MLV Maintains Hold On Clean Energy Fuels Following CFO Resignation


In a research sent to investors today, MLV analyst Carter Driscoll maintained a Hold rating on Clean Energy Fuels (NASDAQ:CLNE) with an $8 price target, following the company’s announcement that CFO Richard Wheeler had resigned to pursue other opportunities.

Analyst Driscoll noted, “We do not believe Mr. Wheeler’s resignation indicates any concerns over the financial reporting of the company. Mr. Wheeler commuted from his home in Denver to the company’s headquarters in Newport Beach, CA. We believe the company’s Board of Directors wants the CFO to be on site full-time, building a cohesive finance team and providing more visible leadership. Although we have not yet met Mr. Vreeland, he has significant accounting and financial experience in various roles over the past 25+ years. We do not expect the managerial change to be disruptive although we believe Mr. Vreeland will be able to effect changes on the composition of his staff.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Carter Driscoll has a total average return of 2.7% and a 50.0% success rate. Driscoll has a -32.6% average return when recommending CLNE, and is ranked #1872 out of 3355 analysts.