Westlake Chemical Partners (NYSE:WLKP) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Westlake Chemical Partners (NYSE:WLKP) released its quarterly earnings results on Wednesday. The basic materials company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.30 by $0.16, FiscalAI reports. The business had revenue of $314.46 million for the quarter, compared to analysts’ expectations of $336.33 million. Westlake Chemical Partners had a net margin of 4.66% and a return on equity of 7.25%.

Westlake Chemical Partners Stock Performance

Westlake Chemical Partners stock traded down $0.16 during midday trading on Wednesday, reaching $21.62. 5,394 shares of the company’s stock were exchanged, compared to its average volume of 32,364. Westlake Chemical Partners has a 52 week low of $17.75 and a 52 week high of $23.88. The firm has a market cap of $762.11 million, a price-to-earnings ratio of 13.26, a P/E/G ratio of 0.84 and a beta of 0.51. The stock’s 50-day simple moving average is $21.39 and its 200 day simple moving average is $21.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.36 and a current ratio of 3.44.

Westlake Chemical Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be issued a $0.4714 dividend. This represents a $1.89 annualized dividend and a dividend yield of 8.7%. The ex-dividend date of this dividend is Friday, November 13th. Westlake Chemical Partners’s dividend payout ratio is presently 115.95%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WLKP. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $26.00 price target on shares of Westlake Chemical Partners in a research note on Wednesday, September 9th. Weiss Ratings cut shares of Westlake Chemical Partners from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 2nd. Finally, Wall Street Zen raised shares of Westlake Chemical Partners from a “hold” rating to a “buy” rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Westlake Chemical Partners Company Profile

Westlake Chemical Partners LP (NYSE: WLKP) is a master limited partnership that owns, operates and acquires ethylene production assets. Ethylene is a basic petrochemical used in the manufacture of plastics, polymers and other industrial products.

The partnership’s operations are focused on ethylene production facilities in the United States, including assets in Louisiana and Kentucky. Its ethylene is sold primarily under long-term agreements to Westlake Corporation, its primary customer and sponsor, as well as to certain third-party customers.

Westlake Chemical Partners was formed in 2014 and became a publicly traded partnership that year.