Westlake Chemical Partners LP (NYSE:WLKP) announced a dividend on Friday, July 31st, Fidelity reports. Shareholders of record on Monday, August 10th will be given a dividend of 0.4714 per share by the basic materials company on Monday, August 24th. The ex-dividend date is Friday, August 7th. This is an increase from Westlake Chemical Partners’s previous dividend of $0.46.
Westlake Chemical Partners has raised its dividend by an average of 40.0% per year over the last three years and has raised its dividend every year for the last 5 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 tumble. 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 company has a market capitalization of $672.91 million, a P/E ratio of 10.62, a P/E/G ratio of 4.38 and a beta of 1.09. Westlake Chemical Partners has a 12 month low of $10.31 and a 12 month high of $26.48. The stock has a 50 day moving average of $19.27 and a 200-day moving average of $19.30.
WLKP has been the subject of a number of research analyst reports. 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 report on Tuesday, May 5th. Zacks Investment Research downgraded Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. ValuEngine cut Westlake Chemical Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, April 7th. Citigroup reduced their target price on shares of Westlake Chemical Partners from $24.50 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, May 5th. Finally, TheStreet upgraded shares of Westlake Chemical Partners from a “c” rating to a “b-” rating in a research note on Thursday, June 18th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price 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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