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 annualized dividend and a dividend yield of Infinity. The ex-dividend date is Monday, November 13th. This is a positive change from Westlake Chemical Partners’s previous quarterly dividend of $0.37.
Westlake Chemical Partners has a dividend payout ratio of 8.9% indicating that its dividend is sufficiently covered by earnings. Equities research 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 quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.05). Westlake Chemical Partners had a return on equity of 4.34% and a net margin of 3.60%. The company had revenue of $290.11 million for the quarter, compared to analysts’ expectations of $381.59 million. During the same quarter last year, the company earned $0.34 EPS. Westlake Chemical Partners’s revenue for the quarter was up 37.6% compared to the same quarter last year.
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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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