Energy Transfer Equity LP (ETE) Says CFO Jamie Welch to Leave, As Stock is Downgraded


Energy Transfer Equity LP (NYSE:ETE) has said that the Chief Financial Officer of LE GP LLC, the general partner for Energy Transfer Equity, Jamie Welch, will be leaving the company and a replacement has already been selected. The replacement will be Thomas E. Long.

Shares of Energy Transfer Equity LP (NYSE:ETE) are down $0.96 or 13.69% in the pre-market this morning, on this news as well as a downgrade by Baird Equity to a ‘neutral’ rating. Baird Equity has also lowered their price target for the company substantially from $30 to just $7 a share. The stock is down more than 80% from its highs seen back in August of last year, as the entire oil and gas sector continues to struggle.

The stock increased 0.43% or $0.03 during the last trading session, hitting $7.01. About 325,126 shares traded hands. ETE has declined 78.43% since July 2, 2015 and is downtrending. It has underperformed the S&P500 by 69.56%.

The institutional sentiment decreased to 0.7 in Q2 2015. It’s down 0.32, from 1.02 in 2015Q2. The ratio fall, as 78 funds sold all their Energy Transfer Equity LP shares they owned while 123 reduced their positions. 28 funds bought stakes while 112 increased their total positions. Institutions now own 1.02 billion shares which is 305.12% more than the previous share count of 251.55 million in 2015Q2.

Walnut Private Equity Partners Llc holds 21.12% of its total portfolio in Energy Transfer Equity LP, equating to 1.20 million shares. Yorkville Capital Management Llc owns 863,918 shares representing 17.95% of their total US portfolio. Moreover, C V Starr & Co Inc has 12.12% of their total portfolio invested in the company, equating to 110,230 shares. The Kansas-based Whetstone Capital Advisors Llc has a total of 10.07% of their portfolio invested in the stock. Heronetta Management L.P., a New York-based fund reported 638,780 shares owned.

Energy Transfer Equity, L.P. is a limited partnership company. The company has a market cap of $6.53 billion. The Company, directly and indirectly, owns equity interests in Energy Transfer Partners, L.P. (ETP) and Regency Energy Partners LP (Regency), both of which are master limited partnerships engaged in diversified energy-related services. It has 7.21 P/E ratio. The Company’s divisions include Investment in ETP, including the consolidated activities of ETP and Regency; Investment in Lake Charles LNG, including the activities of Lake Charles LNG Company, LLC (Lake Charles LNG), and Corporate and Other, including the activities of ETE.