Westlake Chemical Partners (NYSE:WLKP) Hits New 1-Year High Following Earnings Beat

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) hit a new 52-week high on Monday following a stronger than expected earnings report. The company traded as high as $25.04 and last traded at $24.73, with a volume of 12644 shares. The stock had previously closed at $24.22.

The basic materials company reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.07. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. The firm had revenue of $290.06 million for the quarter, compared to the consensus estimate of $262.00 million.

Westlake Chemical Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Friday, February 7th were issued a $0.4714 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.89 dividend on an annualized basis and a yield of 7.85%. This is an increase from Westlake Chemical Partners's previous quarterly dividend of $0.47. Westlake Chemical Partners's dividend payout ratio is currently 107.43%.

Institutional Trading of Westlake Chemical Partners

Several large investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB bought a new position in shares of Westlake Chemical Partners during the 3rd quarter valued at $36,000. Geneos Wealth Management Inc. raised its holdings in Westlake Chemical Partners by 32.2% during the fourth quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company's stock valued at $77,000 after buying an additional 812 shares in the last quarter. GeoWealth Management LLC bought a new position in Westlake Chemical Partners during the fourth quarter valued at about $175,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Westlake Chemical Partners in the fourth quarter worth about $211,000. Finally, Apollon Wealth Management LLC boosted its stake in shares of Westlake Chemical Partners by 7.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company's stock worth $334,000 after acquiring an additional 1,041 shares in the last quarter. 78.28% of the stock is owned by institutional investors.

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Westlake Chemical Partners Stock Performance

The stock has a fifty day moving average price of $23.77 and a 200 day moving average price of $23.11. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48. The firm has a market cap of $846.26 million, a price-to-earnings ratio of 13.72 and a beta of 1.09.

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.