Westlake Chemical Partners (NYSE:WLKP) Sets New 52-Week Low - Here's Why

Key Points

• Westlake Chemical Partners reached a new 52-week low, trading at $19.75 before closing at $19.93, signaling a drop in investor confidence.
• The company's latest quarterly earnings report showed an EPS of $0.41, missing analyst expectations of $0.44, and revenue of $297.12 million versus the projected $301 million.
• Despite the recent struggles, the company declared a quarterly dividend of $0.4714 per share, translating to a 9.5% dividend yield, although its payout ratio stands at 126.17%.

Shares of Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $19.75 and last traded at $19.93, with a volume of 49872 shares changing hands. The stock had previously closed at $19.87.

Analyst Ratings Changes

A number of research analysts have weighed in on WLKP shares. Zacks Research raised shares of Westlake Chemical Partners to a "hold" rating in a research report on Thursday, August 28th. Weiss Ratings reissued a "hold (c)" rating on shares of Westlake Chemical Partners in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Westlake Chemical Partners from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold".

Westlake Chemical Partners Stock Performance

The stock has a market cap of $702.14 million, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 2.50 and a beta of 0.73. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.10 and a current ratio of 2.15. The stock's 50-day simple moving average is $21.41 and its two-hundred day simple moving average is $22.08.

Westlake Chemical Partners (NYSE:WLKP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.03). The company had revenue of $297.12 million for 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 6.38%. Analysts forecast that Westlake Chemical Partners LP will post 1.55 earnings per share for the current year.

Westlake Chemical Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 12th were given a dividend of $0.4714 per share. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 9.5%. Westlake Chemical Partners's dividend payout ratio is currently 126.17%.

Insider Activity at Westlake Chemical Partners

In related news, CEO Jean-Marc Gilson acquired 4,700 shares of the business's stock in a transaction dated Friday, August 15th. The stock was acquired at an average price of $21.84 per share, with a total value of $102,648.00. Following the completion of the transaction, the chief executive officer owned 9,208 shares of the company's stock, valued at approximately $201,102.72. This represents a 104.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Fractal Investments LLC acquired a new position in shares of Westlake Chemical Partners during the first quarter valued at about $1,856,000. Pathway Financial Advisers LLC increased its stake in Westlake Chemical Partners by 1.6% in the first quarter. Pathway Financial Advisers LLC now owns 103,390 shares of the basic materials company's stock valued at $2,387,000 after acquiring an additional 1,610 shares during the period. Gilman Hill Asset Management LLC increased its stake in Westlake Chemical Partners by 24.6% in the second quarter. Gilman Hill Asset Management LLC now owns 37,923 shares of the basic materials company's stock valued at $838,000 after acquiring an additional 7,478 shares during the period. U.S. Capital Wealth Advisors LLC bought a new stake in Westlake Chemical Partners in the first quarter valued at about $231,000. Finally, Apollon Wealth Management LLC increased its stake in Westlake Chemical Partners by 7.3% in the first quarter. Apollon Wealth Management LLC now owns 16,547 shares of the basic materials company's stock valued at $382,000 after acquiring an additional 1,126 shares during the period. Institutional investors and hedge funds own 78.28% of the company's stock.

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.

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