ING Groep NV Has $4,549,000 Position in Westlake Chemical Partners LP (WLKP)
ING Groep NV decreased its position in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 22.1% during the second quarter, Holdings Channel reports. The fund owned 228,003 shares of the company’s stock after selling 64,603 shares during the period. ING Groep NV’s holdings in Westlake Chemical Partners were worth $4,549,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Westlake Chemical Partners during the first quarter worth $550,000. Harvest Fund Advisors LLC raised its stake in Westlake Chemical Partners by 3.6% in the first quarter. Harvest Fund Advisors LLC now owns 1,720,523 shares of the company’s stock worth $33,894,000 after buying an additional 60,218 shares during the last quarter. Finally, Center Coast Capital Advisors LP raised its stake in Westlake Chemical Partners by 1,269.9% in the second quarter. Center Coast Capital Advisors LP now owns 18,000 shares of the company’s stock worth $360,000 after buying an additional 16,686 shares during the last quarter. Institutional investors and hedge funds own 76.55% of the company’s stock.
Shares of Westlake Chemical Partners LP (NYSE:WLKP) traded down 2.13% during mid-day trading on Tuesday, reaching $22.53. 64,326 shares of the company were exchanged. Westlake Chemical Partners LP has a 12 month low of $15.35 and a 12 month high of $24.00. The stock has a 50 day moving average price of $23.03 and a 200-day moving average price of $21.26. The stock has a market capitalization of $609.64 million, a P/E ratio of 14.41 and a beta of 1.21.
Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.08. The business earned $210.84 million during the quarter, compared to the consensus estimate of $177.91 million. Westlake Chemical Partners had a net margin of 4.41% and a return on equity of 4.96%. The company’s revenue was down 16.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 EPS. Analysts predict that Westlake Chemical Partners LP will post $1.66 earnings per share for the current year.
Separately, FBR & Co initiated coverage on shares of Westlake Chemical Partners in a research note on Friday, September 9th. They issued an “outperform” rating and a $28.00 price objective on the stock.
About Westlake Chemical Partners
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. The Company’s 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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