Westlake Chemical Partners (NYSE:WLKP) released its quarterly earnings results on Tuesday. The basic materials company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03, Bloomberg Earnings reports. Westlake Chemical Partners had a net margin of 3.80% and a return on equity of 4.73%. The business had revenue of $308.60 million during the quarter, compared to the consensus estimate of $335.90 million. During the same quarter last year, the company earned $0.39 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year.
Westlake Chemical Partners (NYSE:WLKP) traded down $0.20 during trading on Tuesday, reaching $22.90. 5,347 shares of the company’s stock were exchanged, compared to its average volume of 63,432. The firm has a market capitalization of $625.06, a P/E ratio of 14.72, a PEG ratio of 3.41 and a beta of 1.06. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48. Westlake Chemical Partners has a 1 year low of $21.10 and a 1 year high of $26.20.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, February 8th will be issued a $0.3864 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 6.75%. The ex-dividend date of this dividend is Wednesday, February 7th. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.38. Westlake Chemical Partners’s payout ratio is currently 98.73%.
In other Westlake Chemical Partners news, CEO Albert Chao acquired 10,375 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was purchased at an average price of $22.12 per share, with a total value of $229,495.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,000 shares in the company, valued at approximately $995,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Chao acquired 8,473 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was acquired at an average cost of $22.17 per share, with a total value of $187,846.41. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 35,748 shares of company stock valued at $787,823.
A number of institutional investors have recently added to or reduced their stakes in the business. Eagle Global Advisors LLC lifted its stake in Westlake Chemical Partners by 28.6% in the fourth quarter. Eagle Global Advisors LLC now owns 13,500 shares of the basic materials company’s stock valued at $337,000 after buying an additional 3,000 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Westlake Chemical Partners in the fourth quarter valued at $344,000. Glenmede Trust Co. NA lifted its stake in Westlake Chemical Partners by 26.5% in the fourth quarter. Glenmede Trust Co. NA now owns 29,610 shares of the basic materials company’s stock valued at $738,000 after buying an additional 6,200 shares during the last quarter. Citadel Advisors LLC bought a new stake in Westlake Chemical Partners in the third quarter valued at $923,000. Finally, Franklin Square Holdings L.P. bought a new stake in Westlake Chemical Partners in the third quarter valued at $931,000. 57.43% of the stock is owned by hedge funds and other institutional investors.
WLKP has been the subject of a number of recent analyst reports. Citigroup initiated coverage on shares of Westlake Chemical Partners in a research report on Tuesday, December 5th. They set a “buy” rating and a $25.50 price target for the company. ValuEngine raised shares of Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 1st. Barclays initiated coverage on shares of Westlake Chemical Partners in a research report on Wednesday, December 20th. They set an “equal weight” rating and a $26.00 price target for the company. TheStreet raised shares of Westlake Chemical Partners from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th. Finally, BidaskClub downgraded shares of Westlake Chemical Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $26.88.
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About Westlake Chemical Partners
Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.
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