In a recent transaction, Andrew Kenner, the Senior Vice President of Olefin Material & Corporate Planning at Westlake Chemical (NYSE:WLK) Partners LP (NYSE:WLKP), added 7,178 common units to his holdings. The purchase, executed on May 10, 2024, amounted to a total of $158,439, with the units acquired at a weighted average price of $22.073 each.
Investors monitoring executive trades might note that the units were bought in multiple transactions at prices that ranged from $21.95 to $22.21. Following this acquisition, Kenner's stake in the company has increased to a total of 168,017 common units.
Westlake Chemical Partners, known for its role in the industrial organic chemicals sector, has its shares publicly traded under the ticker WLKP. The company's business address is located in Houston, Texas, where it operates from its headquarters at 2801 Post Oak Boulevard.
As per the filing, Kenner has confirmed his readiness to provide full information regarding the number of units purchased at each separate price within the specified range, if requested by the issuer, any security holder, or the staff of the SEC.
This transaction reflects a vote of confidence by a key executive in the company's prospects and may be of interest to current and potential investors. The details of the purchase were officially filed with the SEC on May 14, 2024.
InvestingPro Insights
Following the recent purchase by Andrew Kenner, Senior Vice President at Westlake Chemical Partners LP (NYSE:WLKP), the company's financial health and market performance provide additional context for investors. According to InvestingPro data, Westlake Chemical Partners boasts a solid market capitalization of $783.12 million, with a Price to Earnings (P/E) ratio of 14.44 for the last twelve months as of Q1 2024. This could suggest that the company is reasonably valued compared to earnings. Furthermore, with a dividend yield of 8.5% as of the recent data, WLKP stands out as a significant income-generating investment.
InvestingPro Tips highlight several key strengths of WLKP. Notably, the company is recognized for its high shareholder yield, which is underlined by its substantial dividend payments to shareholders. In addition to the attractive dividend, Westlake Chemical Partners is also known for its low price volatility, providing a potentially stable investment option. Moreover, the company's cash flows have been sufficient to cover interest payments and its liquid assets exceed short-term obligations, indicating a sound financial position. These factors, combined with the company trading near its 52-week low, may present a compelling opportunity for investors looking for value.
For those interested in further insights and analysis, InvestingPro offers additional tips on WLKP, which can be accessed at https://www.investing.com/pro/WLKP. By using the coupon code PRONEWS24, readers can obtain an extra 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a total of 9 InvestingPro Tips for Westlake Chemical Partners, including analysts' profitability predictions and historical profitability data.
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