Westlake Chemical Partners (NYSE:WLKP) Sets New 52-Week High – Still a Buy?

Westlake Chemical Partners LP (NYSE:WLKP)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $24.47 and last traded at $24.30, with a volume of 6022 shares trading hands. The stock had previously closed at $24.28.

Westlake Chemical Partners Price Performance

The firm’s fifty day moving average price is $23.42 and its 200 day moving average price is $22.90. The firm has a market capitalization of $860.21 million, a PE ratio of 13.88 and a beta of 1.10. 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 quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.15. The firm had revenue of $277.00 million for the quarter, compared to the consensus estimate of $244.16 million. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. During the same period in the prior year, the firm posted $0.37 earnings per share. As a group, equities analysts forecast that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th were given a $0.471 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.72%. The ex-dividend date was Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio (DPR) is 108.00%.

Institutional Investors Weigh In On Westlake Chemical Partners

Hedge funds and other institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. increased 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 valued at $77,000 after acquiring an additional 812 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Westlake Chemical Partners by 267.0% in the third quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock valued at $2,206,000 after purchasing an additional 71,615 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Westlake Chemical Partners in the third quarter valued at approximately $36,000. Hilltop Holdings Inc. boosted its stake in shares of Westlake Chemical Partners by 2.7% in the third quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock valued at $610,000 after purchasing an additional 711 shares during the period. Finally, Glenmede Trust Co. NA boosted its stake in shares of Westlake Chemical Partners by 22.0% in the third quarter. Glenmede Trust Co. NA now owns 55,478 shares of the basic materials company’s stock valued at $1,243,000 after purchasing an additional 10,000 shares during the period. 78.28% of the stock is currently owned by institutional investors and hedge funds.

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.