Energy Transfer preferred units trade higher; Duke Energy better; Digital Realty lower

By James McCandless

San Antonio, April 16 – Top-trading preferred shares were mostly higher in the secondary market on Tuesday on a day with no reported primary activity.

Leading trading, Energy Transfer LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units ended marginally positive.

Elsewhere in energy, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was also slightly better.

Digital Realty Trust, Inc.’s 5.85% series K cumulative redeemable preferreds moved lower.

Meanwhile, in banking and finance, JPMorgan Chase & Co.’s 6% series EE and 5% series DD non-cumulative preferreds were both on the rise.

Insurance provider Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferred stock fell.

Energy Transfer up

In the energy space, Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units ended the session marginally positive.

The preferreds (NYSE: ETPPrC) were up 1 cent to close at $25.16 on volume of about 619,000 shares.

Elsewhere in the sector, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock also closed better.

The preferreds (NYSE: DUKPrA) picked up 2 cents to close at $25.79 with about 335,000 shares trading.

On Monday, the preferreds rose 4 cents.

Digital Realty down

Real estate investment trust Digital Realty’s 5.85% series K cumulative redeemable preferreds were on a negative trend.

The preferreds (NYSE: DLRPrK) slipped 3 cents to close at $25.62 on volume of about 274,000 shares.

JPMorgan rises

Meanwhile, JPMorgan’s 6% series EE and 5% series DD non-cumulative preferreds were both on the rise.

The series EE preferreds (NYSE: JPMPrC) added 6 cents to close at $26.58 with about 261,000 shares trading.

On Monday, the preferreds gained 3 cents.

The series DD preferreds (NYSE: JPMPrD) improved by 1 cent to close at $26.06 with about 162,000 shares trading.

On Monday, the preferreds gained 5 cents.

Brighthouse falls

Insurance provider Brighthouse’s 6.6% series A non-cumulative perpetual preferred stock declined on Tuesday.

The preferreds (Nasdaq: BHFAP) dropped 13 cents to close at $26.05 on volume of about 197,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.17% by the end of the session after starting positive by 0.10% early Tuesday.

The iShares US Preferred Stock ETF was level at $36.70.

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