Westlake Chemical Partners (NYSE:WLKP) Issues Earnings Results

Westlake Chemical Partners (NYSE:WLKP) issued its quarterly earnings data on Tuesday. The basic materials company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.36 by $0.15, Zacks reports. The firm had revenue of $277.00 million during the quarter, compared to the consensus estimate of $244.16 million. Westlake Chemical Partners had a return on equity of 7.29% and a net margin of 5.40%. During the same period in the prior year, the business posted $0.37 earnings per share.

Westlake Chemical Partners Stock Performance

NYSE WLKP opened at $22.52 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.59 and a current ratio of 4.68. The company has a market capitalization of $793.38 million, a PE ratio of 12.87 and a beta of 1.10. Westlake Chemical Partners has a 52-week low of $21.16 and a 52-week high of $23.68. The company has a 50-day simple moving average of $22.40 and a 200 day simple moving average of $22.54.

Westlake Chemical Partners Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 12th will be paid a $0.471 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.88 dividend on an annualized basis and a yield of 8.37%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 108.00%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, SVP Andrew Kenner purchased 2,692 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $22.63 per share, for a total transaction of $60,919.96. Following the purchase, the senior vice president now directly owns 185,000 shares in the company, valued at approximately $4,186,550. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 4,119 shares of company stock valued at $93,460 in the last three months. 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.