uploads/2016/11/part-1-WLK-1.png

Westlake Chemical Announced 4Q16 Dividend

By

Updated

Westlake Chemical announces fourth quarter dividend

On November 21, 2016, Westlake Chemical (WLK) announced a fourth quarter dividend of $0.19 per share. The dividend will be paid on December 16, 2016, with a record date of December 1, 2016. This is Westlake Chemical’s 49th consecutive quarterly dividend.

In the first nine months of 2016, Westlake Chemical’s dividend stood at ~$71.9 million as compared to ~$67.9 million in the corresponding period of last year, implying an increase of ~6.0% on a year-over-year basis. Assuming that Westlake Chemical doesn’t repurchase or issue any common stock, the dividend amount paid will be the same as in 3Q16.

Article continues below advertisement

Westlake Chemical’s stock price movement for the week

For the week ended November 25, 2016, Westlake Chemicals closed at $55.57 and rose 5.2% for the week. Westlake Chemical stock is trading 10.5% above the 100-day moving average price of $50.29. On a year-to-date basis, WLK has moved up 2.3%. WLK has a 14-day relative strength index of 60 indicating that the stock is neither overbought nor oversold. WLK outperformed the First Trust Materials AlphaDEX Fund (FXZ) for the week ended November 25, 2016, with a return of 1.8%.

As on November 25, 2016, the First Trust Materials AlphaDEX Fund holds 3.3% in Westlake Chemicals. The top holdings of FXZ include the Mosaic Company (MOS), USG (USG), and Domtar (UFS) with weights of 3.5%, 3.5%, and 3.4%, respectively, for the same period.

Advertisement

More From Market Realist