Mirae Asset Global Investments Co. Ltd. Boosts Stock Position in Westlake Chemical Partners LP (NYSE:WLKP)

Posted by Defense World Staff on Aug 6th, 2023

Mirae Asset Global Investments Co. Ltd. grew its stake in Westlake Chemical Partners LP (NYSE:WLKP – Free Report) by 3.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 569,693 shares of the basic materials company’s stock after purchasing an additional 19,644 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 1.62% of Westlake Chemical Partners worth $12,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Westlake Chemical Partners by 61.6% in the second quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 435 shares during the period. International Assets Investment Management LLC purchased a new position in Westlake Chemical Partners in the first quarter worth approximately $32,000. Northwestern Mutual Wealth Management Co. purchased a new position in Westlake Chemical Partners in the fourth quarter worth approximately $47,000. ING Groep NV purchased a new position in Westlake Chemical Partners in the fourth quarter worth approximately $235,000. Finally, Simplicity Solutions LLC purchased a new position in Westlake Chemical Partners in the first quarter worth approximately $249,000. 30.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on WLKP. Deutsche Bank Aktiengesellschaft lowered their price target on Westlake Chemical Partners from $28.00 to $27.00 in a research report on Monday, May 22nd. Barclays lowered their price target on Westlake Chemical Partners from $32.00 to $26.00 in a research report on Sunday, May 14th. Finally, StockNews.com upgraded Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th.

Westlake Chemical Partners Trading Down 0.5 %

WLKP opened at $22.95 on Friday. The firm has a market cap of $808.30 million, a P/E ratio of 13.83 and a beta of 0.98. The company has a quick ratio of 4.41, a current ratio of 4.51 and a debt-to-equity ratio of 0.45. Westlake Chemical Partners LP has a 52 week low of $18.58 and a 52 week high of $26.24. The business has a fifty day simple moving average of $22.23 and a 200-day simple moving average of $22.55.

Westlake Chemical Partners (NYSE:WLKP – Get Free Report) last announced its quarterly earnings data on Thursday, May 4th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter. The business had revenue of $307.68 million for the quarter. Westlake Chemical Partners had a return on equity of 6.37% and a net margin of 4.31%. On average, equities analysts expect that Westlake Chemical Partners LP will post 1.68 earnings per share for the current year.

Westlake Chemical Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be paid a $0.4714 dividend. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.47. This represents a $1.89 annualized dividend and a dividend yield of 8.22%. The ex-dividend date is Thursday, August 10th. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 113.86%.

Westlake Chemical Partners Profile

(Free Report)

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 either a spot or contract basis.