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 during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $25.04 and last traded at $24.73, with a volume of 12644 shares changing hands. The stock had previously closed at $24.22.

The basic materials company reported $0.43 EPS for the quarter, topping 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 25th. Stockholders of record on Friday, February 7th will be given a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a dividend yield of 7.67%. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.47. Westlake Chemical Partners’s payout ratio is currently 107.43%.

Institutional Trading of Westlake Chemical Partners

Several institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Westlake Chemical Partners by 5.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 558,919 shares of the basic materials company’s stock worth $12,933,000 after buying an additional 28,430 shares during the last quarter. Eagle Global Advisors LLC lifted its position in shares of Westlake Chemical Partners by 4.6% during the 4th quarter. Eagle Global Advisors LLC now owns 45,873 shares of the basic materials company’s stock worth $1,062,000 after buying an additional 2,000 shares during the last quarter. GeoWealth Management LLC purchased a new stake in shares of Westlake Chemical Partners during the 4th quarter worth approximately $175,000. Raymond James Financial Inc. purchased a new stake in shares of Westlake Chemical Partners during the 4th quarter worth approximately $456,000. Finally, LPL Financial LLC lifted its position in shares of Westlake Chemical Partners by 13.8% during the 4th quarter. LPL Financial LLC now owns 35,136 shares of the basic materials company’s stock worth $813,000 after buying an additional 4,253 shares during the last quarter. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Westlake Chemical Partners Stock Up 1.5 %

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

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.