38,942 Shares in Westlake Chemical Partners LP $WLKP Bought by Pinnacle Holdings LLC

Pinnacle Holdings LLC bought a new stake in Westlake Chemical Partners LP (NYSE:WLKP) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 38,942 shares of the basic materials company’s stock, valued at approximately $867,000. Pinnacle Holdings LLC owned about 0.11% of Westlake Chemical Partners at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in WLKP. Energy Income Partners LLC increased its stake in Westlake Chemical Partners by 1.1% during the first quarter. Energy Income Partners LLC now owns 1,582,007 shares of the basic materials company’s stock worth $34,947,000 after acquiring an additional 17,518 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of Westlake Chemical Partners by 30.4% in the 4th quarter. Clearbridge Investments LLC now owns 633,569 shares of the basic materials company’s stock valued at $12,038,000 after purchasing an additional 147,687 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Westlake Chemical Partners by 6.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 583,932 shares of the basic materials company’s stock worth $12,899,000 after purchasing an additional 32,863 shares during the period. UBS Group AG grew its holdings in shares of Westlake Chemical Partners by 12.5% during the 4th quarter. UBS Group AG now owns 520,388 shares of the basic materials company’s stock worth $9,887,000 after purchasing an additional 57,624 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of Westlake Chemical Partners by 1.3% during the 3rd quarter. Bank of America Corp DE now owns 255,275 shares of the basic materials company’s stock worth $5,358,000 after purchasing an additional 3,200 shares during the period. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Trading Down 0.5%

NYSE:WLKP opened at $21.46 on Monday. The business’s 50-day moving average is $22.09 and its two-hundred day moving average is $22.27. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.44 and a quick ratio of 3.36. Westlake Chemical Partners LP has a 12 month low of $17.75 and a 12 month high of $23.88. The firm has a market capitalization of $756.47 million, a PE ratio of 13.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.53.

Westlake Chemical Partners (NYSE:WLKP) last issued its earnings results on Tuesday, August 4th. The basic materials company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.01). Westlake Chemical Partners had a return on equity of 7.25% and a net margin of 4.66%.The company had revenue of $297.10 million during the quarter, compared to analysts’ expectations of $537.00 million. Research analysts predict that Westlake Chemical Partners LP will post 1.88 earnings per share for the current fiscal year.

Westlake Chemical Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Thursday, August 13th will be given a dividend of $0.4714 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.89 annualized dividend and a yield of 8.8%. Westlake Chemical Partners’s payout ratio is 115.95%.

Wall Street Analyst Weigh In

WLKP has been the topic of several research reports. Wall Street Zen lowered shares of Westlake Chemical Partners from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Westlake Chemical Partners in a research note on Tuesday, August 18th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

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.