Analysts at FBR & Co initiated coverage on Westlake Chemical Partners LP (NYSE: WLKP) stock, starting the company at Outperform. As a means of comparison, a number of other analysts have commented on the stock recently, and the company has earned a consensus one-year price target of $23.00, lower than the opening price of $23.19. Westlake Chemical Partners LPstock has a 52-week high of $24.00.After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile, U.S. markets saw their biggest selloff since June 24, (Brexit) on Friday after comments from a voting member of the Federal Reserve’s policy-setting committee suggested a September rate hike was still a possibility.
The Dow Jones Industrial Average dropped 394 points, or 2.13% to 18085.
The S&P 500 shed 53 points, or 2.45% to 2127, while the Nasdaq Composite erased 133 points, or 2.54% to 5125.
Stocks were not alone in declines on Friday.
Global oil prices, after rallying Thursday, dropped more than 3% Friday to trade just above $45 a barrel.
Gold prices also traded lower, shedding more than 0.6% to trade around $1,332.
Typically, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.
Shares of Westlake Chemical Partners LP (NYSE: WLKP) opened at $23.19 and traded in a range between, $23.19 and $23.84 on Friday, and last traded at $23.57, which represents a change of $ 0.61 over the previous closing price.
Westlake Chemical Partners LP (NYSE: WLKP) now has a market cap of 637.78M
The stocks average daily volume is 54,733 shares out of a total float 23,629,000 of and some 20,081 shares crossed the trading desk yesterday, 32 percent lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind Westlake Chemical Partners LP (NYSE: WLKP) now has a 50-day MA is $22.90 and 200-day MA is $20.55, and it has traded in a 52-week range between $15.35 – 24.00 and today’s last price is -1.79 percent off the 52 week high.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
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