Duke Energy preferreds positive; Invesco Mortgage declines; Energy Transfer improves

By James McCandless

San Antonio, April 3 – Top traders in the preferred space continued an overall positive trend in trading this week.

At the top of activity, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was positive.

Meanwhile, REIT Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferreds declined.

In oil and gas, Energy Transfer LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units followed the upward trend.

Sector peer NuStar Energy LP’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units were similarly better.

Insurance provider American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds also saw a boost.

Duke Energy positive

Leading trading, electric utility Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock closed positive.

The preferreds (NYSE: DUKPrA) were up 6 cents to close at $25.52 on volume of about 1.1 million shares.

Invesco Mortgage down

Meanwhile, real estate investment trust Invesco Mortgage’s 7.5% series C fixed-to-floating rate cumulative redeemable preferreds went against the grain with a slight decline.

The preferreds (NYSE: IVRPrC) lost 3 cents to close at $24.94 with about 642,000 shares trading.

Energy Transfer gains

Elsewhere, in the oil and gas space, Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were on the rise in the Wednesday session.

The preferreds (NYSE: ETPPrD) gained 11 cents to close at $25.68 on volume of about 476,000 shares.

Sector peer NuStar’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units followed the upward trend.

The preferreds (NYSE: NSPrA) added 13 cents to close at $24.10 with about 287,000 shares trading.

AIG rises

Insurance provider AIG’s 5.85% series A non-cumulative perpetual preferreds also saw a boost in Wednesday activity.

The preferreds (NYSE: AIGPrA) improved by 17 cents to close at $25.65 on volume of about 460,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.17% by the close, improving on the 0.10% gain in early Wednesday trading.

The iShares US Preferred Stock ETF was up 5 cents to $36.69.

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