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Westlake Corp. (WLK) - $25 value - yours FREE >>
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Westlake Chemical (WLK) Declares 10% Hike in Quarterly Dividend
Westlake Chemical Company’s (WLK - Free Report) Board recently declared a regular dividend distribution of 29.75 cents per share for the second quarter of 2021. It marks an increase of 10.2% from the previous dividend of 27 cents per share in the first quarter.
The dividend will be payable on Sep 8, 2021, to shareholders of record as of Aug 24, 2021.
This is the 68th consecutive quarterly dividend that Westlake has announced since the implementation of its initial public offering in August 2004.
Westlake Chemical ended the second quarter with cash and cash equivalents of $1,844 million, increasing 67.3% year over year.
Cash flow from operations was $617 million in the quarter, up 37.7% year-over-year.
Shares of Westlake Chemical have returned 42.1% in the past year compared with 41% surge of its industry.
Image Source: Zacks Investment Research
Westlake Chemical, in its last earnings call, stated that will continue with its business investments. It expects that the recently-announced acquisitions of Boral North America and LASCO Fittings, totaling around $2.4 billion, will initiate a stage of development and growth for the company. The LASCO buyout is expected to add to Westlake subsidiary NAPCO’s product portfolio with a focus on new markets and products. The company is optimistic about strength in the housing, repair and remodeling markets. It also aims to leverage growth opportunities arising from the acquisitions.
Westlake Chemical Corporation Price and Consensus
Westlake Chemical Corporation price-consensus-chart | Westlake Chemical Corporation Quote
Zacks Rank & Other Key Picks
Westlake Chemical currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Dow Inc. (DOW - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 489.2% for the current year. The company’s shares have surged 168% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 41.6% in the past year. It currently carries a Zacks Rank #2.
Cabot has an expected earnings growth rate of around 138.5% for the current fiscal. The company’s shares have rallied 39.2% in the past year. It currently holds a Zacks Rank #2.