Westlake Chemical Partners (NYSE:WLKP) Stock Passes Below 200 Day Moving Average – Here’s Why

Westlake Chemical Partners LP (NYSE:WLKP) shares passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $23.40 and traded as low as $22.20. Westlake Chemical Partners shares last traded at $22.29, with a volume of 21,636 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, May 5th.

Westlake Chemical Partners Stock Down 1.1%

The stock has a market capitalization of $785.30 million, a price-to-earnings ratio of 12.73 and a beta of 0.84. The firm’s fifty day moving average is $22.99 and its 200-day moving average is $23.41. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46.

Westlake Chemical Partners (NYSE:WLKP) last released its earnings results on Friday, May 2nd. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.24). The business had revenue of $237.63 million for the quarter, compared to the consensus estimate of $296.00 million. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. On average, sell-side analysts predict that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Tuesday, May 13th will be given a dividend of $0.4714 per share. The ex-dividend date is Tuesday, May 13th. This represents a $1.89 annualized dividend and a dividend yield of 8.46%. Westlake Chemical Partners’s dividend payout ratio is currently 126.17%.

Hedge Funds Weigh In On Westlake Chemical Partners

Several institutional investors have recently modified their holdings of WLKP. Geneos Wealth Management Inc. grew its position in shares of Westlake Chemical Partners by 32.2% during the fourth quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after acquiring an additional 812 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in Westlake Chemical Partners by 3.4% in the fourth quarter. Apollon Wealth Management LLC now owns 15,421 shares of the basic materials company’s stock worth $357,000 after purchasing an additional 512 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Westlake Chemical Partners in the fourth quarter worth about $211,000. Proficio Capital Partners LLC acquired a new stake in Westlake Chemical Partners in the fourth quarter worth about $1,874,000. Finally, Raymond James Financial Inc. acquired a new stake in Westlake Chemical Partners in the 4th quarter valued at about $456,000. 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.