Grant Is Bullish On WLKP Despite New IRS Rules

Two months ago shares of Westlake Chemical Partners LP lost a third of its value, falling from $28.75 to $19.21, in just ten days after the IRS proposed new rules that would strip the company of its master limited partnership (MLP) status. Jim Grant of Grant’s Interest Rate Observer argues in the publication’s latest issue that this is an overreaction and that the stock is now attractively priced (n.b. he wrote the article at $23, WLKP now trades at $24) regardless of what happens with the companies beneficial tax status because of its reliable, growing distributions. Why Westlake Chemical setup WLKP…