Westlake Chemical Partners LP (NYSE:WLKP) announced a dividend on Friday, July 31st, Fidelity reports. Investors of record on Monday, August 10th will be paid a dividend of 0.4714 per share by the basic materials company on Monday, August 24th. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Westlake Chemical Partners’s previous dividend of $0.46.
Westlake Chemical Partners has increased its dividend by an average of 40.0% annually over the last three years and has increased its dividend every year for the last 5 years. Westlake Chemical Partners has a dividend payout ratio of 95.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Westlake Chemical Partners to earn $1.88 per share next year, which means the company may not be able to cover its $1.89 annual dividend with an expected future payout ratio of 100.5%.
Shares of NYSE:WLKP opened at $19.12 on Friday. The company has a current ratio of 7.90, a quick ratio of 7.83 and a debt-to-equity ratio of 0.42. The stock has a market cap of $672.91 million, a PE ratio of 10.62, a price-to-earnings-growth ratio of 4.38 and a beta of 1.09. The stock’s fifty day simple moving average is $19.27 and its two-hundred day simple moving average is $19.30. Westlake Chemical Partners has a 1-year low of $10.31 and a 1-year high of $26.48.
Westlake Chemical Partners (NYSE:WLKP) last released its quarterly earnings results on Monday, May 4th. The basic materials company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Westlake Chemical Partners had a net margin of 6.11% and a return on equity of 6.65%. The firm had revenue of $250.55 million for the quarter. On average, sell-side analysts forecast that Westlake Chemical Partners will post 1.83 earnings per share for the current fiscal year.
WLKP has been the topic of several recent analyst reports. Zacks Investment Research cut shares of Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Citigroup dropped their price target on Westlake Chemical Partners from $24.50 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Deutsche Bank reduced their price objective on Westlake Chemical Partners from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, May 5th. ValuEngine cut Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, April 7th. Finally, TheStreet upgraded shares of Westlake Chemical Partners from a “c” rating to a “b-” rating in a research report on Thursday, June 18th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. Westlake Chemical Partners currently has a consensus rating of “Hold” and an average price target of $21.75.
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, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.
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