Miss ETP's $48.05 Secondary But Think It's A Deal At $40?

Looking back to 145 days ago, Energy Transfer Partners L P (NYSE: ETP) priced a 12,000,000 share secondary stock offering at $48.05 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Wednesday, the stock is now 8.5% above the offering price. It should be noted that investors at the secondary have collected $1.79/share in dividends since the time of their purchase, so...