Two Basic Materials Stocks Are Hot: Enterprise Products Partners L.P. (EPD), Devon Energy Corporation (DVN)
Enterprise Products Partners L.P. (EPD) ended last trading session with a change of -0.18 percent. It trades at an average volume of 4.81M shares versus 4.37M shares recorded at the end of last trading session. The share price of $27.53 is at a distance of 18.87 percent from its 52-week low and down -8.99 percent versus its peak. The company has a market cap of $58.39B and currently has 2.12B shares outstanding. The share price is currently -2.77 percent versus its SMA20, -1.96 percent versus its SMA50, and 0.7 percent versus its SMA200. The stock has a weekly performance of -2.27 percent and is 1.81 percent year-to-date as of the recent close.
January 30, 2017 — Enterprise Products Partners L.P. (EPD) announced plans to construct a new isobutane dehydrogenation (“iBDH”) unit in Mont Belvieu, Texas that will have the capability to produce 425,000 tons per year of isobutylene. The project, which is supported by long-term contracts with investment-grade customers, is expected to be completed in the fourth quarter of 2019. The isobutylene produced by the plant will provide the necessary feedstock to fill underutilized capacity at Enterprise’s existing downstream octane enhancement and petrochemical facilities.
Devon Energy Corporation (DVN) recently recorded 1.74 percent change and currently at $40.96 is 77.86 percent away from its 52-week low and down -19.09 percent versus its peak. It has a past 5-day performance of -6.78 percent and trades at an average volume of 4.28M shares. The stock has a 1-month performance of -8.47 percent and is -10.31 percent year-to-date as of the recent close. There were about 531.24M shares outstanding which made its market cap $21.76B. The share price is currently -6.04 percent versus its SMA20, -9.38 percent versus its SMA50, and -2.91 percent versus its SMA200.
On March 1, 2017 Devon Energy Corp. (DVN) announced that its board of directors has declared a quarterly cash dividend on Devon’s common stock for the second quarter of 2017. The dividend is payable on June 30, 2017, at a rate of $0.06 per share based on a record date of June 15, 2017.
Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on a balanced portfolio.