In a recent transaction, Andrew Kenner, Senior Vice President of Olefin Material & Corporate Planning at Westlake Chemical (NYSE:) Partners LP (NYSE:WLKP), invested $111,150 in the purchase of company stock. The transaction, which took place on March 28, 2024, involved Kenner acquiring 5,000 common units at a weighted average price of $22.23.
The purchase was made in multiple transactions with prices ranging between $22.20 and $22.32. Following this acquisition, Kenner’s total ownership in Westlake Chemical Partners has increased to 150,839 common units.
This move by a high-ranking executive within the company might signal confidence in the future of Westlake Chemical Partners, a firm that is part of the industrial organic chemicals industry. Investors often monitor such insider transactions as they can provide insights into the executive’s view of the company’s value and prospects.
For those interested in the specifics of the transactions, Kenner has committed to providing full information regarding the number of units purchased at each separate price within the range mentioned, upon request from the issuer, any security holder of the issuer, or the staff of the SEC.
The filing was signed by Andrew F. Kenner, through J. Feng, under power of attorney, on April 1, 2024. Westlake Chemical Partners LP, headquartered in Houston, Texas, operates under the industrial applications and services sector and is incorporated in Delaware.
InvestingPro Insights
In the wake of Andrew Kenner’s recent purchase of Westlake Chemical Partners LP (NYSE:WLKP) stock, current and potential investors may find additional context in recent financial data and expert analysis. According to InvestingPro data, Westlake Chemical Partners has a market capitalization of approximately $782.06 million, with a Price/Earnings (P/E) ratio standing at 14.53 as of the last twelve months ending Q4 2023. This valuation metric is slightly adjusted down from the P/E ratio of 14.41, indicating a stable perception of earnings over the period.
Furthermore, the company has been noted for its high dividend yield, which stands at an attractive 8.49% as of the latest data, coupled with a solid financial footing. Two notable InvestingPro Tips highlight that Westlake Chemical Partners not only pays a significant dividend to shareholders but also has cash flows that can sufficiently cover interest payments. These aspects suggest a potentially lucrative opportunity for income-seeking investors.
Investors should also consider that the stock is currently trading near its 52-week high, at 93.75% of this peak value, reflecting a certain level of investor confidence in the company. Additionally, the firm’s liquid assets exceed short-term obligations, indicating a good liquidity position which is often a reassuring sign for investors assessing the short-term financial health of a company.
For those looking for further insights, InvestingPro offers a total of 9 additional InvestingPro Tips for Westlake Chemical Partners, which can be accessed through the dedicated page at https://www.investing.com/pro/WLKP. To enhance your investing strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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