Westlake Chemical Partners (NYSE:WLKP) Sets New 12-Month High - Time to Buy?

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $24.66 and last traded at $24.55, with a volume of 43335 shares trading hands. The stock had previously closed at $24.60.

Westlake Chemical Partners Trading Down 0.4 %

The business's 50-day simple moving average is $23.61 and its 200-day simple moving average is $22.96. The company has a market cap of $860.38 million, a price-to-earnings ratio of 13.95 and a beta of 1.10. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.15. The firm had revenue of $277.00 million for the quarter, compared to analyst estimates of $244.16 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. During the same quarter in the prior year, the company earned $0.37 EPS. Research analysts predict that Westlake Chemical Partners LP will post 1.55 earnings per share for the current fiscal year.

Westlake Chemical Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Friday, February 7th will be given a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a yield of 7.72%. The ex-dividend date is Friday, February 7th. This is a boost from Westlake Chemical Partners's previous quarterly dividend of $0.47. Westlake Chemical Partners's dividend payout ratio (DPR) is currently 108.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Westlake Chemical Partners in the 4th quarter valued at $211,000. Apollon Wealth Management LLC increased its stake in Westlake Chemical Partners by 3.4% in the fourth quarter. Apollon Wealth Management LLC now owns 15,421 shares of the basic materials company's stock valued at $357,000 after purchasing an additional 512 shares during the last quarter. Geneos Wealth Management Inc. lifted its position 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 worth $77,000 after buying an additional 812 shares during the period. JPMorgan Chase & Co. boosted its stake in Westlake Chemical Partners by 267.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company's stock worth $2,206,000 after buying an additional 71,615 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Westlake Chemical Partners in the 3rd quarter valued at about $36,000. 78.28% of the stock is currently owned by hedge funds and other institutional investors.

About Westlake Chemical Partners

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.