Westlake Chemical Partners (NYSE:WLKP) Releases Earnings Results, Misses Estimates By $0.03 EPS

Westlake Chemical Partners (NYSE:WLKP) issued its earnings results on Tuesday. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03), Zacks reports. Westlake Chemical Partners had a return on equity of 5.99% and a net margin of 4.17%.

Westlake Chemical Partners Stock Performance

WLKP traded up $0.47 during trading hours on Tuesday, hitting $23.14. The stock had a trading volume of 35,686 shares, compared to its average volume of 40,053. The company’s fifty day simple moving average is $22.26 and its 200 day simple moving average is $20.64. Westlake Chemical Partners has a 1 year low of $17.75 and a 1 year high of $23.60. The stock has a market cap of $815.59 million, a PE ratio of 16.77, a price-to-earnings-growth ratio of 0.65 and a beta of 0.52. The company has a quick ratio of 2.74, a current ratio of 2.80 and a debt-to-equity ratio of 0.50.

Westlake Chemical Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Thursday, May 14th will be issued a $0.4714 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $1.89 annualized dividend and a yield of 8.1%. Westlake Chemical Partners’s dividend payout ratio (DPR) is 136.23%.

Institutional Investors Weigh In On Westlake Chemical Partners

Several large investors have recently added to or reduced their stakes in WLKP. Royal Bank of Canada grew its holdings in Westlake Chemical Partners by 15.7% during the 4th quarter. Royal Bank of Canada now owns 7,749 shares of the basic materials company’s stock valued at $147,000 after buying an additional 1,050 shares in the last quarter. Susquehanna Portfolio Strategies LLC purchased a new position in Westlake Chemical Partners during the 4th quarter valued at about $224,000. Osaic Holdings Inc. grew its holdings in Westlake Chemical Partners by 45.8% during the 2nd quarter. Osaic Holdings Inc. now owns 10,153 shares of the basic materials company’s stock valued at $224,000 after buying an additional 3,187 shares in the last quarter. Mariner LLC grew its holdings in Westlake Chemical Partners by 4.7% during the 4th quarter. Mariner LLC now owns 12,088 shares of the basic materials company’s stock valued at $230,000 after buying an additional 538 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Westlake Chemical Partners by 35.7% during the 4th quarter. Wells Fargo & Company MN now owns 14,400 shares of the basic materials company’s stock valued at $274,000 after buying an additional 3,792 shares in the last quarter. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings upgraded Westlake Chemical Partners from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Westlake Chemical Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 28th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold”.

About Westlake Chemical Partners

Westlake Chemical Partners LP (NYSE: WLKP) is a publicly traded master limited partnership sponsored by Westlake Chemical Corporation. The partnership owns, operates and acquires a portfolio of ethylene and vinyl manufacturing assets throughout the United States and the United Kingdom. As a downstream producer of basic chemicals and intermediates, WLKP supplies key industrial feedstocks to customers in a variety of end markets.

WLKP’s operations are organized into two primary segments: olefins and vinyls.