Morning Commentary: JPMorgan preferreds active, lower; NGL drops; Duke Energy weakens

By James McCandless

San Antonio, June 24 – The preferred space started Wednesday on a downward track as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.24%.

Leading early secondary activity, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was under pressure.

The preferreds (NYSE: JPMPrJ) were down 3 cents to $25.03 on volume of about 51,000 shares.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock followed the negative trend.

The preferreds (NYSE: BACPrN) were losing 6 cents to $25.06 with about 34,000 shares trading.

Sector peer Associated Banc-Corp’s 5.625% series F non-cumulative perpetual preferreds were also under pressure.

The preferreds (NYSE: ASBPrF) were shedding 12 cents to $24.83 on volume of about 30,000 shares.

In oil and gas, NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were falling.

The preferreds (NYSE: NGLPrB) were declining by 68 cents to $15.70 with about 41,000 shares trading.

Meanwhile, utilities provider Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was weakening.

The preferreds (NYSE: DUKPrA) were dipping 7 cents to $27.13 on volume of about 40,000 shares.

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