OppenheimerFunds Inc. Has $132.62 Million Stake in Westlake Chemical Partners LP (WLKP)
OppenheimerFunds Inc. grew its stake in Westlake Chemical Partners LP (NYSE:WLKP) by 30.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,412,950 shares of the basic materials company’s stock after purchasing an additional 1,264,490 shares during the period. OppenheimerFunds Inc. owned approximately 0.17% of Westlake Chemical Partners worth $132,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN grew its position in Westlake Chemical Partners by 2,847.9% in the first quarter. Wells Fargo & Company MN now owns 427,451 shares of the basic materials company’s stock worth $9,554,000 after acquiring an additional 412,951 shares during the period. Tiedemann Advisors LLC grew its position in Westlake Chemical Partners by 11.6% in the first quarter. Tiedemann Advisors LLC now owns 323,565 shares of the basic materials company’s stock worth $7,232,000 after acquiring an additional 33,625 shares during the period. Van ECK Associates Corp grew its position in Westlake Chemical Partners by 41.2% in the first quarter. Van ECK Associates Corp now owns 120,322 shares of the basic materials company’s stock worth $2,689,000 after acquiring an additional 35,092 shares during the period. UBS Group AG grew its position in Westlake Chemical Partners by 1.3% in the first quarter. UBS Group AG now owns 951,879 shares of the basic materials company’s stock worth $21,274,000 after acquiring an additional 12,393 shares during the period. Finally, Blair William & Co. IL grew its position in Westlake Chemical Partners by 25.1% in the first quarter. Blair William & Co. IL now owns 90,160 shares of the basic materials company’s stock worth $2,015,000 after acquiring an additional 18,110 shares during the period. Institutional investors and hedge funds own 45.84% of the company’s stock.
Separately, Sanford C. Bernstein initiated coverage on Westlake Chemical Partners in a research report on Wednesday, June 20th. They issued a “market perform” rating and a $25.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Westlake Chemical Partners has an average rating of “Hold” and an average target price of $26.30.
Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings results on Thursday, August 2nd. The basic materials company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.01). Westlake Chemical Partners had a return on equity of 5.49% and a net margin of 4.53%. The firm had revenue of $302.00 million for the quarter, compared to analysts’ expectations of $281.41 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. equities research analysts predict that Westlake Chemical Partners LP will post 1.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 24th. Stockholders of record on Friday, August 10th were given a dividend of $0.4088 per share. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 6.54%. The ex-dividend date was Thursday, August 9th. Westlake Chemical Partners’s dividend payout ratio (DPR) is currently 95.35%.
Westlake Chemical Partners Profile
Westlake Chemical Partners LP operates, acquires, and develops ethylene production facilities and related assets in the United States. The company operates ethylene production facilities, which 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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