Westlake Chemical Partners LP (WLKP) Releases Earnings Results, Misses Expectations By $0.05 EPS
Westlake Chemical Partners LP (NYSE:WLKP) posted its earnings results on Thursday. The basic materials company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.41 by $0.05, Bloomberg Earnings reports. The firm had revenue of $290.11 million for the quarter, compared to analysts’ expectations of $381.59 million. Westlake Chemical Partners had a return on equity of 4.33% and a net margin of 3.60%. The business’s revenue for the quarter was up 37.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 earnings per share.
Westlake Chemical Partners (NYSE:WLKP) traded up 0.40% during mid-day trading on Friday, hitting $25.10. 10,672 shares of the stock were exchanged. The company’s 50-day moving average price is $24.27 and its 200 day moving average price is $24.68. Westlake Chemical Partners has a 52 week low of $19.25 and a 52 week high of $26.25. The firm has a market capitalization of $679.18 million, a price-to-earnings ratio of 17.59 and a beta of 1.24.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.365 per share. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.35. This represents a $1.46 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date of this dividend is Friday, August 11th. Westlake Chemical Partners’s dividend payout ratio is currently 100.00%.
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A number of institutional investors have recently modified their holdings of the stock. Tiedemann Wealth Management LLC purchased a new position in shares of Westlake Chemical Partners during the first quarter valued at approximately $3,864,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Westlake Chemical Partners by 50.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 246,965 shares of the basic materials company’s stock valued at $6,211,000 after buying an additional 82,411 shares during the last quarter. Duff & Phelps Investment Management Co. increased its position in shares of Westlake Chemical Partners by 14.7% in the second quarter. Duff & Phelps Investment Management Co. now owns 311,460 shares of the basic materials company’s stock valued at $7,709,000 after buying an additional 40,000 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Westlake Chemical Partners by 91.4% in the first quarter. Renaissance Technologies LLC now owns 83,535 shares of the basic materials company’s stock valued at $2,101,000 after buying an additional 39,888 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Westlake Chemical Partners by 1,955.0% in the first quarter. JPMorgan Chase & Co. now owns 11,200 shares of the basic materials company’s stock valued at $282,000 after buying an additional 10,655 shares during the last quarter. Institutional investors own 79.04% of the company’s stock.
A number of research firms have recently weighed in on WLKP. FBR & Co increased their target price on shares of Westlake Chemical Partners from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, April 12th. ValuEngine lowered shares of Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 31st.
About Westlake Chemical Partners
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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