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Morning Commentary: Preferred stocks open softer; Energy Transfer preferreds mixed
By Cristal Cody
Tupelo, Miss., April 18 – Preferred stocks overall remained weak at the market’s opening on Thursday after softening in the previous session.
The Wells Fargo Hybrid and Preferred Securities index was down 0.07% mid-morning after closing the previous session off 0.11%.
The U.S. iShares Preferred Stock ETF slipped 2 cents, or 0.05% to $36.60. The iShares index closed Wednesday down 0.22% to $36.62.
In trading, Energy Transfer Operating, LP’s preferred stock was mixed early Thursday following the company’s $700 million sale of $25-par series E fixed-to-floating rate cumulative redeemable perpetual preferred units that priced Wednesday with a 7.6% dividend.
The preferred units (Ba2/BB/BB) were quoted down 2 cents, or 0.08%, in over-the-counter trading at the start of the session after opening at $25.05.
The Dallas-based natural gas midstream and intrastate transportation and storage company plans to apply to list the units on the New York Stock Exchange under the symbol “ETPPrE”.
Energy Transfer sold 28 million shares of the preferred units, which will reset May 15, 2024 to a floating rate of Libor plus 516.1 basis points.
The company’s existing preferred were modestly better over the morning.
Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrD) improved 2 cents, or 0.08%, in early trading on volume of about 20,000 shares. The preferreds closed Wednesday down 26 cents, or 1.02%, to $25.30 on trading volume of 542,900 shares.
The company’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrC) rose nearly 3 cents, or 0.11%, to $24.83 on trading volume of about 45,000 shares.
The 7.375% preferreds ended Wednesday down 36 cents, or 1.43%, to $24.80 on trading volume of about 614,000 shares.
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