Westlake Chemical Partners (NYSE:WLKP) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Westlake Chemical Partners LP (NYSE:WLKP) saw unusually-high trading volume on Friday . Approximately 87,520 shares changed hands during trading, an increase of 142% from the previous session’s volume of 36,212 shares.The stock last traded at $23.58 and had previously closed at $23.55.

Westlake Chemical Partners Stock Performance

The firm has a market capitalization of $833.07 million, a P/E ratio of 13.51 and a beta of 1.09. The firm has a 50-day moving average price of $23.73 and a two-hundred day moving average price of $23.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46.

Westlake Chemical Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 25th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.4714 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.89 annualized dividend and a dividend yield of 7.98%. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.47. Westlake Chemical Partners’s dividend payout ratio (DPR) is currently 108.00%.

Hedge Funds Weigh In On Westlake Chemical Partners

Several institutional investors have recently made changes to their positions in the company. Pathway Financial Advisers LLC increased its stake in shares of Westlake Chemical Partners by 2,178.0% during the third quarter. Pathway Financial Advisers LLC now owns 2,230,436 shares of the basic materials company’s stock valued at $49,984,000 after buying an additional 2,132,523 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Westlake Chemical Partners by 267.0% during the third quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock valued at $2,206,000 after buying an additional 71,615 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Westlake Chemical Partners during the fourth quarter valued at $1,874,000. Glenmede Trust Co. NA increased its stake in shares of Westlake Chemical Partners by 22.0% during 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 buying an additional 10,000 shares during the period. Finally, LPL Financial LLC grew its stake in Westlake Chemical Partners by 13.8% in the fourth quarter. LPL Financial LLC now owns 35,136 shares of the basic materials company’s stock valued at $813,000 after purchasing an additional 4,253 shares during the last quarter. Hedge funds and other institutional investors own 78.28% of the company’s stock.

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.