Energy retailer Spark Energy (NASDAQ:SPKE) will be reporting 1st quarter results tomorrow morning at 10 am central.
We are most anxious to see what we hope is good results. Spark Energy 8.75% Fixed-to-Floating (NASDAQ:SPKEP) is one of our largest personal holdings and we hold it in the High Yield Portfolio as well.
The preferred has traded weakly since a secondary offering a few months ago, but had previously traded as high as $27. Our personal purchase prices average around $24/share. The initial IPO was a year ago and a follow on was executed recently and involved 2 million shares.
The company has hired an adviser to potentially ‘shop’ the company as they have been unhappy with the current common stock price which has been trading around $11.50/share today.