Westlake Chemical Partners (NYSE:WLKP) Announces Earnings Results

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

Westlake Chemical Partners Stock Up 0.6 %

WLKP stock traded up $0.13 during mid-day trading on Thursday, hitting $22.09. 11,550 shares of the company were exchanged, compared to its average volume of 27,003. Westlake Chemical Partners has a twelve month low of $20.86 and a twelve month high of $23.68. The firm has a fifty day simple moving average of $22.20 and a 200 day simple moving average of $22.14. The company has a current ratio of 4.02, a quick ratio of 3.94 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $778.23 million, a PE ratio of 14.34 and a beta of 1.08.

Westlake Chemical Partners Announces Dividend

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

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a report on Tuesday, March 26th.

Insider Activity

In other Westlake Chemical Partners news, SVP Andrew Kenner purchased 5,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was acquired at an average cost of $22.23 per share, with a total value of $111,150.00. Following the acquisition, the senior vice president now owns 150,839 shares of the company’s stock, valued at approximately $3,353,150.97. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders acquired 24,230 shares of company stock valued at $537,587. Company insiders own 1.10% of the company’s stock.

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.