Westlake Chemical Partners LP (NYSE:WLKP) Announces $0.47 Quarterly Dividend

Westlake Chemical Partners LP (NYSE:WLKPGet Rating) declared 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 annualized dividend and a yield of 7.39%. The ex-dividend date is Wednesday, February 1st.

Westlake Chemical Partners has increased its dividend by an average of 1.6% per year over the last three years. Westlake Chemical Partners has a 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 research 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

WLKP stock opened at $25.50 on Wednesday. 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 has a 1 year low of $19.71 and a 1 year high of $29.40. The firm has a 50-day moving average of $23.06 and a 200 day moving average of $23.48. The company has a market cap of $898.11 million, a P/E ratio of 11.64, a PEG ratio of 1.70 and a beta of 0.97.

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

Insider Activity

In related news, SVP Andrew Kenner purchased 5,638 shares of Westlake Chemical Partners stock in a transaction dated Thursday, November 10th. The stock was purchased at an average cost of $22.98 per share, for a total transaction of $129,561.24. Following the completion of the acquisition, the senior vice president now directly owns 45,638 shares of the company’s stock, valued at $1,048,761.24. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Investors Weigh In On Westlake Chemical Partners

Several institutional investors have recently modified their holdings of the business. LPL Financial LLC boosted its position in shares of 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 buying an additional 6,420 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Westlake Chemical Partners by 61.6% during the second quarter. JPMorgan Chase & Co. now owns 1,141 shares of the basic materials company’s stock valued at $28,000 after buying an additional 435 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Westlake Chemical Partners by 199.9% during the first quarter. BNP Paribas Arbitrage SA now owns 60,352 shares of the basic materials company’s stock valued at $1,634,000 after buying an additional 40,225 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Westlake Chemical Partners by 14.4% during the first quarter. Geneos Wealth Management Inc. now owns 9,965 shares of the basic materials company’s stock valued at $269,000 after buying an additional 1,257 shares during the last quarter. Finally, UBS Group AG boosted its position in Westlake Chemical Partners by 0.3% in the first quarter. UBS Group AG now owns 263,019 shares of the basic materials company’s stock worth $7,123,000 after purchasing an additional 773 shares during the last quarter. 31.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

About Westlake Chemical Partners

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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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Dividend History for Westlake Chemical Partners (NYSE:WLKP)

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