Westlake Chemical Partners LP (NYSE:WLKP) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH lessened its holdings in Westlake Chemical Partners LP (NYSE:WLKP) by 15.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,880 shares of the basic materials company’s stock after selling 6,110 shares during the period. Allianz Asset Management GmbH owned about 0.13% of Westlake Chemical Partners worth $769,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Franklin Square Holdings L.P. bought a new position in shares of Westlake Chemical Partners in the 3rd quarter worth approximately $931,000. Tiedemann Wealth Management LLC raised its stake in Westlake Chemical Partners by 20.4% during the 3rd quarter. Tiedemann Wealth Management LLC now owns 175,730 shares of the basic materials company’s stock worth $3,989,000 after acquiring an additional 29,810 shares during the period. HITE Hedge Asset Management LLC bought a new stake in Westlake Chemical Partners during the 3rd quarter worth approximately $4,206,000. Citadel Advisors LLC bought a new stake in Westlake Chemical Partners during the 3rd quarter worth approximately $923,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Westlake Chemical Partners by 12.5% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 334,672 shares of the basic materials company’s stock worth $7,597,000 after acquiring an additional 37,174 shares during the period. Hedge funds and other institutional investors own 55.16% of the company’s stock.

Westlake Chemical Partners LP (WLKP) traded down $0.10 during mid-day trading on Friday, hitting $24.45. The company had a trading volume of 87,821 shares, compared to its average volume of 81,246. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.84 and a quick ratio of 4.76. The company has a market capitalization of $661.59, a P/E ratio of 15.57, a P/E/G ratio of 3.61 and a beta of 1.19. Westlake Chemical Partners LP has a 12-month low of $20.70 and a 12-month high of $26.25.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, November 7th. The basic materials company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.06. The business had revenue of $296.78 million during the quarter. Westlake Chemical Partners had a net margin of 3.80% and a return on equity of 4.73%. analysts predict that Westlake Chemical Partners LP will post 1.58 EPS for the current year.

In other news, CEO Albert Chao bought 10,375 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The shares were purchased at an average price of $22.12 per share, for a total transaction of $229,495.00. Following the completion of the transaction, the chief executive officer now directly owns 45,000 shares in the company, valued at $995,400. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Chao bought 8,473 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was purchased at an average price of $22.17 per share, for a total transaction of $187,846.41. The disclosure for this purchase can be found here. Insiders have bought 35,748 shares of company stock worth $787,823 in the last 90 days.

Several equities research analysts have recently issued reports on WLKP shares. TheStreet upgraded shares of Westlake Chemical Partners from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th. Citigroup started coverage on shares of Westlake Chemical Partners in a report on Tuesday, December 5th. They issued a “buy” rating and a $25.50 target price for the company. ValuEngine lowered shares of Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 14th. Deutsche Bank started coverage on shares of Westlake Chemical Partners in a research note on Wednesday, January 3rd. They set a “buy” rating for the company. Finally, Barclays started coverage on shares of Westlake Chemical Partners in a research note on Wednesday, December 20th. They set an “equal weight” rating and a $26.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $26.88.

TRADEMARK VIOLATION WARNING: This article was published by The Lincolnian Online and is owned by of The Lincolnian Online. If you are viewing this article on another domain, it was stolen and republished in violation of U.S. and international trademark & copyright law. The original version of this article can be viewed at https://www.thelincolnianonline.com/2018/01/21/allianz-asset-management-gmbh-has-769000-holdings-in-westlake-chemical-partners-lp-wlkp-updated-updated-updated.html.

Westlake Chemical Partners Profile

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.

Institutional Ownership by Quarter for Westlake Chemical Partners (NYSE:WLKP)

Receive News & Ratings for Westlake Chemical Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply