Westlake Chemical Partners (NYSE:WLKP) Issues Quarterly Earnings Results

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

Westlake Chemical Partners Stock Performance

Shares of Westlake Chemical Partners stock traded up $0.20 during midday trading on Thursday, hitting $22.52. The company had a trading volume of 29,857 shares, compared to its average volume of 45,499. The stock has a market cap of $793.38 million, a price-to-earnings ratio of 13.99 and a beta of 1.10. The company has a quick ratio of 4.59, a current ratio of 4.68 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $22.40 and a 200 day simple moving average of $22.54. Westlake Chemical Partners has a 12-month low of $21.16 and a 12-month high of $23.68.

Westlake Chemical Partners Cuts Dividend

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

Wall Street Analyst Weigh In

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

Insider Activity at Westlake Chemical Partners

In other Westlake Chemical Partners news, SVP Andrew Kenner purchased 2,692 shares of Westlake Chemical Partners stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $22.63 per share, with a total value of $60,919.96. Following the transaction, the senior vice president now owns 185,000 shares of the company’s stock, valued at $4,186,550. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased 16,119 shares of company stock valued at $369,340 in the last three months. 1.10% of the stock is owned by insiders.

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.