Westlake Chemical Partners (NYSE:WLKP) Hits New 1-Year High – Here’s What Happened

Shares of Westlake Chemical Partners LP (NYSE:WLKP) reached a new 52-week high on Tuesday . The company traded as high as $24.85 and last traded at $24.85, with a volume of 110 shares trading hands. The stock had previously closed at $24.03.

Westlake Chemical Partners Stock Up 0.5 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.46. The stock has a 50 day simple moving average of $22.87 and a 200-day simple moving average of $22.74. The firm has a market cap of $851.75 million, a PE ratio of 13.81 and a beta of 1.11.

Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.15. The firm had revenue of $277.00 million during the quarter, compared to analyst estimates of $244.16 million. Westlake Chemical Partners had a return on equity of 7.31% and a net margin of 5.40%. During the same quarter in the previous year, the firm earned $0.37 EPS. Sell-side analysts predict that Westlake Chemical Partners LP will post 1.55 EPS for the current fiscal year.

Westlake Chemical Partners Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 12th were given a $0.471 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.88 annualized dividend and a yield of 7.79%. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 108.00%.

Institutional Investors Weigh In On Westlake Chemical Partners

Several institutional investors have recently modified their holdings of WLKP. International Assets Investment Management LLC bought a new position in Westlake Chemical Partners during the second quarter valued at approximately $33,000. Wilmington Savings Fund Society FSB bought a new position in shares of Westlake Chemical Partners during the 3rd quarter valued at $36,000. Future Financial Wealth Managment LLC purchased a new position in shares of Westlake Chemical Partners in the 3rd quarter worth $78,000. Rothschild Investment LLC bought a new stake in shares of Westlake Chemical Partners in the second quarter worth $181,000. Finally, Apollon Wealth Management LLC increased its position in Westlake Chemical Partners by 7.5% during the third quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock valued at $334,000 after acquiring an additional 1,041 shares during the last quarter. 78.28% of the stock is owned by hedge funds and other institutional investors.

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.