Westlake Chemical Partners (NYSE:WLKP) released its quarterly earnings results on Tuesday. The basic materials company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03), MarketWatch Earnings reports. The company had revenue of $363.70 million during the quarter, compared to analysts’ expectations of $309.70 million. Westlake Chemical Partners had a net margin of 4.53% and a return on equity of 5.49%. Westlake Chemical Partners’s revenue was up 22.5% on a year-over-year basis. During the same period last year, the firm posted $0.47 earnings per share.
Shares of Westlake Chemical Partners stock traded down $0.36 on Tuesday, reaching $23.66. The company had a trading volume of 9,374 shares, compared to its average volume of 48,521. The company has a market capitalization of $769.50 million, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 3.47 and a beta of 1.05. Westlake Chemical Partners has a 52-week low of $21.10 and a 52-week high of $27.75. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.97 and a current ratio of 5.10.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 26th. Stockholders of record on Friday, November 9th will be paid a $0.4207 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.11%. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Thursday, November 8th. Westlake Chemical Partners’s payout ratio is 95.35%.
Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new position in shares of Westlake Chemical Partners in the second quarter valued at approximately $1,225,000. GSA Capital Partners LLP grew its holdings in shares of Westlake Chemical Partners by 28.8% in the second quarter. GSA Capital Partners LLP now owns 33,404 shares of the basic materials company’s stock valued at $818,000 after purchasing an additional 7,469 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Westlake Chemical Partners by 10.9% in the second quarter. Van ECK Associates Corp now owns 133,409 shares of the basic materials company’s stock valued at $3,269,000 after purchasing an additional 13,087 shares in the last quarter. Tiedemann Advisors LLC grew its holdings in shares of Westlake Chemical Partners by 6.8% in the second quarter. Tiedemann Advisors LLC now owns 345,465 shares of the basic materials company’s stock valued at $8,464,000 after purchasing an additional 21,900 shares in the last quarter. Finally, OppenheimerFunds Inc. grew its holdings in shares of Westlake Chemical Partners by 30.5% in the second quarter. OppenheimerFunds Inc. now owns 5,412,950 shares of the basic materials company’s stock valued at $132,618,000 after purchasing an additional 1,264,490 shares in the last quarter. 45.91% of the stock is currently owned by institutional investors and hedge funds.
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Westlake Chemical Partners Company Profile
Westlake Chemical Partners LP operates, acquires, and develops ethylene production facilities and related assets in the United States. The company operates ethylene production facilities, which primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.
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