Duncan Q4 Distribution
January 22nd, 2008 by Grant in: InvestingLast Tuesday, Duncan Energy Partners (DEP: chart, web, Y!) announced the fourth quarter distribution amounting to $0.41 per share, an increase of 2.5% over the initial quarterly distribution of $0.40 per share starting in February 2007.
The distribution will be paid on February 7th to shareholders on record at the close of business January 31.
Duncan will also announce Q4 earnings on January 28th prior to the market open.
Falling Stock Price
DEP shares have been falling for the last couple of months, and in part I believe this is due to the low daily volume. Citi was a large holder (over 600,000 shares) and due to recent financial developments, they’ve probably liquidated quite a few of those shares to cover their write downs.
The petroleum/gas pipeline and storage industry has always been fairly robust, and at times a bit lethargic. It certainly doesn’t see the volatility that the crude ($wtic: chart) and natural gas ($natgas: chart) market sees.
Nearly 42% of the float is held by major institutional investors or mutual funds. That’s a fairly strong influence on a thinly traded stock, and when one of those big time institutions wants out and there isn’t a whole lot of money coming into the market, the price per share will reflect accordingly.
Tags: commodities | Duncan Energy | pipelines | storage
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