Westlake Chemical Partners LP (WLKP) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $0.45 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $0.40. The company posted revenue of $252.60 million in the period, compared to analysts expectations of $282.79 million. The company’s revenue was down -2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.
Many Wall Street Analysts have commented on Westlake Chemical Partners LP. Shares were Reiterated by Deutsche Bank on Feb 25, 2016 to “Buy” and Lowered the Price Target to $ 22 from a previous price target of $40 .
Westlake Chemical Partners LP closed down -0.93 points or -4.86% at $18.21 with 42,741 shares getting traded on Monday. Post opening the session at $19.24, the shares hit an intraday low of $18.12 and an intraday high of $19.3188 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
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. The Company’s business and operations are conducted through Westlake Chemical OpCo LP (OpCo) which sells ethylene to Westlake and others as well as sells co-products of ethylene production including propylene crude butadiene pyrolysis gasoline and hydrogen. OpCo’s assets include three ethylene production facilities which primarily convert ethane into ethylene. Its assets include Lake Charles Louisiana (Petro 1) Lake Charles Louisiana (Petro 2) and Calvert City Kentucky (Calvert City Olefins). Petro 1 and Petro 2 are collectively known as Lake Charles Olefins and are located at Westlake’s Lake Charles site. Calvert City Olefins is located at Westlake’s Calvert City site. OpCo also owns a 200-mile 10-inch diameter ethylene pipeline system.