Westlake Chemical Partners (NYSE:WLKP) Posts Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• Westlake Chemical Partners reported earnings of $0.41 per share for the quarter, falling short of analysts' expectations of $0.44.
• The company declared a quarterly dividend of $0.4714, which translates to an annualized yield of 8.6%, despite a high payout ratio of 126.85%.
• Goldman Sachs Group Inc. raised its stake in the company by 3.8%, now holding 0.65% of Westlake Chemical Partners, showcasing institutional confidence in the stock.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) announced its quarterly earnings results on Tuesday. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.03), Zacks reports. The business had revenue of $297.12 million during the quarter, compared to analyst estimates of $301.00 million. Westlake Chemical Partners had a net margin of 4.78% and a return on equity of 6.39%.

Westlake Chemical Partners Stock Up 0.3%

WLKP traded up $0.06 on Friday, reaching $22.02. The company's stock had a trading volume of 52,384 shares, compared to its average volume of 31,636. The stock has a 50 day moving average of $22.14 and a two-hundred day moving average of $22.95. The company has a quick ratio of 1.35, a current ratio of 1.37 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $776.02 million, a price-to-earnings ratio of 14.78 and a beta of 0.78. Westlake Chemical Partners has a fifty-two week low of $21.19 and a fifty-two week high of $25.04.

Westlake Chemical Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 27th. Investors of record on Tuesday, August 12th will be issued a $0.4714 dividend. This represents a $1.89 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date of this dividend is Tuesday, August 12th. Westlake Chemical Partners's dividend payout ratio is 126.85%.

Insider Transactions at Westlake Chemical Partners

In other news, Chairman James Chao sold 5,608 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $22.17, for a total value of $124,329.36. Following the completion of the sale, the chairman directly owned 8,300 shares of the company's stock, valued at approximately $184,011. This represents a 40.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 13,908 shares of company stock valued at $307,759 over the last three months. Corporate insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Westlake Chemical Partners

An institutional investor recently raised its position in Westlake Chemical Partners stock. Goldman Sachs Group Inc. increased its stake in shares of Westlake Chemical Partners LP (NYSE:WLKP - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 228,885 shares of the basic materials company's stock after purchasing an additional 8,424 shares during the quarter. Goldman Sachs Group Inc. owned 0.65% of Westlake Chemical Partners worth $5,285,000 as of its most recent SEC filing. Institutional investors and hedge funds own 78.28% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Westlake Chemical Partners from a "hold" rating to a "buy" rating in a report on Saturday.

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.