NEW YORK (TheStreet) -- Shares of Energy Transfer Partners (ETP) were gaining 2.1% to $58.98 Friday after the natural gas company announced the completion of its merger with Regency Energy Partners on Thursday.
Regency Energy Partners became a wholly owned subsidiary of Energy Transfer Partners following the acquisition. Regency is no longer a publicly traded partnership as a result of the merger.
Energy Transfer Partners issues about 172.154 million common units to Regency Energy Partners unitholders as part of the deal. About 1.913 million Regency Energy Partners Series A preferred units were converted into new Energy Transfer Partners Series A preferred units.
Energy Transfer Partners is based in Dallas and is also the parent company of Sunoco (SUN).
About 2 million shares of Energy Transfer Partners were traded by 12:51 p.m. Friday, compared to the company's average trading volume of about 1.9 million shares a day.
Insight from TheStreet's Research Team:
Here is what Bryan Ashenberg and Bob Lang, Trifecta Stocks Portfolio Co-Managers, had to say about Energy Transfer Partners in a recent alert:
It's not our normal style to look for names that are coming off lows when we look for trading ideas, but we will certainly notice a shift in trend when we are looking for stocks.
Energy Transfer Partners is coming off a swing low and has been driving higher on some robust turnover.
The volume on April 29 was over 18 million on the day, the biggest turnover we've seen in quite some time. The next day had the stock following through to the upside, gaining about 5% while the market was battling a bad tape.