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Morning Commentary: Preferreds modestly weaker post-holiday; Energy Transfer mixed
By Cristal Cody
Tupelo, Miss., April 22 – Preferred stocks opened soft on Monday following the long Good Friday holiday weekend.
The Wells Fargo Hybrid and Preferred Securities index declined 0.04% early Monday after closing Thursday down 0.12%.
The U.S. iShares Preferred Stock ETF was down 1 cent, or 0.01% to $36.55.
In early secondary trading, Energy Transfer Operating, LP’s preferred stock traded sideways.
The company’s $700 million of 7.6% $25-par series E fixed-to-floating rate cumulative redeemable perpetual preferred units that priced on Wednesday improved 1 cent, or 0.04%, to $24.91 in over-the-counter trading.
The preferred units (Ba2/BB/BB) dropped 15 cents, or 0.6%, to end Thursday at $24.90.
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.
In other trading early Monday, the company’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrD) improved 1 cent, while its 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrC) fell 3 cents.
Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units improved 1 cent, or 0.04%, to $25.32 over the morning on volume of about 11,000 shares.
The 7.625% preferreds closed Thursday up 1 cent, or 0.04%, at $25.31 on trading volume of about 89,000 shares.
The company’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units fell 3 cents, or 0.12%, to $24.81 on trading volume of about 139,000 shares on Monday.
The series C preferred stock gained 4 cents, or 0.16%, to close Thursday at $24.84 on total volume of about 217,000 shares.
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