Westlake Chemical Co. to Issue Quarterly Dividend of $0.21 (WLK)

Westlake Chemical Co. (NYSE:WLK) announced a quarterly dividend on Friday, November 17th, Fidelity reports. Shareholders of record on Monday, November 27th will be given a dividend of 0.21 per share by the specialty chemicals company on Monday, December 11th. This represents a $0.84 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Friday, November 24th.

Westlake Chemical has increased its dividend payment by an average of 21.7% annually over the last three years and has raised its dividend every year for the last 13 years. Westlake Chemical has a dividend payout ratio of 16.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Westlake Chemical to earn $6.46 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 13.0%.

Shares of Westlake Chemical (NYSE WLK) traded down $1.35 on Monday, hitting $97.19. The stock had a trading volume of 1,099,133 shares, compared to its average volume of 859,890. The firm has a market cap of $12,722.24, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 1.78 and a beta of 1.71. The company has a current ratio of 2.31, a quick ratio of 1.59 and a debt-to-equity ratio of 0.74. Westlake Chemical has a one year low of $55.83 and a one year high of $99.71.

Several brokerages have recently commented on WLK. SunTrust Banks reiterated a “buy” rating and issued a $86.00 target price on shares of Westlake Chemical in a research report on Wednesday, September 6th. Johnson Rice began coverage on Westlake Chemical in a research report on Monday, November 6th. They set an “accumulate” rating and a $100.00 price objective for the company. Cowen boosted their price objective on Westlake Chemical from $78.00 to $92.00 and gave the company an “outperform” rating in a research report on Tuesday, October 10th. ValuEngine lowered Westlake Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Finally, Alembic Global Advisors restated a “buy” rating on shares of Westlake Chemical in a research report on Friday, November 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $96.45.

In other news, EVP Robert F. Buesinger sold 2,674 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $98.50, for a total value of $263,389.00. Following the sale, the executive vice president now owns 6,635 shares of the company’s stock, valued at approximately $653,547.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP George J. Mangieri sold 13,381 shares of the business’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $94.44, for a total value of $1,263,701.64. Following the completion of the sale, the senior vice president now directly owns 10,195 shares in the company, valued at approximately $962,815.80. The disclosure for this sale can be found here. Insiders have sold a total of 286,622 shares of company stock valued at $27,085,548 in the last quarter. 72.50% of the stock is currently owned by insiders.

TRADEMARK VIOLATION NOTICE: “Westlake Chemical Co. to Issue Quarterly Dividend of $0.21 (WLK)” was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The original version of this piece can be accessed at https://www.dispatchtribunal.com/2017/12/04/westlake-chemical-corporation-wlk-announces-dividend-of-0-21.html.

Westlake Chemical Company Profile

Westlake Chemical Corporation is a global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. The Company’s products include a range of chemicals, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, water treatment, refrigerants, residential and commercial construction, as well as other durable and non-durable goods.

Dividend History for Westlake Chemical (NYSE:WLK)

Receive News & Ratings for Westlake Chemical Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake Chemical Co. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply