Westlake Chemical Partners (NYSE:WLKP) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Westlake Chemical Partners (NYSE:WLKP) from a buy rating to a strong-buy rating in a research note released on Saturday morning.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Westlake Chemical Partners in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold”.

Westlake Chemical Partners Price Performance

WLKP stock opened at $21.32 on Friday. Westlake Chemical Partners has a 52-week low of $17.75 and a 52-week high of $25.04. The stock’s fifty day simple moving average is $20.21 and its 200-day simple moving average is $20.44. The company has a quick ratio of 2.32, a current ratio of 2.37 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $751.53 million, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 2.29 and a beta of 0.59.

Westlake Chemical Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 23rd. Stockholders of record on Friday, February 6th will be issued a $0.4714 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $1.89 annualized dividend and a dividend yield of 8.8%. Westlake Chemical Partners’s payout ratio is 135.00%.

Hedge Funds Weigh In On Westlake Chemical Partners

Institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. grew its stake in shares of Westlake Chemical Partners by 142.9% in the fourth quarter. Geneos Wealth Management Inc. now owns 6,302 shares of the basic materials company’s stock worth $120,000 after purchasing an additional 3,708 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in Westlake Chemical Partners by 45.8% in the second quarter. Osaic Holdings Inc. now owns 10,153 shares of the basic materials company’s stock worth $224,000 after purchasing an additional 3,187 shares during the period. U.S. Capital Wealth Advisors LLC grew its position in Westlake Chemical Partners by 25.0% in the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 12,500 shares of the basic materials company’s stock valued at $262,000 after buying an additional 2,500 shares in the last quarter. Wells Fargo & Company MN grew its position in Westlake Chemical Partners by 35.7% in the 4th quarter. Wells Fargo & Company MN now owns 14,400 shares of the basic materials company’s stock valued at $274,000 after buying an additional 3,792 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in Westlake Chemical Partners during the 2nd quarter valued at about $387,000. Institutional investors own 78.28% of the company’s stock.

About Westlake Chemical Partners

Westlake Chemical Partners LP (NYSE: WLKP) is a publicly traded master limited partnership sponsored by Westlake Chemical Corporation. The partnership owns, operates and acquires a portfolio of ethylene and vinyl manufacturing assets throughout the United States and the United Kingdom. As a downstream producer of basic chemicals and intermediates, WLKP supplies key industrial feedstocks to customers in a variety of end markets.

WLKP’s operations are organized into two primary segments: olefins and vinyls.