Eagle Global Advisors LLC continued to hold its position in shares of Westlake Chemical Partners LP (NYSE:WLKP) during the first quarter, Holdings Channel reports. The fund owned 10,500 shares of the basic materials company’s stock at the end of the first quarter. Eagle Global Advisors LLC’s holdings in Westlake Chemical Partners were worth $264,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of WLKP. Frontier Wealth Management LLC boosted its position in shares of Westlake Chemical Partners by 1.0% in the fourth quarter. Frontier Wealth Management LLC now owns 48,900 shares of the basic materials company’s stock valued at $1,059,000 after buying an additional 500 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Westlake Chemical Partners by 9.9% in the first quarter. Bank of New York Mellon Corp now owns 60,576 shares of the basic materials company’s stock valued at $1,523,000 after buying an additional 5,438 shares during the period. Bamco Inc. NY boosted its position in shares of Westlake Chemical Partners by 2.1% in the third quarter. Bamco Inc. NY now owns 420,822 shares of the basic materials company’s stock valued at $9,612,000 after buying an additional 8,472 shares during the period. Renaissance Technologies LLC boosted its position in shares of Westlake Chemical Partners by 185.3% in the fourth quarter. Renaissance Technologies LLC now owns 43,647 shares of the basic materials company’s stock valued at $945,000 after buying an additional 28,347 shares during the period. Finally, Allianz Asset Management AG boosted its position in shares of Westlake Chemical Partners by 98.6% in the fourth quarter. Allianz Asset Management AG now owns 80,940 shares of the basic materials company’s stock valued at $1,752,000 after buying an additional 40,175 shares during the period. Hedge funds and other institutional investors own 74.69% of the company’s stock.
Westlake Chemical Partners LP (NYSE:WLKP) traded up 0.40% during trading on Friday, reaching $25.00. The company’s stock had a trading volume of 20,239 shares. Westlake Chemical Partners LP has a 52 week low of $18.73 and a 52 week high of $26.25. The firm has a 50 day moving average of $25.14 and a 200 day moving average of $23.44. The stock has a market capitalization of $676.48 million, a price-to-earnings ratio of 17.52 and a beta of 1.29.
Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings results on Tuesday, May 2nd. The basic materials company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.42 by $0.07. The business had revenue of $277.45 million for the quarter, compared to the consensus estimate of $339.88 million. Westlake Chemical Partners had a net margin of 4.34% and a return on equity of 4.71%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. Analysts expect that Westlake Chemical Partners LP will post $1.51 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 30th. Stockholders of record on Monday, May 15th will be issued a dividend of $0.3549 per share. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.68%. The ex-dividend date is Thursday, May 11th. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.35. Westlake Chemical Partners’s payout ratio is 91.39%.
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Several equities analysts recently issued reports on the company. Zacks Investment Research cut Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research report on Saturday, February 4th. FBR & Co boosted their target price on Westlake Chemical Partners from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 12th. Finally, Tudor Pickering upgraded Westlake Chemical Partners from a “hold” rating to a “buy” rating in a research report on Friday, January 20th.
In other Westlake Chemical Partners news, Director David Lumpkins purchased 2,500 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were bought at an average price of $25.42 per share, with a total value of $63,550.00. Following the completion of the acquisition, the director now owns 5,000 shares in the company, valued at approximately $127,100. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
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.
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