My Top Oil Stock to Buy Right Now
Oil stocks have rallied significantly this year on the back of strong oil prices. The West Texas Intermediate crude oil price is up roughly 28% while the S&P 500 Energy sector index is up roughly 34% so far in 2021. Oil major ExxonMobil's stock is up 44% while BP and Chevron stocks are each up around 26% year to date.
While the rally in oil stocks is welcome news for energy investors, it's important to remember that many oil stocks have already rallied from their lows last year. Moreover, as always, these stocks could be volatile and may fall again if oil prices fall. So it would be a better idea to invest in stocks that can do well irrespective of oil prices. Though Enterprise Products Partners (NYSE: EPD) isn't immune to oil prices, it has proved that it can generate loads of cash flow and dividend income, even when oil prices aren't as supportive as they are right now. Let's see what makes it my top oil stock today.
Enterprise Products Partners reported strong financial and operational performance in the first quarter. The company reported net cash flow from operating activities of around $2 billion, marginally higher compared to the year-ago quarter. Its distributable cash flow for the quarter was $1.7 billion, up from $1.5 billion in Q1 2020.
Source Fool.com
