Westlake Chemical Partners LP (NYSE:WLKP) Issues Earnings Results

Westlake Chemical Partners LP (NYSE:WLKP) released its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by $0.05, Bloomberg Earnings reports. Westlake Chemical Partners had a return on equity of 4.34% and a net margin of 3.60%. The firm had revenue of $290.11 million for the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter in the prior year, the business earned $0.34 earnings per share. The company’s quarterly revenue was up 37.6% on a year-over-year basis.

Shares of Westlake Chemical Partners (WLKP) traded up 1.95% during mid-day trading on Friday, hitting $24.30. The stock had a trading volume of 66,228 shares. The company’s 50 day moving average price is $24.47 and its 200 day moving average price is $24.79. The stock has a market cap of $657.53 million, a P/E ratio of 16.97 and a beta of 1.24. Westlake Chemical Partners has a 12-month low of $19.25 and a 12-month high of $26.25.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.365 per share. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.35. This represents a $1.46 annualized dividend and a dividend yield of 6.01%. The ex-dividend date is Friday, August 11th. Westlake Chemical Partners’s dividend payout ratio (DPR) is currently 100.00%.

Separately, ValuEngine lowered Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 31st.

A number of institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its position in Westlake Chemical Partners by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 61,237 shares of the basic materials company’s stock worth $1,516,000 after buying an additional 661 shares during the last quarter. Franklin Parlapiano Turner & Welch LLC purchased a new position in Westlake Chemical Partners during the first quarter worth $126,000. JPMorgan Chase & Co. boosted its position in Westlake Chemical Partners by 1,955.0% in the first quarter. JPMorgan Chase & Co. now owns 11,200 shares of the basic materials company’s stock worth $282,000 after buying an additional 10,655 shares during the last quarter. Citigroup Inc. boosted its position in Westlake Chemical Partners by 27,347.0% in the second quarter. Citigroup Inc. now owns 27,447 shares of the basic materials company’s stock worth $679,000 after buying an additional 27,347 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Westlake Chemical Partners by 185.3% in the fourth quarter. Renaissance Technologies LLC now owns 43,647 shares of the basic materials company’s stock worth $945,000 after buying an additional 28,347 shares during the last quarter. 79.04% of the stock is owned by institutional investors.

COPYRIGHT VIOLATION WARNING: This news story was posted by BNB Daily and is the sole property of of BNB Daily. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The correct version of this news story can be read at https://www.baseball-news-blog.com/2017/08/13/westlake-chemical-partners-lp-nysewlkp-releases-earnings-results-misses-estimates-by-0-05-eps-updated.html.

Westlake Chemical Partners Company Profile

Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.

Earnings History for Westlake Chemical Partners (NYSE:WLKP)

Receive News & Ratings for Westlake Chemical Partners LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners LP and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply