Duff Phelps Investment Management Co Lowers stake in Westlake Chemical Partners LP (WLKP)

Westlake Chemical Partners LP (WLKP) : Duff Phelps Investment Management Co reduced its stake in Westlake Chemical Partners LP by 19.82% during the most recent quarter end. The investment management company now holds a total of 271,460 shares of Westlake Chemical Partners LP which is valued at $6,238,151 after selling 67,100 shares in Westlake Chemical Partners LP , the firm said in a disclosure report filed with the SEC on Oct 14, 2016.Westlake Chemical Partners LP makes up approximately 0.09% of Duff Phelps Investment Management Co’s portfolio.

Other Hedge Funds, Including , Cutler Group Lp reduced its stake in WLKP by selling 7,903 shares or 71.41% in the most recent quarter. The Hedge Fund company now holds 3,164 shares of WLKP which is valued at $70,747.Simplex Trading boosted its stake in WLKP in the latest quarter, The investment management firm added 126 additional shares and now holds a total of 320 shares of Westlake Chemical Partners LP which is valued at $7,075.

Westlake Chemical Partners LP closed down -0.1 points or -0.43% at $22.98 with 40,085 shares getting traded on Friday. Post opening the session at $23.11, the shares hit an intraday low of $22.82 and an intraday high of $23.4799 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Westlake Chemical Partners LP reported $0.34 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.26. The company had revenue of $210.84 million for the quarter, compared to analysts expectations of $177.91 million. The company’s revenue was down -16.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.39 EPS.

Many Wall Street Analysts have commented on Westlake Chemical Partners LP. FBR Capital Initiated Westlake Chemical Partners LP on Sep 9, 2016 to “Outperform”, Price Target of the shares are set at $28.

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) which sells ethylene to Westlake and others as well as sells co-products of ethylene production including propylene crude butadiene pyrolysis gasoline and hydrogen. OpCo’s assets include three ethylene production facilities which primarily convert ethane into ethylene. Its assets include Lake Charles Louisiana (Petro 1) Lake Charles Louisiana (Petro 2) and Calvert City Kentucky (Calvert City Olefins). Petro 1 and Petro 2 are collectively known as Lake Charles Olefins and are located at Westlake’s Lake Charles site. Calvert City Olefins is located at Westlake’s Calvert City site. OpCo also owns a 200-mile 10-inch diameter ethylene pipeline system.

Leave a Reply

Westlake Chemical Partners LP - Is it time to Sell?

Top Brokerage Firms are advising their investors on Westlake Chemical Partners LP. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.