Insider Buying: Westlake Chemical Partners LP (WLKP) CEO Buys 10,386 Shares of Stock
Westlake Chemical Partners LP (NYSE:WLKP) CEO Albert Chao bought 10,386 shares of the business’s stock in a transaction on Monday, November 19th. The stock was bought at an average cost of $23.24 per share, for a total transaction of $241,370.64. Following the purchase, the chief executive officer now directly owns 96,435 shares of the company’s stock, valued at approximately $2,241,149.40. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Albert Chao also recently made the following trade(s):
- On Friday, November 16th, Albert Chao bought 14,944 shares of Westlake Chemical Partners stock. The stock was bought at an average cost of $23.26 per share, for a total transaction of $347,597.44.
- On Wednesday, November 14th, Albert Chao bought 17,605 shares of Westlake Chemical Partners stock. The stock was bought at an average cost of $23.32 per share, for a total transaction of $410,548.60.
Shares of NYSE:WLKP traded down $0.28 during mid-day trading on Tuesday, reaching $22.90. 505 shares of the stock were exchanged, compared to its average volume of 42,990. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.87 and a current ratio of 3.94. The company has a market cap of $741.68 million, a PE ratio of 13.48, a PEG ratio of 5.10 and a beta of 1.05. Westlake Chemical Partners LP has a one year low of $21.35 and a one year high of $27.75.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 26th. Investors of record on Friday, November 9th will be issued a dividend of $0.4207 per share. The ex-dividend date is Thursday, November 8th. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.35%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 97.67%.
Large investors have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. bought a new position in shares of Westlake Chemical Partners in the 3rd quarter valued at $125,000. Bank of America Corp DE lifted its position in Westlake Chemical Partners by 373.8% during the second quarter. Bank of America Corp DE now owns 13,858 shares of the basic materials company’s stock valued at $340,000 after acquiring an additional 10,933 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Westlake Chemical Partners during the third quarter valued at approximately $445,000. HITE Hedge Asset Management LLC purchased a new stake in Westlake Chemical Partners during the second quarter valued at approximately $534,000. Finally, GSA Capital Partners LLP lifted its position in Westlake Chemical Partners by 28.8% during the second quarter. GSA Capital Partners LLP now owns 33,404 shares of the basic materials company’s stock valued at $818,000 after acquiring an additional 7,469 shares during the last quarter. Institutional investors and hedge funds own 46.91% of the company’s stock.
A number of equities research analysts have recently commented on WLKP shares. Zacks Investment Research lowered Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research report on Friday, November 9th. Citigroup set a $27.00 price objective on Westlake Chemical Partners and gave the stock a “buy” rating in a report on Thursday, November 8th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $26.60.
Westlake Chemical Partners Company 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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