Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Westlake Chemical Partners LP (NYSE:WLKP) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 229,904 shares of the basic materials company’s stock, valued at approximately $5,633,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. UBS Group AG increased its holdings in shares of Westlake Chemical Partners by 1.3% in the 1st quarter. UBS Group AG now owns 951,879 shares of the basic materials company’s stock valued at $21,274,000 after purchasing an additional 12,393 shares during the period. Blair William & Co. IL increased its holdings in shares of Westlake Chemical Partners by 25.1% in the 1st quarter. Blair William & Co. IL now owns 90,160 shares of the basic materials company’s stock valued at $2,015,000 after purchasing an additional 18,110 shares during the period. Tiedemann Advisors LLC increased its holdings in shares of Westlake Chemical Partners by 11.6% in the 1st quarter. Tiedemann Advisors LLC now owns 323,565 shares of the basic materials company’s stock valued at $7,232,000 after purchasing an additional 33,625 shares during the period. Van ECK Associates Corp increased its holdings in shares of Westlake Chemical Partners by 41.2% in the 1st quarter. Van ECK Associates Corp now owns 120,322 shares of the basic materials company’s stock valued at $2,689,000 after purchasing an additional 35,092 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of Westlake Chemical Partners in the 2nd quarter valued at about $1,225,000. Hedge funds and other institutional investors own 46.34% of the company’s stock.
Separately, Sanford C. Bernstein initiated coverage on Westlake Chemical Partners in a report on Wednesday, June 20th. They issued a “market perform” rating and a $25.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $26.30.
Shares of Westlake Chemical Partners opened at $26.50 on Friday, according to MarketBeat.com. Westlake Chemical Partners LP has a fifty-two week low of $21.10 and a fifty-two week high of $27.75. The stock has a market capitalization of $884.91 million, a PE ratio of 15.32, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.97 and a current ratio of 5.10.
Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings data on Thursday, August 2nd. The basic materials company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). Westlake Chemical Partners had a return on equity of 5.49% and a net margin of 4.53%. The firm had revenue of $302.00 million during the quarter, compared to analyst estimates of $281.41 million. During the same quarter in the prior year, the company posted $0.36 EPS. The company’s quarterly revenue was up 4.1% on a year-over-year basis. sell-side analysts expect that Westlake Chemical Partners LP will post 2.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 24th. Investors of record on Friday, August 10th will be issued a $0.4088 dividend. The ex-dividend date is Thursday, August 9th. This represents a $1.64 dividend on an annualized basis and a yield of 6.17%. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.40. Westlake Chemical Partners’s dividend payout ratio is currently 92.44%.
About Westlake Chemical Partners
Westlake Chemical Partners LP operates, acquires, and develops ethylene production facilities and related assets in the United States. The company operates ethylene production facilities, which primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.
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