Westlake Chemical Partners (WLKP) Receives New Coverage from Analysts at Citigroup

Citigroup began coverage on shares of Westlake Chemical Partners (NYSE:WLKP) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $25.50 price target on the basic materials company’s stock. Citigroup’s target price would suggest a potential upside of 15.12% from the company’s current price.

Other analysts also recently issued reports about the company. ValuEngine downgraded Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 14th. BidaskClub downgraded Westlake Chemical Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $28.00.

Shares of Westlake Chemical Partners (NYSE:WLKP) traded down $0.20 during trading on Tuesday, hitting $22.15. The stock had a trading volume of 57,800 shares, compared to its average volume of 49,800. The stock has a market capitalization of $604.77, a P/E ratio of 14.24, a PEG ratio of 4.07 and a beta of 1.18. Westlake Chemical Partners has a 12-month low of $20.00 and a 12-month high of $26.25. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Tuesday, November 7th. The basic materials company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.41 by $0.06. The firm had revenue of $296.78 million during the quarter. Westlake Chemical Partners had a return on equity of 4.73% and a net margin of 3.80%. equities analysts expect that Westlake Chemical Partners will post 1.46 EPS for the current fiscal year.

In other Westlake Chemical Partners news, CEO Albert Chao bought 10,375 shares of Westlake Chemical Partners stock in a transaction dated Monday, November 27th. The stock was bought at an average cost of $22.12 per share, with a total value of $229,495.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,000 shares in the company, valued at approximately $995,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders bought 27,275 shares of company stock valued at $599,977.

Several hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. grew its holdings in Westlake Chemical Partners by 27,347.0% during the second quarter. Citigroup Inc. now owns 27,447 shares of the basic materials company’s stock valued at $679,000 after purchasing an additional 27,347 shares during the period. Citadel Advisors LLC bought a new position in Westlake Chemical Partners during the third quarter valued at $923,000. Franklin Square Holdings L.P. bought a new position in Westlake Chemical Partners during the third quarter valued at $931,000. Bank of New York Mellon Corp grew its holdings in Westlake Chemical Partners by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 61,237 shares of the basic materials company’s stock valued at $1,516,000 after purchasing an additional 661 shares during the period. Finally, Center Coast Capital Advisors LP bought a new position in Westlake Chemical Partners during the third quarter valued at $2,083,000. 55.16% of the stock is owned by institutional investors.

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Westlake Chemical Partners Company Profile

Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.

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