International Assets Investment Management LLC Buys 31,301 Shares of Westlake Chemical Partners LP (NYSE:WLKP)

International Assets Investment Management LLC lifted its stake in Westlake Chemical Partners LP (NYSE:WLKP) by 2,141.0% during the third quarter, HoldingsChannel.com reports. The firm owned 32,763 shares of the basic materials company’s stock after purchasing an additional 31,301 shares during the quarter. International Assets Investment Management LLC’s holdings in Westlake Chemical Partners were worth $734,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in WLKP. GSA Capital Partners LLP lifted its position in Westlake Chemical Partners by 10.7% in the 1st quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company’s stock valued at $853,000 after acquiring an additional 3,713 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in Westlake Chemical Partners in the 1st quarter valued at approximately $2,169,000. Rothschild Investment LLC bought a new position in Westlake Chemical Partners in the 2nd quarter valued at approximately $181,000. Finally, Future Financial Wealth Managment LLC bought a new position in Westlake Chemical Partners in the 3rd quarter valued at approximately $78,000. 78.28% of the stock is owned by institutional investors.

Westlake Chemical Partners Price Performance

Shares of WLKP opened at $22.46 on Wednesday. The company has a current ratio of 4.68, a quick ratio of 4.59 and a debt-to-equity ratio of 0.48. The firm has a market cap of $791.11 million, a PE ratio of 13.95 and a beta of 1.10. Westlake Chemical Partners LP has a 1-year low of $21.16 and a 1-year high of $23.68. The firm has a fifty day simple moving average of $22.41 and a two-hundred day simple moving average of $22.54.

Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.03). The company had revenue of $284.17 million during the quarter, compared to analysts’ expectations of $270.28 million. Westlake Chemical Partners had a return on equity of 6.68% and a net margin of 4.78%. During the same quarter last year, the company earned $0.34 earnings per share. On average, equities analysts anticipate that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th will be paid a $0.471 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.88 annualized dividend and a dividend yield of 8.39%. Westlake Chemical Partners’s dividend payout ratio (DPR) is 116.77%.

Analysts Set New Price Targets

Separately, Barclays upgraded shares of Westlake Chemical Partners to a “strong-buy” rating in a research note on Monday, August 12th.

Insider Transactions at Westlake Chemical Partners

In related news, SVP Andrew Kenner acquired 12,000 shares of Westlake Chemical Partners stock in a transaction dated Friday, August 9th. The stock was purchased at an average cost of $22.99 per share, for a total transaction of $275,880.00. Following the purchase, the senior vice president now directly owns 182,308 shares of the company’s stock, valued at approximately $4,191,260.92. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders purchased 16,119 shares of company stock worth $369,340 in the last three months. Corporate insiders own 1.10% of the company’s stock.

Westlake Chemical Partners 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, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.