Ex-Dividend Alert: Westlake Chemical Announced its 55th Consecutive Dividend; Will Trade Ex-Dividend on May 29, 2018
LONDON, UK / ACCESSWIRE / May 25, 2018 / Active-Investors has a free review on Westlake Chemical Corp. (NYSE: WLK) (''Westlake'') following the Company's announcement that it will begin trading ex-dividend on May 29, 2018. To capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date (excluding weekend and holiday) that is by latest at the end of the trading session on May 25, 2018. Active-Investors has initiated due-diligence on this dividend stock. Register with us for more free research including the one on WLK:
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Dividend Declared
On May 19, 2018, Westlake's Board of Directors declared a regular dividend distribution of $0.2100 per share. The dividend will be payable on June 13, 2018, to stockholders of record on May 30, 2018.
Westlake's indicated dividend represents a yield of 0.69% compared to the average dividend yield of 2.23% for the Basic Materials sector. This is the 55th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
Dividend Insights
Westlake has a dividend payout ratio of 9.6%, which denotes that the Company spends approximately $0.10 for dividend distribution out of every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, Westlake is forecasted to report earnings of $9.48 per share for the next year, which is more than ten times higher than the Company's annualized dividend of $0.84 per share.
Westlake's net cash provided by operating activities was $225 million and capital expenditures were $154 million for the first quarter of 2018. As of March 31, 2018, the Company's cash and cash equivalents were $851 million and total debt was $3.13 billion. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
Recent Development for Westlake
On May 19, 2018, Westlake Chemical announced that Mr. Mark McCollum has been elected to serve on the Company's Board of Directors as a new member.
Mr. McCollum, 59, has been the President and Chief Executive Officer of Weatherford International PLC since April 2017. Prior to joining Weatherford, Mr. McCollum served as Executive Vice President and Chief Financial Officer of Halliburton Company, a position he assumed in 2008 and resumed in July 2016 following an interim role from December 2014 to July 2016 as Executive Vice President and Chief Integration Officer during the pendency of Halliburton's proposed acquisition of Baker Hughes Incorporated.
About Chemical Corp.
Westlake is an international manufacturer and supplier of petrochemicals, polymers, and building products with headquarters in Houston. The Company's range of products includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and derivative products, PVC suspension and specialty resins, PVC compounds, and PVC building products including siding, pipe, fittings and specialty components, windows, fence, deck, and film.
Stock Performance Snapshot
May 24, 2018 - At Thursday's closing bell, Westlake Chemical's stock slightly fell 0.73%, ending the trading session at $120.53.
Volume traded for the day: 494.65 thousand shares.
Stock performance in the last month - up 12.59%; previous three-month period - up 8.40%; past twelve-month period - up 91.80%; and year-to-date - up 13.14%
After yesterday's close, Westlake Chemical's market cap was at $15.56 billion.
Price to Earnings (P/E) ratio was at 18.31.
The stock has a dividend yield of 0.70%.
The stock is part of the Basic Materials sector, categorized under the Specialty Chemicals industry.
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