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EV Energy Partners LP Message Board

  • quantuon quantuon Nov 16, 2012 10:22 AM Flag

    HEH rlp2451

    You comment quite a bit about EVEP and, refreshingly, it is not always glowing. On the other hand, I don't get much out of your posts - a lot of what-ifs. SO, what I'd like to know is what you think EVEP is worth. And lets keep it simple. The existing business is worth ___. Utica is worth ___.

    PS. You talk a bit about JW not buying more. Do you know how much dough he has in enervest? I do not but I think its kind of important given the relationship.

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    • Thanks for your question. For the record, I do own EVEP units, my basis is around $49.

      To help answer some of the questions below, first:
      1.) There are around 42 million units; approx. 34.5 million Class A and 7.5 Class B. Only the Class A are traded.
      2.) According to the 2011 Annual Report, Walker owend 1,038,224 Class A units and 755,766 Class B units as of December 31st. So whatever he bought/was given options for this year is on top of that.
      Houser has 455,777 Class A; 278,497 Class B, and so on.

      My criticism is not really directed toward Walker although he deserves a share of it; it's more towards the rest of the BOD and why they didn't step up to buy more if they thought it was going to go a lot higher.

      That said, I am reluctant to give any specific target price for any company, because as soon as someone says it's worth "X" dollars somebody else will jump on you and either say it's too high or too low.

      I will say that I beleive in the market pricing stocks(companies) fairly and they sell or are bought for the price someone else is willing to pay or sell it for. I know that's a weaselly way of saying it but at today's price, it's fairly valued.

      I do think $105 is too high a value to place on it, but I also think it likely won't go much below where it is now (maybe $55) unless the entire market collapses.

    • I am interested in knowing how much he JW has at stake in EV the PE firm not just EVEP. I suspect if you took his total exposure, it is pretty significant in contrast to looking simply at his EVEP holdings, which are of decent size

    • There is only 31 million in the float.
      Both Houser and Walker have been buying on the open market . I tried adding up all the institutions holders and get about 17-18 million shares. I'm sure it is higher than that.
      I'm guessing between the two of them they owe between 5-7 million shares. I tried looking in the proxy, but could not find the amount of shares.

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