Westlake Chemical Partners (NYSE:WLKP) Hits New 1-Year High – Still a Buy?

Westlake Chemical Partners LP (NYSE:WLKP) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $24.66 and last traded at $24.55, with a volume of 43335 shares. The stock had previously closed at $24.60.

Westlake Chemical Partners Stock Down 0.2 %

The firm has a market capitalization of $865.15 million, a price-to-earnings ratio of 14.03 and a beta of 1.10. The business’s fifty day moving average price is $23.58 and its 200 day moving average price is $22.95. The company has a current ratio of 4.53, a quick ratio of 4.46 and a debt-to-equity ratio of 0.48.

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

Westlake Chemical Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Friday, February 7th will be issued a dividend of $0.4714 per share. The ex-dividend date is Friday, February 7th. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.47. This represents a $1.89 annualized dividend and a dividend yield of 7.68%. Westlake Chemical Partners’s dividend payout ratio (DPR) is currently 107.43%.

Hedge Funds Weigh In On Westlake Chemical Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of WLKP. Wilmington Savings Fund Society FSB acquired a new stake in shares of Westlake Chemical Partners in the 3rd quarter worth $36,000. Geneos Wealth Management Inc. raised its holdings in Westlake Chemical Partners by 32.2% during the fourth quarter. Geneos Wealth Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 812 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Westlake Chemical Partners in the third quarter valued at about $78,000. Allspring Global Investments Holdings LLC purchased a new stake in Westlake Chemical Partners in the 4th quarter valued at approximately $211,000. Finally, Apollon Wealth Management LLC increased its position in Westlake Chemical Partners by 7.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,909 shares of the basic materials company’s stock worth $334,000 after purchasing an additional 1,041 shares during the period. 78.28% of the stock is currently owned by hedge funds and other institutional investors.

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.