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Citigroup has raised its price target on Westlake Chemical Partners (NYSE:WLKP) to $24.00.

Originally published on Best Stocks

Category: best stocks to buy now

According to information provided by The Fly, analysts working for Citigroup on Tuesday lowered their price objective for Westlake Chemical Partners (NYSE: WLKP), which had previously been set at $25.00. The new price objective is $24.00. The price goal that Citigroup has set for the stock indicates that it can increase from its most recent level of 6.01% to a higher level in the future.

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Separately, changed its recommendation for Westlake Chemical Partners from “buy” to “strong-buy” in a report that came out on Thursday, July 21. This shows that there is more interest in the stock.
Trading of WLKP common stock began on Tuesday with an opening price of $22.64 per share. The company’s price has a moving average for the past fifty days of $24.06, and the price has a moving average for the past 200 days of $25.53. Over the past 52 weeks, the price of Westlake Chemical Partners has fluctuated between $19.71 and $29.40, with a price of $19.71 representing the all-time low. The stock has a price-to-earnings ratio of 10.63, a price-to-earnings-to-growth ratio of 1.42, and a beta value of 0.98. These ratios measure how expensive the stock is about its earnings. The company currently has a market capitalization of $797.15 million. A debt-to-equity ratio comes in at 0.41, a current ratio that comes in at 3.28, a quick ratio that comes in at 3.20, and a current ratio that comes in at 3.28.

Tuesday, August 2, saw the release of the most recent quarterly earnings report for Westlake Chemical Partners (NYSE: WLKP). This report was made public. The company that operates in the basic materials industry reported earnings of $0.47 per share for the quarter, which was $0.02 less than the consensus expectation of $0.49 that analysts made. The return on equity for the company came in at 7.84 percent, and the net margin was 5.22 percent. The most recent fiscal quarter of the company saw a total of $448.79 million in revenue generated from sales. During the same period the previous year, the corporation reported a profit of $0.71 for each share it had distributed. According to projections made by industry analysts, Westlake Chemical Partners is expected to bring in revenue of $1.88 per share during the current fiscal year. In addition, industry analysts have projected that Westlake Chemical Partners will do well in the coming year.

Several institutional investors and hedge funds recently rebalanced the number of shares in the company they own in various portfolios. JPMorgan Chase & Co. increased the proportion of Westlake Chemical Partners’ common stock that it owned by 61.6% during the second quarter of the fiscal year. Because JPMorgan Chase & Co. now possesses 1,141 shares of the basic materials firm stock, the value of those shares has increased by $28,000 because 435 additional shares have been added to the portfolio. During the second quarter, Bourgeon Capital Management LLC completed an increase of 18.2% in the proportion of Westlake Chemical Partners stock that it owned. Following the acquisition of an additional thousand shares during the most recent period, Bourgeon Capital Management LLC now has 6,500 shares of stock in the company specializing in basic materials. These holdings are currently valued at a total of 162 thousand US dollars. In the first three months of 2018, Pekin Hardy Strauss Inc. invested $213,000 in new stock issued by Westlake Chemical Partners. Pekin, The investment firm Janney Montgomery Scott LLC, successfully added 5.3% more shares of Westlake Chemical Partners to its portfolio over the second quarter. As a result, Janney Montgomery Scott LLC now has 9,600 shares of the common stock of the basic materials company as a result of the acquisition of an additional 485 shares during the relevant period. The stock of the basic materials company is valued at 243,000 dollars. Private Advisor Group LLC purchased a new stake in Westlake Chemical Partners for $252,000 during the year’s first three months. To the tune of 31.75% of the company’s shares, hedge funds and other types of institutional investors hold their positions.

Westlake Chemical Partners LP is a company that operates in the United States that invests in ethylene production plants and other related assets and constructs and manages those plants. Most of a company’s ethylene production comes from units that convert ethane to ethylene. This is the case with this particular business. In addition, it engages in the spot and contract sales of ethylene co-products to customers who are not affiliated with the company. Propylene, crude butadiene, hydrogen, and pyrolysis gasoline are some products created during this process.

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