Bank of New York Mellon Corp increased its stake in Westlake Chemical Partners LP (NYSE:WLKP) by 4.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,280 shares of the company’s stock after buying an additional 4,934 shares during the period. Bank of New York Mellon Corp owned approximately 0.41% of Westlake Chemical Partners worth $2,203,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of WLKP. Center Coast Capital Advisors LP boosted its position in Westlake Chemical Partners by 1,269.9% in the second quarter. Center Coast Capital Advisors LP now owns 18,000 shares of the company’s stock valued at $360,000 after buying an additional 16,686 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Westlake Chemical Partners during the first quarter valued at $550,000. ING Groep NV boosted 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 valued at $5,747,000 after buying an additional 74,206 shares in the last quarter. Finally, Harvest Fund Advisors LLC boosted 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 valued at $33,894,000 after buying an additional 60,218 shares in the last quarter. 76.55% of the stock is owned by institutional investors and hedge funds.
Westlake Chemical Partners LP (NYSE:WLKP) traded down 1.15% during trading on Wednesday, reaching $22.27. The company’s stock had a trading volume of 63,383 shares. Westlake Chemical Partners LP has a 52-week low of $15.35 and a 52-week high of $24.00. The stock has a market cap of $602.60 million, a P/E ratio of 14.24 and a beta of 1.21. The firm’s 50-day moving average is $23.03 and its 200-day moving average is $21.26.
Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.08. The company earned $210.84 million during the quarter, compared to analysts’ expectations of $177.91 million. Westlake Chemical Partners had a return on equity of 4.96% and a net margin of 4.41%. Westlake Chemical Partners’s revenue for the quarter was down 16.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. Equities research analysts forecast that Westlake Chemical Partners LP will post $1.66 EPS for the current year.
Separately, FBR & Co started coverage on Westlake Chemical Partners in a report on Friday, September 9th. They issued an “outperform” rating and a $28.00 price target for the company.
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. 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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