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

Westlake Chemical Partners (NYSE:WLKP) posted its quarterly earnings results on Tuesday. The basic materials company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.36 by $0.15, Zacks reports. The business had revenue of $277.00 million during the quarter, compared to analysts’ expectations of $244.16 million. Westlake Chemical Partners had a return on equity of 6.68% and a net margin of 4.78%. During the same period last year, the firm earned $0.37 EPS.

Westlake Chemical Partners Price Performance

NYSE:WLKP traded up $0.18 during mid-day trading on Thursday, hitting $22.50. 17,032 shares of the company’s stock traded hands, compared to its average volume of 45,440. Westlake Chemical Partners has a 1 year low of $21.16 and a 1 year high of $23.68. The company has a market cap of $792.68 million, a PE ratio of 13.86 and a beta of 1.10. 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 firm’s 50 day simple moving average is $22.41 and its 200 day simple moving average is $22.54.

Westlake Chemical Partners Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th will be given a $0.471 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 8.37%. The ex-dividend date of this dividend is Tuesday, November 12th. Westlake Chemical Partners’s dividend payout ratio is currently 117.39%.

Insider Buying and Selling at Westlake Chemical Partners

In related news, SVP Andrew Kenner acquired 2,692 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $22.63 per share, for a total transaction of $60,919.96. Following the transaction, the senior vice president now directly owns 185,000 shares of the company’s stock, valued at approximately $4,186,550. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have acquired 16,119 shares of company stock valued at $369,340 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

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

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.