Westlake Chemical Partners LP (NYSE:WLKP – Get Rating) announced a quarterly dividend on Monday, May 2nd, Zacks reports. Stockholders of record on Thursday, May 12th will be given a dividend of 0.471 per share by the basic materials company on Thursday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date is Wednesday, May 11th.
Westlake Chemical Partners has raised its dividend payment by an average of 5.3% per year over the last three years. Westlake Chemical Partners has a payout ratio of 80.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Westlake Chemical Partners to earn $2.40 per share next year, which means the company should continue to be able to cover its $1.89 annual dividend with an expected future payout ratio of 78.8%.
Shares of NYSE:WLKP opened at $27.93 on Monday. Westlake Chemical Partners has a 12 month low of $22.68 and a 12 month high of $29.40. The company has a market capitalization of $983.53 million, a PE ratio of 11.78, a price-to-earnings-growth ratio of 1.54 and a beta of 1.05. The business’s 50 day moving average price is $27.14. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.55 and a current ratio of 0.61.
In related news, SVP Andrew Kenner purchased 8,000 shares of the company’s stock in a transaction on Monday, March 7th. The shares were bought at an average price of $26.15 per share, with a total value of $209,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Morgan Stanley grew its position in Westlake Chemical Partners by 22.3% during the 2nd quarter. Morgan Stanley now owns 282,755 shares of the basic materials company’s stock worth $7,612,000 after purchasing an additional 51,606 shares in the last quarter. LPL Financial LLC grew its position in Westlake Chemical Partners by 2.6% during the 4th quarter. LPL Financial LLC now owns 37,415 shares of the basic materials company’s stock worth $1,005,000 after purchasing an additional 937 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Westlake Chemical Partners by 29.7% during the 4th quarter. Sei Investments Co. now owns 15,166 shares of the basic materials company’s stock valued at $407,000 after acquiring an additional 3,475 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Westlake Chemical Partners by 58.9% during the 2nd quarter. Royal Bank of Canada now owns 2,688 shares of the basic materials company’s stock valued at $72,000 after acquiring an additional 996 shares in the last quarter. Finally, Captrust Financial Advisors purchased a new position in shares of Westlake Chemical Partners during the 3rd quarter valued at $25,000. Hedge funds and other institutional investors own 32.16% of the company’s stock.
Several equities research analysts recently commented on WLKP shares. StockNews.com started coverage on Westlake Chemical Partners in a report on Thursday, March 31st. They set a “strong-buy” rating on the stock. Deutsche Bank Aktiengesellschaft upped their price target on Westlake Chemical Partners from $30.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, March 2nd.
About Westlake Chemical Partners (Get Rating)
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 either a spot or contract basis.
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