Westlake Chemical Partners (NYSE:WLKP) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Shares of Westlake Chemical Partners LP (NYSE:WLKP) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $23.13 and traded as high as $23.21. Westlake Chemical Partners shares last traded at $23.14, with a volume of 34,126 shares traded.

Westlake Chemical Partners Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46. The firm has a market capitalization of $810.50 million, a PE ratio of 13.14 and a beta of 1.11. The business’s 50 day moving average is $23.14 and its two-hundred day moving average is $22.80.

Westlake Chemical Partners (NYSE:WLKP) last released its earnings results on Tuesday, November 5th. The basic materials company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.15. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. The business had revenue of $277.00 million for the quarter, compared to analysts’ expectations of $244.16 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share. As a group, research analysts anticipate that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th were given a $0.471 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.88 dividend on an annualized basis and a yield of 8.19%. Westlake Chemical Partners’s payout ratio is 107.43%.

Institutional Investors Weigh In On Westlake Chemical Partners

Hedge funds have recently made changes to their positions in the business. Pathway Financial Advisers LLC increased its holdings in shares of Westlake Chemical Partners by 2,178.0% in the third quarter. Pathway Financial Advisers LLC now owns 2,230,436 shares of the basic materials company’s stock worth $49,984,000 after buying an additional 2,132,523 shares during the period. JPMorgan Chase & Co. increased its stake in Westlake Chemical Partners by 267.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after purchasing an additional 71,615 shares during the period. Glenmede Trust Co. NA lifted its position in Westlake Chemical Partners by 22.0% in the third quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock valued at $1,243,000 after purchasing an additional 10,000 shares during the last quarter. International Assets Investment Management LLC lifted its position in Westlake Chemical Partners by 2,141.0% in the third quarter. International Assets Investment Management LLC now owns 32,763 shares of the basic materials company’s stock valued at $734,000 after purchasing an additional 31,301 shares during the last quarter. Finally, Hilltop Holdings Inc. boosted its stake in shares of Westlake Chemical Partners by 2.7% during the third quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock valued at $610,000 after purchasing an additional 711 shares during the period. 78.28% of the stock is currently owned by institutional investors.

Westlake Chemical Partners Company 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.