Westlake Chemical Partners (NYSE:WLKP) Shares Gap Down After Earnings Miss

Westlake Chemical Partners LP (NYSE:WLKP - Get Free Report)'s stock price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $23.80, but opened at $22.81. Westlake Chemical Partners shares last traded at $23.30, with a volume of 10,730 shares traded.

The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.24). Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. The business had revenue of $237.63 million for the quarter, compared to the consensus estimate of $296.00 million.

Westlake Chemical Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Tuesday, May 13th will be issued a dividend of $0.4714 per share. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.89 annualized dividend and a dividend yield of 8.16%. Westlake Chemical Partners's dividend payout ratio (DPR) is 126.17%.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Westlake Chemical Partners from a "strong-buy" rating to a "buy" rating in a report on Monday.

Institutional Trading of Westlake Chemical Partners

A number of institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of Westlake Chemical Partners in the 3rd quarter worth about $36,000. Geneos Wealth Management Inc. lifted its stake in shares of Westlake Chemical Partners by 32.2% during the 4th quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company's stock worth $77,000 after acquiring an additional 812 shares during the last quarter. GeoWealth Management LLC purchased a new position in Westlake Chemical Partners during the 4th quarter valued at $175,000. Allspring Global Investments Holdings LLC bought a new position in shares of Westlake Chemical Partners in the fourth quarter worth about $211,000. Finally, U.S. Capital Wealth Advisors LLC purchased a new position in Westlake Chemical Partners in the 1st quarter worth about $231,000. 78.28% of the stock is currently owned by institutional investors.

Westlake Chemical Partners Stock Up 0.2 %

The company has a market cap of $814.37 million, a P/E ratio of 13.21 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.46 and a current ratio of 4.53. The business's fifty day moving average is $23.21 and its two-hundred day moving average is $23.38.

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.