Westlake Chemical Partners (NYSE:WLKP) Reaches New 1-Year High Following Better-Than-Expected Earnings

Westlake Chemical Partners LP (NYSE:WLKP) shares reached a new 52-week high on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $25.04 and last traded at $24.73, with a volume of 12644 shares trading hands. The stock had previously closed at $24.22.

The basic materials company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.36 by $0.07. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%.

Westlake Chemical Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 25th. Shareholders of record on Friday, February 7th will be given a dividend of $0.4714 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.89 dividend on an annualized basis and a yield of 7.67%. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.47. Westlake Chemical Partners’s dividend payout ratio is presently 107.43%.

Hedge Funds Weigh In On Westlake Chemical Partners

Large investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in Westlake Chemical Partners during the 3rd quarter worth $36,000. Geneos Wealth Management Inc. raised its position in Westlake Chemical Partners by 32.2% during the 4th quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after buying an additional 812 shares during the last quarter. GeoWealth Management LLC purchased a new position in Westlake Chemical Partners during the 4th quarter worth $175,000. Allspring Global Investments Holdings LLC purchased a new position in Westlake Chemical Partners during the 4th quarter worth $211,000. Finally, Apollon Wealth Management LLC grew its stake in shares of Westlake Chemical Partners by 7.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock worth $334,000 after purchasing an additional 1,041 shares during the period. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Stock Performance

The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $866.00 million, a price-to-earnings ratio of 14.04 and a beta of 1.09. The stock’s 50 day moving average price is $23.73 and its two-hundred day moving average price is $23.08.

About Westlake Chemical Partners

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.