Westlake Chemical Partners LP (WLKP) To Go Ex-Dividend on February 1st

Westlake Chemical Partners LP (NYSE:WLKPGet Rating) announced a quarterly dividend on Monday, January 23rd, Zacks reports. Shareholders of record on Thursday, February 2nd will be paid a dividend of 0.471 per share by the basic materials company on Thursday, February 16th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.35%. The ex-dividend date of this dividend is Wednesday, February 1st.

Westlake Chemical Partners has raised its dividend by an average of 1.6% annually over the last three years. Westlake Chemical Partners has a dividend payout ratio of 82.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. 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%.

Westlake Chemical Partners Price Performance

Shares of NYSE:WLKP opened at $25.62 on Wednesday. Westlake Chemical Partners has a fifty-two week low of $19.71 and a fifty-two week high of $29.40. The business has a 50-day moving average of $23.06 and a two-hundred day moving average of $23.48. The stock has a market capitalization of $902.39 million, a P/E ratio of 11.64, a P/E/G ratio of 1.70 and a beta of 0.97. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.66 and a quick ratio of 3.59.

Westlake Chemical Partners (NYSE:WLKPGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The basic materials company reported $0.42 earnings per share for the quarter. Westlake Chemical Partners had a return on equity of 7.95% and a net margin of 4.94%. The company had revenue of $415.12 million during the quarter. On average, equities research analysts predict that Westlake Chemical Partners will post 1.79 EPS for the current fiscal year.

Insider Activity at Westlake Chemical Partners

In other news, SVP Andrew Kenner purchased 5,638 shares of the stock in a transaction that occurred on Thursday, November 10th. The shares were purchased at an average cost of $22.98 per share, for a total transaction of $129,561.24. Following the completion of the purchase, the senior vice president now directly owns 45,638 shares of the company’s stock, valued at approximately $1,048,761.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Westlake Chemical Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC increased its stake in Westlake Chemical Partners by 22.0% during the second quarter. LPL Financial LLC now owns 35,620 shares of the basic materials company’s stock valued at $887,000 after acquiring an additional 6,420 shares during the period. JPMorgan Chase & Co. lifted its holdings in Westlake Chemical Partners by 61.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock worth $28,000 after buying an additional 435 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Westlake Chemical Partners by 199.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 60,352 shares of the basic materials company’s stock worth $1,634,000 after buying an additional 40,225 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Westlake Chemical Partners by 14.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 9,965 shares of the basic materials company’s stock valued at $269,000 after purchasing an additional 1,257 shares during the period. Finally, UBS Group AG lifted its stake in shares of Westlake Chemical Partners by 0.3% in the 1st quarter. UBS Group AG now owns 263,019 shares of the basic materials company’s stock valued at $7,123,000 after purchasing an additional 773 shares during the period. 31.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WLKP has been the subject of several research analyst reports. StockNews.com initiated coverage on Westlake Chemical Partners in a research report on Wednesday, October 12th. They set a “strong-buy” rating for the company. Citigroup cut their price objective on Westlake Chemical Partners from $25.00 to $24.00 in a research report on Tuesday, October 4th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Westlake Chemical Partners from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Friday, November 18th.

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.

Featured Stories

Dividend History for Westlake Chemical Partners (NYSE:WLKP)

Receive News & Ratings for Westlake Chemical Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Partners and related companies with MarketBeat.com's FREE daily email newsletter.