Westlake Chemical Partners (NYSE:WLKP) Hits New 1-Year High on Better-Than-Expected Earnings

Westlake Chemical Partners LP (NYSE:WLKP) shares reached a new 52-week high on Monday after the company announced better than expected quarterly earnings. The company traded as high as $25.04 and last traded at $24.73, with a volume of 12644 shares changing hands. 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. The company had revenue of $290.06 million during the quarter, compared to the consensus estimate of $262.00 million. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%.

Westlake Chemical Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Friday, February 7th were given a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a yield of 7.79%. The ex-dividend date of this dividend was Friday, February 7th. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.47. Westlake Chemical Partners’s payout ratio is 107.43%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Apollon Wealth Management LLC raised its stake in Westlake Chemical Partners by 3.4% in the 4th quarter. Apollon Wealth Management LLC now owns 15,421 shares of the basic materials company’s stock valued at $357,000 after acquiring an additional 512 shares during the period. Hilltop Holdings Inc. increased its holdings in shares of Westlake Chemical Partners by 2.7% in the third quarter. Hilltop Holdings Inc. now owns 27,216 shares of the basic materials company’s stock valued at $610,000 after purchasing an additional 711 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Westlake Chemical Partners by 32.2% in the fourth quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock valued at $77,000 after purchasing an additional 812 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Westlake Chemical Partners during the 3rd quarter worth about $36,000. Finally, Eagle Global Advisors LLC boosted its holdings in shares of Westlake Chemical Partners by 4.6% during the 4th quarter. Eagle Global Advisors LLC now owns 45,873 shares of the basic materials company’s stock worth $1,062,000 after buying an additional 2,000 shares during the period. 78.28% of the stock is currently owned by institutional investors.

Westlake Chemical Partners Stock Performance

The firm has a market cap of $852.61 million, a price-to-earnings ratio of 13.83 and a beta of 1.09. 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 stock’s 50 day moving average is $23.74 and its 200 day moving average is $23.09.

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.