Linn Energy LLC (NASDAQ:LINE) announced that David B. Rottino has been appointed as Executive Vice President and Chief Financial Officer of both LINN and LinnCo, effective immediately. Mr. Rottino joined the Company in June 2008 as Senior Vice President and Chief Accounting Officer and has served as Executive Vice President, Business Development and Chief Accounting Officer since January 2014. Previously, he served as Senior Vice President of Finance, Business Development and Chief Accounting Officer from July 2010 to January 2014. Mr. Rottino has more than 20 years of experience in the oil and natural gas industry and has also held leadership positions with El Paso Corporation, ConocoPhillips and Burlington Resources. He holds a BBA from Texas Tech University and received his MBA from Texas Christian University. In his new role, Mr. Rottino will lead the Company’s existing finance and investor relations teams, along with his continued oversight of the accounting and business development functions at the Company.
“David has demonstrated tremendous leadership in the Company’s transformational initiatives over the past two years, which have resulted in a more stable asset base and an improved ability to weather this current challenging environment,” said Mark E. Ellis, Chairman, President and Chief Executive Officer. “We believe his extensive industry knowledge, as well as his significant finance and accounting experience, will serve us well as we navigate an uncertain period of low commodity prices and position the Company for the future.”
Kolja Rockov, Executive Vice President and Chief Financial Officer, will be leaving the Company to pursue other opportunities. This mutually agreed departure is not related to any disagreement with the Company’s policies or practices.
Mr. Ellis commented, “We want to express our sincere appreciation to Kolja for his vision in leading the formation of our sector with LINN’s IPO in 2006. His enthusiasm and innovation were central to LINN’s growth from a small private company to one of the largest U.S. independent oil and natural gas producers over the last decade.” (Original Source)
Shares of Linn Energy opened today at $2.25. LINE has a 1-year high of $31.80 and a 1-year low of $2.06. The stock’s 50-day moving average is $5.01 and its 200-day moving average is $9.48.
On the ratings front, Linn Energy has been the subject of a number of recent research reports. In a report issued on August 14, RBC analyst John Ragozzino downgraded LINE to Hold, with a price target of $5, which implies an upside of 122.2% from current levels. Separately, on August 3, Citigroup’s Faisel Khan maintained a Hold rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Ragozzino and Faisel Khan have a total average return of -22.2% and 16.2% respectively. Ragozzino has a success rate of 44.4% and is ranked #3533 out of 3737 analysts, while Khan has a success rate of 77.5% and is ranked #298.
Linn Energy LLC is an independent oil and natural gas company. The Company’s properties are located in United States in Rockies, Hugoton Basin, California, East Texas and north Louisiana, Mid-Continent, Permian Basin, Michigan/Illinois and South Texas.