ratio of 14.69 and a beta of 1.21. Westlake Chemical Partners LP has a 1-year low of $15.35 and a 1-year high of $24.00.
Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.08. The company had revenue of $210.84 million for the quarter, compared to analyst estimates of $177.91 million. Westlake Chemical Partners had a return on equity of 4.96% and a net margin of 4.41%. The firm’s quarterly revenue was down 16.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 earnings per share. On average, equities research analysts anticipate that Westlake Chemical Partners LP will post $1.66 EPS for the current fiscal year.
WLKP has been the subject of a number of recent research reports. FBR & Co initiated coverage on Westlake Chemical Partners in a research report on Friday, September 9th. They set an “outperform” rating and a $28.00 price target for the company. Tudor Pickering initiated coverage on Westlake Chemical Partners in a research report on Friday. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. Westlake Chemical Partners has a consensus rating of “Hold” and an average target price of $23.67.
Westlake Chemical Partners Company Profile
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. The Company’s 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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