Morning Commentary: Trading volume light; Apollo preferreds drop below par; Gastar up on earnings

By Abigail W. Adams

Portland, Me., March 16 – Trading volume in the preferreds space was off to a light start on Friday. Volume has been light for much of the month, market sources said, which has been a factor in much of the market trading down.

Apollo Global Management LLC’s 6.375% $25-par perpetual preferred shares, which priced on Monday, were down early in Friday’s session after trading at par on Wednesday and Thursday.

Apollo’s 6.375% preferreds, which freed for OTC market business under the ticker “APGGP,” were seen just below par at $24.99, a decrease of 1 cent or 0.04%, early Friday.

While Apollo’s new preferreds dropped slightly, Gastar Exploration Inc.’s preferreds jumped early in Friday’s session.

The Houston-based oil and natural gas exploration and production company announced fourth-quarter and year-end earnings after the market close on Thursday.

Gastar’s 8.625% series A cumulative preferred securities traded up to $16.50, an increase of 75 cents or 4.76%, early in Friday’s session.

Gastar’s 10.75% series B cumulative preferred stock traded up to $17.98, an increase of 65 cents or 3.75%.

Gastar reported a net loss of 8 cents per common share and an adjusted net loss of 3 cents per common share for the fourth quarter of 2017.

Adjusted earnings increased 46% year over year for the fourth quarter of 2017 and 49% from the third quarter of 2017, according to a company news release.

Average daily production of oil in the fourth quarter increased 17% year over year and 11% from the third quarter of 2017.

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