Westlake Chemical Co. (NYSE:WLK) announced a quarterly dividend on Thursday, August 15th, Fidelity reports. Stockholders of record on Tuesday, August 27th will be paid 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 of this dividend is Monday, August 26th.
Westlake Chemical has raised its dividend by an average of 9.9% annually 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. Equities 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 Westlake Chemical stock opened at $57.02 on Friday. The firm has a market cap of $7.68 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.46 and a beta of 1.61. The firm’s 50-day simple moving average is $65.43 and its 200-day simple moving average is $67.84. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.33 and a current ratio of 2.07. Westlake Chemical has a 1 year low of $56.88 and a 1 year high of $98.99.
A number of brokerages have recently issued reports on WLK. Goldman Sachs Group upgraded shares of Westlake Chemical from a “neutral” rating to a “buy” rating and set a $59.82 target price on the stock in a research note on Wednesday, May 15th. Zacks Investment Research raised shares of Westlake Chemical from a “sell” rating to a “hold” rating in a research report on Saturday, April 27th. Royal Bank of Canada lowered their price objective on shares of Westlake Chemical to $62.00 and set a “sector perform” rating for the company in a research report on Monday, May 13th. Bank of America downgraded shares of Westlake Chemical from a “buy” rating to an “underperform” rating in a research report on Friday, August 16th. Finally, Barclays downgraded shares of Westlake Chemical from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $72.00 to $71.00 in a research report on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. Westlake Chemical has an average rating of “Hold” and a consensus target price of $81.82.
About Westlake Chemical
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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