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

Westlake Chemical Partners LP (NYSE:WLKP) shares gapped down before the market opened on Friday following a weaker than expected 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.

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

Westlake Chemical Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Tuesday, May 13th will be issued a dividend of $0.4714 per share. This represents a $1.89 annualized dividend and a yield of 8.11%. The ex-dividend date is Tuesday, May 13th. Westlake Chemical Partners’s dividend payout ratio is currently 106.21%.

Institutional Trading of Westlake Chemical Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. Proficio Capital Partners LLC purchased a new stake in Westlake Chemical Partners in the 4th quarter worth $1,874,000. JPMorgan Chase & Co. boosted its stake in shares of Westlake Chemical Partners by 267.0% in the third quarter. JPMorgan Chase & Co. now owns 98,437 shares of the basic materials company’s stock worth $2,206,000 after acquiring an additional 71,615 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Westlake Chemical Partners by 5.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 558,919 shares of the basic materials company’s stock worth $12,933,000 after purchasing an additional 28,430 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Westlake Chemical Partners during the 4th quarter valued at approximately $456,000. Finally, U.S. Capital Wealth Advisors LLC purchased a new position in Westlake Chemical Partners in the 1st quarter worth approximately $231,000. 78.28% of the stock is owned by hedge funds and other institutional investors.

Westlake Chemical Partners Stock Down 2.3 %

The firm has a market capitalization of $819.31 million, a P/E ratio of 13.29 and a beta of 0.84. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48. The company has a 50 day simple moving average of $23.27 and a two-hundred day simple moving average of $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.