Westlake Chemical Partners (NYSE:WLKP) Issues Earnings Results, Beats Estimates By $0.15 EPS

by · The Markets Daily

Westlake Chemical Partners (NYSE:WLKP – Get Free Report) released its quarterly earnings data on Tuesday. The basic materials company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.15, Zacks reports. Westlake Chemical Partners had a return on equity of 6.68% and a net margin of 4.78%. The company had revenue of $277.00 million for the quarter, compared to analyst estimates of $244.16 million. During the same quarter in the previous year, the company posted $0.37 earnings per share.

Westlake Chemical Partners Stock Up 0.8 %

Westlake Chemical Partners stock traded up $0.18 during trading on Thursday, reaching $22.50. The stock had a trading volume of 17,032 shares, compared to its average volume of 45,440. The company has a quick ratio of 4.59, a current ratio of 4.68 and a debt-to-equity ratio of 0.48. Westlake Chemical Partners has a 52-week low of $21.16 and a 52-week high of $23.68. The stock has a market cap of $792.68 million, a PE ratio of 13.86 and a beta of 1.10. The business has a 50 day moving average price of $22.41 and a 200 day moving average price of $22.54.

Westlake Chemical Partners Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.471 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.88 annualized dividend and a yield of 8.37%. Westlake Chemical Partners’s dividend payout ratio (DPR) is 117.39%.

Insider Activity

In related news, SVP Andrew Kenner purchased 2,692 shares of Westlake Chemical Partners stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $22.63 per share, with a total value of $60,919.96. Following the completion of the transaction, the senior vice president now directly owns 185,000 shares in the company, valued at approximately $4,186,550. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have bought 16,119 shares of company stock worth $369,340. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Barclays upgraded shares of Westlake Chemical Partners to a “strong-buy” rating in a report on Monday, August 12th.

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About Westlake Chemical Partners

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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.

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