Westlake Chemical Partners LP (NYSE:WLKP) Sees Significant Decline in Short Interest

Westlake Chemical Partners LP (NYSE:WLKP) was the recipient of a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 330,600 shares, a decrease of 5.7% from the January 15th total of 350,600 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average daily trading volume, of 79,200 shares, the days-to-cover ratio is currently 4.2 days.

Separately, Zacks Investment Research upgraded Westlake Chemical Partners from a “hold” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Saturday, January 11th.

Shares of NYSE WLKP opened at $22.78 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 5.71 and a current ratio of 5.80. The business’s 50 day moving average price is $24.09 and its 200-day moving average price is $22.90. Westlake Chemical Partners has a fifty-two week low of $20.95 and a fifty-two week high of $26.48. The company has a market cap of $735.65 million, a price-to-earnings ratio of 13.89, a PEG ratio of 2.55 and a beta of 0.61.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd will be issued a $0.4714 dividend. This represents a $1.89 annualized dividend and a dividend yield of 8.28%. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, January 31st. Westlake Chemical Partners’s dividend payout ratio is presently 125.17%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new position in Westlake Chemical Partners during the fourth quarter worth about $397,000. Goldman Sachs Group Inc. raised its holdings in Westlake Chemical Partners by 8.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 321,414 shares of the basic materials company’s stock worth $8,492,000 after purchasing an additional 24,137 shares in the last quarter. Raymond James & Associates raised its holdings in Westlake Chemical Partners by 69.3% during the fourth quarter. Raymond James & Associates now owns 16,228 shares of the basic materials company’s stock worth $429,000 after purchasing an additional 6,644 shares in the last quarter. Citigroup Inc. increased its holdings in Westlake Chemical Partners by 7.3% in the fourth quarter. Citigroup Inc. now owns 221,130 shares of the basic materials company’s stock valued at $5,842,000 after buying an additional 15,093 shares in the last quarter. Finally, Alphasimplex Group LLC purchased a new position in Westlake Chemical Partners in the fourth quarter valued at about $549,000. Hedge funds and other institutional investors own 48.41% 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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