Westlake Chemical Partners LP (NYSE:WLKP) Shares Bought by Pathway Financial Advisers LLC

Pathway Financial Advisers LLC lifted its stake in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 2,178.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,230,436 shares of the basic materials company’s stock after purchasing an additional 2,132,523 shares during the period. Pathway Financial Advisers LLC owned approximately 6.33% of Westlake Chemical Partners worth $49,984,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WLKP. International Assets Investment Management LLC boosted its stake in Westlake Chemical Partners by 2,141.0% in the 3rd quarter. International Assets Investment Management LLC now owns 32,763 shares of the basic materials company’s stock worth $734,000 after purchasing an additional 31,301 shares during the period. Rothschild Investment LLC acquired a new stake in shares of Westlake Chemical Partners in the second quarter worth $181,000. GSA Capital Partners LLP grew its holdings in shares of Westlake Chemical Partners by 10.7% during the first quarter. GSA Capital Partners LLP now owns 38,427 shares of the basic materials company’s stock valued at $853,000 after buying an additional 3,713 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Westlake Chemical Partners during the third quarter valued at $78,000. 78.28% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Partners Stock Down 0.1 %

Shares of Westlake Chemical Partners stock traded down $0.02 during midday trading on Friday, reaching $22.46. 14,248 shares of the company’s stock traded hands, compared to its average volume of 46,303. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.59 and a current ratio of 4.68. Westlake Chemical Partners LP has a 52 week low of $20.99 and a 52 week high of $23.68. The company’s 50 day simple moving average is $22.45 and its 200 day simple moving average is $22.50. The company has a market cap of $791.22 million, a price-to-earnings ratio of 14.58 and a beta of 1.10.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, August 6th. The basic materials company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.03). The company had revenue of $284.17 million for the quarter, compared to the consensus estimate of $270.28 million. Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.68%. During the same quarter last year, the business earned $0.34 earnings per share. Equities analysts expect that Westlake Chemical Partners LP will post 1.55 earnings per share for the current fiscal year.

Westlake Chemical Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 12th were paid a $0.4714 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.89 dividend on an annualized basis and a yield of 8.40%. Westlake Chemical Partners’s payout ratio is presently 122.08%.

Wall Street Analyst Weigh In

Separately, Barclays raised Westlake Chemical Partners to a “strong-buy” rating in a research note on Monday, August 12th.

Insider Buying and Selling

In other Westlake Chemical Partners news, SVP Andrew Kenner bought 2,692 shares of the stock in a transaction on Monday, August 12th. The shares were purchased at an average price of $22.63 per share, with a total value of $60,919.96. Following the acquisition, the senior vice president now directly owns 185,000 shares of the company’s stock, valued at $4,186,550. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have bought 16,119 shares of company stock worth $369,340 in the last quarter. 1.10% of the stock is currently owned by company insiders.

Westlake Chemical Partners 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.