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 raised its dividend payment by an average of 40.0% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Westlake Chemical Partners has a payout ratio of 95.5% meaning 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%.
WLKP opened at $19.12 on Friday. The firm has a market capitalization 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 business’s 50-day moving average is $19.27 and its two-hundred day moving average is $19.30. Westlake Chemical Partners has a 1 year low of $10.31 and a 1 year high of $26.48. The company has a debt-to-equity ratio of 0.42, a current ratio of 7.90 and a quick ratio of 7.83.
A number of equities analysts have recently issued reports on WLKP shares. Deutsche Bank reduced their price target on Westlake Chemical Partners from $26.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday, May 5th. ValuEngine lowered Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, April 7th. TheStreet upgraded Westlake Chemical Partners from a “c” rating to a “b-” rating in a research note on Thursday, June 18th. Zacks Investment Research lowered Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Finally, Citigroup cut their price objective on shares of Westlake Chemical Partners from $24.50 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. Westlake Chemical Partners currently has a consensus rating of “Hold” and a consensus price target of $21.75.
Westlake Chemical Partners Company Profile
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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