Linn Energy LLC (NASDAQ:LINE) and LinnCo LLC (NASDAQ:LNCO) announced that NASDAQ determined that LINN and LinnCo securities will be delisted from The NASDAQ Stock Market. Trading of LINN and LinnCo securities will be suspended prior to the open of the market on Tuesday, May 24, 2016, and NASDAQ will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the Companies’ securities from listing and registration on The NASDAQ Stock Market. LINN and LinnCo securities are expected to begin trading on the OTC Pink Sheets marketplace on Tuesday, May 24, 2016, under the symbols LINEQ and LNCOQ.
The Companies do not intend to file a plan to regain compliance or to appeal NASDAQ’s determination.
The Companies can provide no assurance that its common stock will continue to trade on the OTC Pink Sheets, whether broker-dealers will continue to agree to provide public quotes of the Companies’ common stock on this market, whether the trading volume of the Companies’ common stock will be sufficient to provide for an efficient trading market or whether quotes for the Companies’ common stock will continue on this market in the future. (Original Source)
Shares of Linn Energy are down over 5% in after-hours trading. LINE has a 1-year high of $11.51 and a 1-year low of $0.09. The stock’s 50-day moving average is $0.31 and its 200-day moving average is $0.98.
On the ratings front, Linn Energy has been the subject of a number of recent research reports. In a report issued on February 18, Wells Fargo analyst Praneeth Satish downgraded LINE to Sell, with a price target of $0.50, which represents a potential upside of 178% from where the stock is currently trading. Separately, on February 12, Citigroup’s Faisel Khan downgraded the stock to Sell .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Praneeth Satish and Faisel Khan have a total average return of -27% and 19% respectively. Satish has a success rate of 33.3% and is ranked #3665 out of 3842 analysts, while Khan has a success rate of 79.2% and is ranked #111.
Linn Energy, LLC is a oil and natural gas company, which engages in development, exploitation and acquisition of natural gas. It seeks to be the operator of its properties so that it can develop drilling programs and projects. The company was founded by Michael C. Linn on March 14, 2003 and is headquartered in Houston, TX.