Westlake Chemical Partners (NYSE:WLKP) Posts Quarterly Earnings Results

Westlake Chemical Partners (NYSE:WLKP) issued its earnings results on Wednesday. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.01), Zacks reports. The firm had revenue of $284.67 million during the quarter, compared to the consensus estimate of $280.76 million. Westlake Chemical Partners had a net margin of 4.56% and a return on equity of 6.25%. During the same quarter in the previous year, the firm earned $0.42 earnings per share.

Westlake Chemical Partners Stock Performance

Shares of NYSE:WLKP traded up $0.13 during midday trading on Thursday, reaching $22.09. 11,568 shares of the company traded hands, compared to its average volume of 27,006. The company has a quick ratio of 3.94, a current ratio of 4.02 and a debt-to-equity ratio of 0.47. Westlake Chemical Partners has a 12 month low of $20.86 and a 12 month high of $23.68. The firm has a market capitalization of $778.23 million, a price-to-earnings ratio of 14.34 and a beta of 1.08. The firm’s fifty day moving average price is $22.20 and its two-hundred day moving average price is $22.14.

Westlake Chemical Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Monday, May 13th will be paid a dividend of $0.4714 per share. The ex-dividend date is Friday, May 10th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 8.54%. Westlake Chemical Partners’s payout ratio is 122.73%.

Insider Activity at Westlake Chemical Partners

In related news, SVP Andrew Kenner acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were bought at an average cost of $22.12 per share, for a total transaction of $221,200.00. Following the purchase, the senior vice president now owns 136,609 shares in the company, valued at approximately $3,021,791.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have purchased 24,230 shares of company stock worth $537,587. 1.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 26th.

Westlake Chemical Partners Company Profile

Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company's ethylene production facilities primarily convert ethane into ethylene. It also sells ethylene co-products, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.