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Preferred stocks aim for higher ground to end week; crude oil’s gain lifts energy names
By Stephanie N. Rotondo
Seattle, April 8 – The preferred stock market was looking to recoup the previous day’s losses in Friday trading.
“Everything is slightly greener,” a trader said.
The Wells Fargo Hybrid and Preferred Securities index traded up 37 basis points. The index was up 32 bps at mid-morning.
Meanwhile, a nearly 6% surge in oil prices again turned energy-linked preferreds higher. Domestic crude was gaining on hopes a production freeze deal would be inked at a meeting of oil producers in Doha on April 17.
Also helping the commodity rise was fresh economic data that suggested U.S. stockpiles were declining.
Legacy Reserves LP’s 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Nasdaq: LGCYO) ended up 42 cents, or 17.16%, at $2.84. The units were up 58 cents, or 23.76%, in early trading, at $3.00.
The 8% series A fixed-to-floating rate cumulative redeemable perpetual preferred units (Nasdaq: LGCYP) were meantime up 17 cents, or 6.56%, at $2.76. At mid-morning, the issue was 37 cents, or 14.27%, better at $2.96.
In Vanguard Natural Resources LLC units, the 7.625% series B cumulative redeemable preferred units (Nasdaq: VNRBP) gained 32 cents, or 12.65%, to $2.85. The units had risen 27 cents, or 10.85%, better at $2.8045 in earlier trading.
The 7.875% series A cumulative redeemable preferred units (Nasdaq: VNRAP) improved 8 cents, or 2.2%, to $3.71. Paper had been up 18 cents, or 4.96%, to $3.81 at midday.
And, Breitburn Energy Partners LP’s 8.25% series A cumulative redeemable perpetual preferred units (Nasdaq: BBEPP) finished the session a dime higher, or 1.79%, at $5.70. The units were up by 25 cents, or 4.4%, at $5.85 in early trades.
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