Morning Commentary: Energy Transfer down; Public Storage lower; KeyCorp preferreds up

By James McCandless

San Antonio, May 31 – Preferreds opened generally lower Friday morning with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.25%.

Leading early trading activity, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units followed the market downward.

The preferreds (NYSE: ETPPrE) were off 12 cents to $24.52 on volume of about 50,000 shares.

Elsewhere, real estate investment trust Public Storage’s 4.95% series D cumulative preferred stock was declining.

The preferreds (NYSE: PSAPrD) were down 9 cents to $24.72 with about 47,000 shares trading.

Meanwhile, in the finance space, KeyCorp’s 5.625% fixed-rate perpetual non-cumulative preferreds were rising, going against the trend.

The preferreds (NYSE: KEYPrK) gained 2 cents to $25.33 on volume of about 44,000 shares.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock saw a dip.

The preferreds (NYSE: JPMPrD) fell 6 cents to $26.35 with about 42,000 shares trading.

Wells Fargo & Co.’s 5.625% series Y non-cumulative perpetual class A preferred stock also started negative.

The preferreds (NYSE: WFCPrY) declined by 11 cents to $25.42 on volume of about 34,000 shares.

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