Morning Commentary: Legacy Reserves skyrockets; Enstar declines

By James McCandless

San Antonio, June 25 – Legacy Reserves LP’s series A and B 8% fixed-to-floating rate cumulative redeemable perpetual preferred units made multi-point gains in early trading Monday with about 112,000 and 388,000 preferred shares exchanged, respectively.

The company announced Monday that it had settled class-action lawsuits filed by holders of its preferred units.

The series A units (Nasdaq: LGCYP) were up $2.75 to $16.00.

The series B units (Nasdaq: LGCYO) were up $4.40 to $16.00

Enstar Group Ltd.’s new $400 million series D fixed-to-floating rate perpetual preferred shares continued to trade actively with about 114,000 shares changing hands.

The preferreds, trading under the temporary ticker “ENSTF,” were down 1 cent to $25.27.

The offering was announced last Monday and priced on Wednesday.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.13% in early trading, giving back most of the 0.16% gain at market close Friday.

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