Westlake Chemical Partners (NYSE:WLKP) Share Price Crosses Below 50 Day Moving Average – Should You Sell?

Westlake Chemical Partners LP (NYSE:WLKP)’s stock price passed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $21.65 and traded as low as $21.52. Westlake Chemical Partners shares last traded at $21.57, with a volume of 9,948 shares.

Wall Street Analyst Weigh In

WLKP has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $26.00 price objective on shares of Westlake Chemical Partners in a report on Wednesday, September 9th. Weiss Ratings downgraded shares of Westlake Chemical Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 1st. Finally, Wall Street Zen lowered shares of Westlake Chemical Partners from a “strong-buy” rating to a “hold” rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.00.

Westlake Chemical Partners Trading Down 0.9%

The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.36 and a current ratio of 3.44. The firm has a market capitalization of $748.80 million, a P/E ratio of 13.03, a PEG ratio of 0.82 and a beta of 0.54. The firm has a 50 day simple moving average of $21.64 and a two-hundred day simple moving average of $22.26.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, August 4th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.01). The firm had revenue of $297.10 million during the quarter, compared to the consensus estimate of $537.00 million. Westlake Chemical Partners had a return on equity of 7.25% and a net margin of 4.66%. Equities research analysts forecast that Westlake Chemical Partners LP will post 1.5 earnings per share for the current year.

Westlake Chemical Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Thursday, August 13th were given a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.9%. The ex-dividend date of this dividend was Thursday, August 13th. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 115.34%.

Institutional Investors Weigh In On Westlake Chemical Partners

Large investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. raised its position in Westlake Chemical Partners by 9.1% in the first quarter. Geneos Wealth Management Inc. now owns 6,874 shares of the basic materials company’s stock worth $152,000 after acquiring an additional 572 shares during the period. Centennial Bank AR purchased a new stake in Westlake Chemical Partners in the fourth quarter worth $173,000. Royal Bank of Canada raised its stake in shares of Westlake Chemical Partners by 36.6% in the first quarter. Royal Bank of Canada now owns 10,582 shares of the basic materials company’s stock valued at $234,000 after buying an additional 2,833 shares during the period. Apollon Wealth Management LLC raised its stake in shares of Westlake Chemical Partners by 3.4% in the first quarter. Apollon Wealth Management LLC now owns 21,084 shares of the basic materials company’s stock valued at $466,000 after buying an additional 689 shares during the period. Finally, Pinnacle Holdings LLC purchased a new position in shares of Westlake Chemical Partners during the 2nd quarter valued at $867,000. 78.28% of the stock is owned by hedge funds and other institutional investors.

About Westlake Chemical Partners

Westlake Chemical Partners LP (NYSE:WLKP) is a master limited partnership that owns, operates and acquires ethylene production assets. Ethylene is a basic petrochemical used in the manufacture of polyethylene, vinyl products and other chemical materials.

The partnership’s principal business is the production and sale of ethylene. Its output is sold primarily to Westlake Corporation, its sponsor, under long-term commercial arrangements, with additional sales to third-party customers. Westlake Chemical Partners’ assets are located in the United States and are integrated with Westlake’s broader petrochemical operations.

Westlake Chemical Partners was formed in 2014 and became a publicly traded partnership on the New York Stock Exchange that year.