Brokerages Set Westlake Chemical Partners LP (WLKP) Price Target at $26.30
Shares of Westlake Chemical Partners LP (NYSE:WLKP) have been given an average rating of “Hold” by the eleven ratings firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $26.30.
Separately, Sanford C. Bernstein assumed coverage on Westlake Chemical Partners in a report on Wednesday, June 20th. They issued a “market perform” rating and a $25.00 price target on the stock.
Several institutional investors have recently modified their holdings of WLKP. Bank of America Corp DE lifted its holdings in shares of Westlake Chemical Partners by 373.8% in the second quarter. Bank of America Corp DE now owns 13,858 shares of the basic materials company’s stock valued at $340,000 after purchasing an additional 10,933 shares in the last quarter. HITE Hedge Asset Management LLC bought a new stake in shares of Westlake Chemical Partners in the second quarter valued at about $534,000. GSA Capital Partners LLP lifted its holdings in shares of Westlake Chemical Partners by 28.8% in the second quarter. GSA Capital Partners LLP now owns 33,404 shares of the basic materials company’s stock valued at $818,000 after purchasing an additional 7,469 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Westlake Chemical Partners in the second quarter valued at about $1,225,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Westlake Chemical Partners in the second quarter valued at about $1,408,000. Institutional investors own 51.23% of the company’s stock.
Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings results on Thursday, August 2nd. The basic materials company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The firm had revenue of $302.00 million during the quarter, compared to the consensus estimate of $281.41 million. Westlake Chemical Partners had a net margin of 4.53% and a return on equity of 5.49%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 earnings per share. equities research analysts anticipate that Westlake Chemical Partners will post 1.63 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Friday, August 10th will be issued a $0.4088 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 6.43%. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, August 9th. Westlake Chemical Partners’s payout ratio is 95.35%.
Westlake Chemical Partners Company Profile
Westlake Chemical Partners LP operates, acquires, and develops ethylene production facilities and related assets in the United States. The company operates ethylene production facilities, which primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.
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