Westlake Chemical Partners LP (WLKP) Increases Dividend to $0.38 Per Share
Westlake Chemical Partners LP (NYSE:WLKP) declared a quarterly dividend on Thursday, November 2nd, Wall Street Journal reports. Stockholders of record on Tuesday, November 14th will be given a dividend of 0.3756 per share by the basic materials company on Wednesday, November 29th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date is Monday, November 13th. This is an increase from Westlake Chemical Partners’s previous quarterly dividend of $0.37.
Westlake Chemical Partners has a payout ratio of 8.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Westlake Chemical Partners to earn $15.35 per share next year, which means the company should continue to be able to cover its $1.46 annual dividend with an expected future payout ratio of 9.5%.
Westlake Chemical Partners (NYSE:WLKP) last released its earnings results on Thursday, August 3rd. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.05). The firm had revenue of $290.11 million during the quarter, compared to analysts’ expectations of $381.59 million. Westlake Chemical Partners had a return on equity of 4.34% and a net margin of 3.60%. The company’s revenue was up 37.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.34 earnings per share.
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About Westlake Chemical Partners
Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen.
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