Goodrich preferreds rise despite earnings miss; American Realty up ahead of numbers

By Stephanie N. Rotondo

Phoenix, Feb. 27 – After being strong all week, the preferred stock market ended Friday’s session in line with that trend.

The Wells Fargo Hybrid and Preferred Securities index closed 8 basis points higher.

Goodrich Petroleum Corp. reported a fourth-quarter loss on Friday. Despite the loss, a rebound in oil prices was helping the company’s preferreds gain momentum.

In the company’s preferreds, the 10% series C cumulative preferreds (NYSE: GDPPC) ended up $1.25, or 15.53%, at $9.30. The 9.75% series D cumulative preferreds (NYSE: GDPPD) improved $1.14, or 14.25%, to $9.14.

West Texas Intermediate crude gained $1.10, or 2.28%, closing at $49.27 per barrel. Brent crude rose $2.01, or 3.35%, to $62.06.

Meanwhile, American Realty Capital Properties Inc. was also ending with a firm tone after the New York-based real estate investment trust was granted approval to modify one of its restated financial statements from 2013.

The company is slated to give a business update along with its third-quarter results on Monday.

American Realty Capital’s preferreds (Nasdaq: ARCPP) closed up 20 cents at $23.58 on Friday.

Investors are preparing for the company’s earnings release on Monday. The company is also expected to deliver restated results from 2012 and 2013, which were called into question after certain accounting irregularities were discovered in October.

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