Tortoise Capital Advisors L.L.C. Reduces Holdings in Westlake Chemical Partners LP $WLKP

Tortoise Capital Advisors L.L.C. lowered its position in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 0.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 125,546 shares of the basic materials company’s stock after selling 1,178 shares during the period. Tortoise Capital Advisors L.L.C.’s holdings in Westlake Chemical Partners were worth $2,899,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in WLKP. GeoWealth Management LLC purchased a new position in Westlake Chemical Partners during the 4th quarter worth approximately $175,000. U.S. Capital Wealth Advisors LLC purchased a new position in Westlake Chemical Partners during the 1st quarter worth approximately $231,000. Apollon Wealth Management LLC grew its stake in Westlake Chemical Partners by 7.3% during the 1st quarter. Apollon Wealth Management LLC now owns 16,547 shares of the basic materials company’s stock worth $382,000 after buying an additional 1,126 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Westlake Chemical Partners during the 4th quarter worth approximately $456,000. Finally, GSA Capital Partners LLP grew its stake in Westlake Chemical Partners by 17.2% during the 1st quarter. GSA Capital Partners LLP now owns 29,274 shares of the basic materials company’s stock worth $676,000 after buying an additional 4,288 shares during the last quarter. 78.28% of the stock is owned by institutional investors and hedge funds.

Westlake Chemical Partners Stock Performance

Shares of WLKP stock opened at $22.0050 on Friday. The stock has a market capitalization of $775.43 million, a PE ratio of 14.77 and a beta of 0.78. Westlake Chemical Partners LP has a 52-week low of $21.19 and a 52-week high of $25.04. The stock’s 50-day moving average price is $22.11 and its 200 day moving average price is $22.81. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Tuesday, August 5th. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.03). The company had revenue of $297.12 million during the quarter, compared to analyst estimates of $301.00 million. Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.38%. As a group, equities research analysts forecast that Westlake Chemical Partners LP will post 1.55 EPS for the current year.

Westlake Chemical Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 12th will be given a dividend of $0.4714 per share. The ex-dividend date is Tuesday, August 12th. This represents a $1.89 annualized dividend and a yield of 8.6%. Westlake Chemical Partners’s payout ratio is presently 126.17%.

Insider Transactions at Westlake Chemical Partners

In other Westlake Chemical Partners news, Chairman James Chao sold 5,608 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $22.17, for a total transaction of $124,329.36. Following the transaction, the chairman owned 8,300 shares in the company, valued at approximately $184,011. The trade was a 40.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 13,908 shares of company stock worth $307,759. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Westlake Chemical Partners from a “buy” rating to a “hold” rating in a research note on Sunday, August 17th.

About Westlake Chemical Partners

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.