Westlake Chemical Co. (NYSE:WLK) declared a quarterly dividend on Thursday, August 15th, Fidelity reports. Investors of record on Tuesday, August 27th will be given a dividend of 0.2625 per share by the specialty chemicals company on Wednesday, September 11th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Monday, August 26th.
Westlake Chemical has raised its dividend by an average of 9.9% per year over the last three years and has increased its dividend every year for the last 15 years. Westlake Chemical has a dividend payout ratio of 12.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Westlake Chemical to earn $4.75 per share next year, which means the company should continue to be able to cover its $1.05 annual dividend with an expected future payout ratio of 22.1%.
Shares of WLK opened at $57.02 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.07 and a quick ratio of 1.33. The firm has a 50 day simple moving average of $65.43 and a 200-day simple moving average of $67.84. Westlake Chemical has a 1-year low of $56.88 and a 1-year high of $98.99. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 2.46 and a beta of 1.61.
WLK has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Saturday, April 27th. Cowen reissued a “market perform” rating and set a $68.00 price objective (down from $78.00) on shares of Westlake Chemical in a research note on Monday, May 6th. Alembic Global Advisors set a $105.00 target price on shares of Westlake Chemical and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Macquarie set a $74.00 target price on shares of Westlake Chemical and gave the stock a “hold” rating in a research note on Tuesday, July 2nd. Finally, ValuEngine raised shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. Westlake Chemical has an average rating of “Hold” and a consensus price target of $81.82.
Westlake Chemical Company Profile
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products worldwide. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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