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

Key Points

• Q1 earnings missed: WLKP reported $0.40 EPS versus the $0.43 consensus (a $0.03 miss), yet the shares traded up about 2.1% to $23.14 on the news.
• High-yield dividend: the firm announced a quarterly dividend of $0.4714 (annualized $1.89) implying an ~8.1% yield, though the dividend payout ratio is elevated at 136.23%.
• Market profile: Westlake Chemical Partners has a market cap of about $815.6M and a P/E of 16.8, with ~78.3% institutional ownership and an average analyst rating of Hold.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) posted its earnings results on Tuesday. The basic materials company reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03), Zacks reports. Westlake Chemical Partners had a return on equity of 5.99% and a net margin of 4.17%.

Westlake Chemical Partners Trading Up 2.1%

NYSE:WLKP traded up $0.47 on Tuesday, reaching $23.14. 35,686 shares of the stock traded hands, compared to its average volume of 40,053. The firm has a market capitalization of $815.59 million, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 0.65 and a beta of 0.52. The company's 50 day moving average is $22.26 and its 200-day moving average is $20.64. The company has a current ratio of 2.80, a quick ratio of 2.74 and a debt-to-equity ratio of 0.50. Westlake Chemical Partners has a 1-year low of $17.75 and a 1-year high of $23.60.

Westlake Chemical Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Thursday, May 14th will be given a dividend of $0.4714 per share. This represents a $1.89 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date of this dividend is Thursday, May 14th. Westlake Chemical Partners's dividend payout ratio is currently 136.23%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on WLKP shares. Weiss Ratings raised shares of Westlake Chemical Partners from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, April 22nd. Wall Street Zen raised Westlake Chemical Partners from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 28th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold".

Institutional Trading of Westlake Chemical Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Westlake Chemical Partners by 6.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 583,932 shares of the basic materials company's stock worth $12,899,000 after buying an additional 32,863 shares during the period. Jane Street Group LLC acquired a new stake in shares of Westlake Chemical Partners during the 2nd quarter worth approximately $387,000. Virtu Financial LLC acquired a new stake in shares of Westlake Chemical Partners during the 4th quarter worth approximately $306,000. Jump Financial LLC grew its position in shares of Westlake Chemical Partners by 146.5% during the 4th quarter. Jump Financial LLC now owns 24,900 shares of the basic materials company's stock worth $473,000 after buying an additional 14,800 shares during the period. Finally, Susquehanna Portfolio Strategies LLC bought a new position in shares of Westlake Chemical Partners in the 4th quarter worth $224,000. Institutional investors and hedge funds own 78.28% of the company's stock.

About Westlake Chemical Partners

Westlake Chemical Partners LP NYSE: WLKP is a publicly traded master limited partnership sponsored by Westlake Chemical Corporation. The partnership owns, operates and acquires a portfolio of ethylene and vinyl manufacturing assets throughout the United States and the United Kingdom. As a downstream producer of basic chemicals and intermediates, WLKP supplies key industrial feedstocks to customers in a variety of end markets.

WLKP's operations are organized into two primary segments: olefins and vinyls.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.