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

Westlake Chemical Partners LP (NYSE:WLKP) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $24.96 and last traded at $24.86, with a volume of 54138 shares changing hands. The stock had previously closed at $24.50.

Westlake Chemical Partners Trading Up 1.4 %

The firm has a market cap of $875.89 million, a price-to-earnings ratio of 14.20 and a beta of 1.09. The company’s 50-day moving average price is $23.68 and its 200-day moving average price is $22.98. The company has a quick ratio of 4.46, a current ratio of 4.53 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings data on Tuesday, November 5th. The basic materials company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.36 by $0.15. The company had revenue of $277.00 million during the quarter, compared to analyst estimates 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. Equities analysts expect that Westlake Chemical Partners LP will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Friday, February 7th will be paid a $0.4714 dividend. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.47. This represents a $1.89 annualized dividend and a yield of 7.59%. The ex-dividend date is Friday, February 7th. Westlake Chemical Partners’s dividend payout ratio is currently 108.00%.

Institutional Investors Weigh In On Westlake Chemical Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in WLKP. Allspring Global Investments Holdings LLC purchased a new position in shares of Westlake Chemical Partners in the fourth quarter worth about $211,000. Apollon Wealth Management LLC raised its holdings in Westlake Chemical Partners by 3.4% in the 4th quarter. Apollon Wealth Management LLC now owns 15,421 shares of the basic materials company’s stock valued at $357,000 after acquiring an additional 512 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Westlake Chemical Partners by 32.2% in the 4th quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 812 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Westlake Chemical Partners by 267.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after purchasing an additional 71,615 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Westlake Chemical Partners in the third quarter valued at approximately $36,000. Institutional investors and hedge funds own 78.28% of the company’s stock.

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.