Westlake Chemical Partners (NYSE:WLKP) Stock Price Passes Above Fifty Day Moving Average – What’s Next?

Westlake Chemical Partners LP (NYSE:WLKP)’s stock price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $23.13 and traded as high as $23.21. Westlake Chemical Partners shares last traded at $23.14, with a volume of 34,126 shares traded.

Westlake Chemical Partners Trading Up 0.0 %

The company has a quick ratio of 4.46, a current ratio of 4.53 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $815.43 million, a PE ratio of 13.22 and a beta of 1.11. The business’s 50-day moving average is $23.13 and its two-hundred day moving average is $22.80.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.15. The business had revenue of $277.00 million during the quarter, compared to the consensus estimate of $244.16 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. During the same period in the previous year, the business earned $0.37 EPS. On average, 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 disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th were issued a $0.471 dividend. This represents a $1.88 annualized dividend and a dividend yield of 8.14%. The ex-dividend date of this dividend was Tuesday, November 12th. Westlake Chemical Partners’s payout ratio is currently 107.43%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WLKP. JPMorgan Chase & Co. boosted its stake in shares of Westlake Chemical Partners by 267.0% during the third quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after buying an additional 71,615 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Westlake Chemical Partners during the 3rd quarter valued at approximately $36,000. Hilltop Holdings Inc. raised its stake in Westlake Chemical Partners by 2.7% during the 3rd quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock valued at $610,000 after acquiring an additional 711 shares during the last quarter. Glenmede Trust Co. NA grew 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 purchasing an additional 10,000 shares during the last quarter. Finally, Apollon Wealth Management LLC increased its holdings in shares of Westlake Chemical Partners by 7.5% in the third quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock valued at $334,000 after purchasing an additional 1,041 shares during the period. 78.28% of the stock is currently owned by institutional investors and hedge funds.

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.