Westlake Chemical Partners LP (NYSE:WLKP) Short Interest Down 15.6% in March

Westlake Chemical Partners LP (NYSE:WLKP) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 112,200 shares, a drop of 15.6% from the February 28th total of 133,000 shares. Based on an average daily volume of 38,100 shares, the days-to-cover ratio is presently 2.9 days. Approximately 0.6% of the company’s shares are sold short.

Institutional Trading of Westlake Chemical Partners

Several large investors have recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new position in Westlake Chemical Partners in the fourth quarter worth approximately $1,874,000. JPMorgan Chase & Co. grew its position 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 valued at $2,206,000 after purchasing an additional 71,615 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Westlake Chemical Partners by 5.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 558,919 shares of the basic materials company’s stock valued at $12,933,000 after purchasing an additional 28,430 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Westlake Chemical Partners during the fourth quarter worth $456,000. Finally, Glenmede Trust Co. NA lifted its stake in shares of 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 buying an additional 10,000 shares in the last quarter. 78.28% of the stock is currently owned by institutional investors and hedge funds.

Westlake Chemical Partners Trading Down 0.4 %

Shares of NYSE WLKP traded down $0.10 during midday trading on Wednesday, reaching $23.14. The stock had a trading volume of 11,353 shares, compared to its average volume of 47,128. Westlake Chemical Partners has a twelve month low of $21.19 and a twelve month high of $25.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.46 and a current ratio of 4.53. The company’s 50 day moving average price is $23.88 and its 200 day moving average price is $23.28. The firm has a market cap of $815.43 million, a price-to-earnings ratio of 13.22 and a beta of 0.93.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Monday, February 24th. The basic materials company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.07. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. The business had revenue of $290.06 million for the quarter, compared to analysts’ expectations of $262.00 million. As a group, sell-side analysts expect that Westlake Chemical Partners will post 1.55 EPS for the current year.

Westlake Chemical Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Friday, February 7th were issued a dividend of $0.4714 per share. The ex-dividend date was Friday, February 7th. This represents a $1.89 annualized dividend and a dividend yield of 8.15%. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.47. Westlake Chemical Partners’s dividend payout ratio is currently 106.21%.

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.