Energy Transfer Partners LP to Replace CFO; Shares Drop
Energy Transfer Equity's share price took almost a drop of one-third and the reasons are quite a few.
It is not quite clear whether the chief financial officer of Energy Transfer is leaving the company but in an after-hours filing of an 8K form on Friday, the company said that Thomas E. Long, the finance chief of Energy Transfer Partners LP will replace its CFO, Jamie Welch. However, there were no reasons mentioned.
On Monday morning a second, "follow up" 8K surfaced stating that Welch might not be totally out of the scenario having started discussions regarding a consulting role with Energy Transfer.
Energy Transfer also assured its investors, the reshuffling is not connected to any internal disagreements regarding the finances of the company or its book-keeping practices.
On Monday, February 8 the stock dipped 22.92 percent or $5.89 dropping to $19.81. Energy Transfer Partners LP is down trending and has dropped 51.75 percent since last year July.
Energy Transfer Partners LP is scheduled to reports its earnings on February, 24. Analysts' expect $0.50 earnings a share which is an increase from last year. In case the expectations turn out to be true, profits earned by ETP will be $240.79 million for 9.91 P/E.
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