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

Westlake Chemical Partners (NYSE:WLKP) posted its quarterly earnings results 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. Westlake Chemical Partners had a return on equity of 6.68% and a net margin of 4.78%. The business 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 firm earned $0.37 EPS.

Westlake Chemical Partners Trading Up 0.9 %

WLKP traded up $0.20 on Thursday, hitting $22.52. The company had a trading volume of 29,857 shares, compared to its average volume of 45,499. The firm has a market cap of $793.38 million, a P/E ratio of 13.99 and a beta of 1.10. Westlake Chemical Partners has a 1 year low of $21.16 and a 1 year high of $23.68. The company’s fifty day moving average price is $22.40 and its 200 day moving average price is $22.54. The company has a current ratio of 4.68, a quick ratio of 4.59 and a debt-to-equity ratio of 0.48.

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 issued a $0.471 dividend. The ex-dividend date 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 currently 117.39%.

Insider Activity at Westlake Chemical Partners

In related news, SVP Andrew Kenner acquired 2,692 shares of Westlake Chemical Partners stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $22.63 per share, for a total transaction of $60,919.96. Following the acquisition, the senior vice president now owns 185,000 shares in the company, valued at approximately $4,186,550. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have purchased 16,119 shares of company stock worth $369,340. Company insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.