Westlake Chemical Partners (NYSE:WLKP) posted its earnings results on Tuesday, February 20th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03, Bloomberg Earnings reports. The business had revenue of $308.60 million for the quarter, compared to analyst estimates of $335.90 million. Westlake Chemical Partners had a net margin of 4.15% and a return on equity of 5.13%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 EPS.
Westlake Chemical Partners (NYSE WLKP) traded up $0.15 during trading on Wednesday, hitting $23.10. 28,970 shares of the stock traded hands, compared to its average volume of 65,835. The stock has a market cap of $741.45, a PE ratio of 14.09, a P/E/G ratio of 2.08 and a beta of 1.07. Westlake Chemical Partners has a 1-year low of $21.10 and a 1-year high of $25.95. The company has a current ratio of 5.75, a quick ratio of 5.61 and a debt-to-equity ratio of 0.47.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Thursday, February 8th were given a dividend of $0.3864 per share. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.38. This represents a $1.55 annualized dividend and a dividend yield of 6.69%. The ex-dividend date was Wednesday, February 7th. Westlake Chemical Partners’s payout ratio is 94.51%.
In other news, CEO Albert Chao purchased 2,500 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were acquired at an average cost of $22.98 per share, for a total transaction of $57,450.00. Following the completion of the purchase, the chief executive officer now directly owns 47,500 shares in the company, valued at approximately $1,091,550. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Lawrence E. Teel purchased 5,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were purchased at an average price of $22.75 per share, for a total transaction of $113,750.00. Following the completion of the purchase, the senior vice president now owns 5,900 shares of the company’s stock, valued at $134,225. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 11,500 shares of company stock valued at $264,560.
Several institutional investors have recently modified their holdings of the company. Eagle Global Advisors LLC boosted its holdings in Westlake Chemical Partners by 28.6% during the fourth quarter. Eagle Global Advisors LLC now owns 13,500 shares of the basic materials company’s stock worth $337,000 after buying an additional 3,000 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Westlake Chemical Partners during the fourth quarter worth about $344,000. Glenmede Trust Co. NA boosted its holdings in Westlake Chemical Partners by 26.5% during the fourth quarter. Glenmede Trust Co. NA now owns 29,610 shares of the basic materials company’s stock worth $738,000 after buying an additional 6,200 shares in the last quarter. Citadel Advisors LLC purchased a new stake in Westlake Chemical Partners during the third quarter worth about $923,000. Finally, Franklin Square Holdings L.P. purchased a new stake in Westlake Chemical Partners during the third quarter worth about $931,000. Institutional investors and hedge funds own 57.20% of the company’s stock.
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Westlake Chemical Partners Company Profile
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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