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

Westlake Chemical Partners LP (NYSE:WLKP) announced a quarterly dividend on Wednesday, October 30th,Zacks Dividends reports. Stockholders of record on Tuesday, November 12th will be paid a dividend of 0.471 per share by the basic materials company on Wednesday, November 27th. This represents a $1.88 annualized dividend and a dividend yield of 8.33%. The ex-dividend date is Tuesday, November 12th.

Westlake Chemical Partners has a payout ratio of 110.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Westlake Chemical Partners to earn $1.70 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 111.2%.

Westlake Chemical Partners Trading Up 0.5 %

Shares of Westlake Chemical Partners stock opened at $22.63 on Monday. The company’s fifty day moving average price is $22.40 and its two-hundred day moving average price is $22.55. The firm has a market capitalization of $797.25 million, a PE ratio of 12.93 and a beta of 1.10. Westlake Chemical Partners has a 52-week low of $21.16 and a 52-week high of $23.68. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.53 and a quick ratio of 4.59.

Westlake Chemical Partners (NYSE:WLKP) last posted its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.15. Westlake Chemical Partners had a net margin of 5.40% and a return on equity of 7.31%. The firm had revenue of $277.00 million during the quarter, compared to analyst estimates of $244.16 million. During the same quarter in the prior year, the business posted $0.37 earnings per share. On average, analysts expect that Westlake Chemical Partners will post 1.55 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Barclays upgraded shares of Westlake Chemical Partners to a “strong-buy” rating in a research note on Monday, August 12th.

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, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis.