Westlake Chemical Partners (NYSE:WLKP) Announces Earnings Results, Beats Expectations By $0.15 EPS

Westlake Chemical Partners (NYSE:WLKP) posted its quarterly earnings data 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 net margin of 5.40% and a return on equity of 7.29%. The company had revenue of $277.00 million during the quarter, compared to analyst estimates of $244.16 million. During the same period in the previous year, the firm earned $0.37 earnings per share.

Westlake Chemical Partners Trading Up 0.2 %

Shares of NYSE WLKP traded up $0.05 during mid-day trading on Friday, reaching $22.56. The company had a trading volume of 12,482 shares, compared to its average volume of 45,347. The stock has a market cap of $794.79 million, a price-to-earnings ratio of 12.87 and a beta of 1.10. Westlake Chemical Partners has a 52 week low of $21.16 and a 52 week high of $23.68. The business’s 50-day moving average is $22.40 and its 200-day moving average 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.471 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.88 annualized dividend and a dividend yield of 8.35%. Westlake Chemical Partners’s dividend payout ratio (DPR) is 108.00%.

Insider Buying and Selling at Westlake Chemical Partners

In other news, SVP Andrew Kenner purchased 2,692 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $22.63 per share, for a total transaction of $60,919.96. Following the completion of the acquisition, the senior vice president now owns 185,000 shares of the company’s stock, valued at approximately $4,186,550. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders purchased a total of 4,119 shares of company stock valued at $93,460 in the last three months. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

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

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.