Energy Transfer Preferred: Similar Return As The Common, Fewer Ways To Lose

Impact · against what's priced in

The analysis provides a positive outlook for Energy Transfer's Series I preferred units based on a well-covered yield and low risk of redemption. However, as these are standard characteristics of the asset's fixed-income profile, the news acts as a confirmation of value rather than a new catalyst.

ET+0.20

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In context

The preferred units offer a predictable ~8% yield with limited downside risk unless the 10-year Treasury yield exceeds 5.6%.

Read from the article alone

• dividends
• energy
• ET
• fixed income
• preferred stock
• treasury yields
• yield

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