Westlake Chemical Partners LP (WLKP) Major Shareholder Acquires $29,999,996.60 in Stock

Westlake Chemical Partners LP (NYSE:WLKP) major shareholder Ttwfgp Llc purchased 1,401,869 shares of the firm’s stock in a transaction dated Friday, March 29th. The stock was acquired at an average cost of $21.40 per share, with a total value of $29,999,996.60. Following the completion of the acquisition, the insider now directly owns 1,401,869 shares in the company, valued at approximately $29,999,996.60. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Westlake Chemical Partners stock traded down $0.12 during midday trading on Wednesday, reaching $22.63. 24,648 shares of the stock traded hands, compared to its average volume of 57,040. The company has a quick ratio of 4.98, a current ratio of 5.07 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $736.26 million, a price-to-earnings ratio of 15.00, a PEG ratio of 3.80 and a beta of 0.62. Westlake Chemical Partners LP has a fifty-two week low of $20.25 and a fifty-two week high of $27.75.

Westlake Chemical Partners (NYSE:WLKP) last posted its earnings results on Tuesday, February 19th. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). The firm had revenue of $335.73 million for the quarter, compared to analyst estimates of $288.95 million. Westlake Chemical Partners had a net margin of 3.84% and a return on equity of 5.16%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 earnings per share. Research analysts expect that Westlake Chemical Partners LP will post 2.14 earnings per share for the current year.

Large investors have recently modified their holdings of the company. Kayne Anderson Capital Advisors LP acquired a new stake in shares of Westlake Chemical Partners during the fourth quarter valued at approximately $278,000. Bank of America Corp DE raised its holdings in shares of Westlake Chemical Partners by 481.8% during the fourth quarter. Bank of America Corp DE now owns 13,701 shares of the basic materials company’s stock valued at $331,000 after acquiring an additional 11,346 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Westlake Chemical Partners during the third quarter valued at approximately $445,000. GSA Capital Partners LLP raised its holdings in shares of Westlake Chemical Partners by 10.1% during the third quarter. GSA Capital Partners LLP now owns 36,763 shares of the basic materials company’s stock valued at $915,000 after acquiring an additional 3,359 shares during the period. Finally, MetLife Investment Advisors LLC acquired a new stake in shares of Westlake Chemical Partners during the third quarter valued at approximately $1,965,000. 45.59% of the stock is owned by institutional investors.

Separately, Zacks Investment Research raised shares of Westlake Chemical Partners from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Saturday, January 12th.

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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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