Citigroup Lowers Westlake Chemical Partners (NYSE:WLKP) to Neutral

Citigroup downgraded shares of Westlake Chemical Partners (NYSE:WLKP) from a buy rating to a neutral rating in a report released on Wednesday morning, BenzingaRatingsTable reports. The brokerage currently has $23.00 price objective on the basic materials company’s stock, down from their previous price objective of $26.00.

Several other analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Westlake Chemical Partners from a hold rating to a sell rating in a research report on Saturday, August 10th. Barclays upgraded shares of Westlake Chemical Partners from an equal weight rating to an overweight rating and set a $27.00 target price on the stock in a research report on Friday, September 13th.

WLKP opened at $23.22 on Wednesday. The firm has a 50-day simple moving average of $22.15 and a two-hundred day simple moving average of $22.85. The company has a quick ratio of 6.01, a current ratio of 6.12 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $747.88 million, a PE ratio of 15.38, a price-to-earnings-growth ratio of 0.84 and a beta of 0.60. Westlake Chemical Partners has a 52 week low of $20.25 and a 52 week high of $24.99.

Westlake Chemical Partners (NYSE:WLKP) last announced its earnings results on Tuesday, August 6th. The basic materials company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.07). The business had revenue of $270.06 million for the quarter. Westlake Chemical Partners had a net margin of 4.18% and a return on equity of 5.53%. As a group, sell-side analysts expect that Westlake Chemical Partners will post 1.7 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in WLKP. Delphi Management Inc. MA purchased a new stake in shares of Westlake Chemical Partners during the 3rd quarter valued at about $503,000. GSA Capital Partners LLP raised its position in shares of Westlake Chemical Partners by 4.4% during the 2nd quarter. GSA Capital Partners LLP now owns 31,462 shares of the basic materials company’s stock valued at $774,000 after buying an additional 1,318 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Westlake Chemical Partners by 41.5% during the 2nd quarter. Renaissance Technologies LLC now owns 33,831 shares of the basic materials company’s stock valued at $832,000 after buying an additional 9,915 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Westlake Chemical Partners by 2.3% during the 2nd quarter. Van ECK Associates Corp now owns 56,434 shares of the basic materials company’s stock valued at $1,388,000 after buying an additional 1,255 shares in the last quarter. Finally, Parallax Volatility Advisers L.P. purchased a new stake in shares of Westlake Chemical Partners during the 2nd quarter valued at about $2,372,000. Hedge funds and other institutional investors own 48.87% of the company’s stock.

Westlake Chemical Partners Company 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, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.

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