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Mon, May 13, 10:00 AM, Zacks
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| Snatch This Cheap 8.8% Yield Dividend Stock Even Lower Than SVP, Olefin Material & Corp Pr Kenner DidBy Dividend Channel Staff, Thursday, May 18, 9:58 AM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on March 13, Westlake Chemical Partners LP's SVP, Olefin Material & Corp Pr, Andrew Kenner, invested $107,205.00 into 5,000 shares of WLKP, for a cost per share of $21.44. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Thursday, bargain hunters could buy shares of Westlake Chemical Partners LP (NYSE:WLKP) and achieve a cost basis 1.1% cheaper than Kenner, with shares changing hands as low as $21.20 per share. It should be noted that Kenner has collected $0.47/share in dividends since the time of their purchase, so they are currently up 1.1% on their purchase from a total return basis. Westlake Chemical Partners LP shares are currently trading off about 0.8% on the day. The chart below shows the one year performance of WLKP shares, versus its 200 day moving average:
Looking at the chart above, WLKP's low point in its 52 week range is $18.58 per share, with $28.367 as the 52 week high point — that compares with a last trade of $21.20. By comparison, below is a table showing the prices at which WLKP insider buying was recorded over the last six months:
The current annualized dividend paid by Westlake Chemical Partners LP is $1.8856/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 05/11/2023. Below is a long-term dividend history chart for WLKP, which can be of good help in judging whether the most recent dividend with approx. 8.8% annualized yield is likely to continue.
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