Zacks: Brokerages Expect Westlake Chemical Partners LP (WLKP) Will Post Quarterly Sales of $326.34 Million

Brokerages expect that Westlake Chemical Partners LP (NYSE:WLKP) will report sales of $326.34 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Westlake Chemical Partners’ earnings, with the lowest sales estimate coming in at $294.68 million and the highest estimate coming in at $358.00 million. Westlake Chemical Partners reported sales of $293.94 million during the same quarter last year, which indicates a positive year-over-year growth rate of 11%. The company is expected to report its next quarterly earnings results before the market opens on Tuesday, February 20th.

On average, analysts expect that Westlake Chemical Partners will report full-year sales of $326.34 million for the current fiscal year, with estimates ranging from $1.16 billion to $1.22 billion. For the next year, analysts anticipate that the company will post sales of $1.37 billion per share, with estimates ranging from $1.32 billion to $1.41 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Westlake Chemical Partners.

Westlake Chemical Partners (NYSE:WLKP) last issued its quarterly earnings data on Tuesday, November 7th. The basic materials company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.41 by $0.06. Westlake Chemical Partners had a return on equity of 4.73% and a net margin of 3.80%. The firm had revenue of $296.78 million during the quarter.

Several equities analysts recently issued reports on WLKP shares. TheStreet raised Westlake Chemical Partners from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th. Citigroup started coverage on Westlake Chemical Partners in a research report on Tuesday, December 5th. They issued a “buy” rating and a $25.50 target price on the stock. ValuEngine downgraded Westlake Chemical Partners from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 14th. Deutsche Bank started coverage on Westlake Chemical Partners in a research report on Wednesday, January 3rd. They issued a “buy” rating on the stock. Finally, Barclays started coverage on Westlake Chemical Partners in a research report on Wednesday, December 20th. They issued an “equal weight” rating and a $26.00 target price on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Westlake Chemical Partners currently has a consensus rating of “Hold” and an average price target of $26.88.

In related news, Director James Chao purchased 8,473 shares of the business’s stock in a transaction on Monday, December 4th. The shares were bought at an average cost of $22.17 per share, with a total value of $187,846.41. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Albert Chao purchased 10,375 shares of the business’s stock in a transaction on Monday, November 27th. The shares were bought at an average cost of $22.12 per share, for a total transaction of $229,495.00. Following the completion of the transaction, the chief executive officer now directly owns 45,000 shares in the company, valued at approximately $995,400. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 35,748 shares of company stock worth $787,823.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Atlantic Trust Group LLC acquired a new stake in Westlake Chemical Partners during the 3rd quarter worth about $5,613,000. Tortoise Capital Advisors L.L.C. acquired a new stake in shares of Westlake Chemical Partners during the 3rd quarter valued at about $3,724,000. California Public Employees Retirement System grew its position in shares of Westlake Chemical Partners by 332.2% during the 3rd quarter. California Public Employees Retirement System now owns 127,500 shares of the basic materials company’s stock valued at $2,894,000 after acquiring an additional 98,000 shares during the period. Magnetar Financial LLC acquired a new stake in shares of Westlake Chemical Partners during the 3rd quarter valued at about $4,764,000. Finally, Franklin Square Holdings L.P. acquired a new stake in shares of Westlake Chemical Partners during the 3rd quarter valued at about $931,000. 55.13% of the stock is currently owned by institutional investors.

Shares of Westlake Chemical Partners (NYSE:WLKP) opened at $23.25 on Thursday. Westlake Chemical Partners has a twelve month low of $21.10 and a twelve month high of $26.20. The company has a current ratio of 4.84, a quick ratio of 4.76 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $633.18, a price-to-earnings ratio of 14.81, a PEG ratio of 3.46 and a beta of 1.06.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Thursday, February 8th will be given a $0.3864 dividend. This represents a $1.55 annualized dividend and a dividend yield of 6.65%. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, February 7th. Westlake Chemical Partners’s dividend payout ratio is presently 95.54%.

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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.

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