Westlake Chemical Partners (NYSE:WLKP) Stock Price Crosses Below 200 Day Moving Average – Here’s What Happened

Westlake Chemical Partners LP (NYSE:WLKP)’s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $22.56 and traded as low as $22.50. Westlake Chemical Partners shares last traded at $22.61, with a volume of 35,421 shares changing hands.

Analysts Set New Price Targets

Separately, Barclays upgraded shares of Westlake Chemical Partners to a “strong-buy” rating in a research report on Monday, August 12th.

Westlake Chemical Partners Stock Performance

The firm has a market capitalization of $796.57 million, a P/E ratio of 12.92 and a beta of 1.10. The company has a 50-day moving average of $22.40 and a 200-day moving average of $22.56. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, November 5th. The basic materials company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.36 by $0.15. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. The business had revenue of $277.00 million for the quarter, compared to analysts’ expectations of $244.16 million. During the same period in the prior year, the business posted $0.37 earnings per share. On average, equities analysts anticipate that Westlake Chemical Partners LP will post 1.55 earnings per share for the current fiscal year.

Westlake Chemical Partners Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th will be paid a dividend of $0.471 per share. This represents a $1.88 dividend on an annualized basis and a yield of 8.33%. The ex-dividend date of this dividend is Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio is presently 107.43%.

Institutional Trading of Westlake Chemical Partners

A number of institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in shares of Westlake Chemical Partners in the 2nd quarter valued at about $33,000. Future Financial Wealth Managment LLC acquired a new position in Westlake Chemical Partners in the third quarter valued at approximately $78,000. Rothschild Investment LLC bought a new position in shares of Westlake Chemical Partners during the 2nd quarter worth approximately $181,000. Apollon Wealth Management LLC boosted its holdings in shares of Westlake Chemical Partners by 7.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock worth $334,000 after buying an additional 1,041 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its stake in shares of Westlake Chemical Partners by 22.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock valued at $1,243,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors own 78.28% of the company’s stock.

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.