Company Update (NASDAQ:LINE): LINN Energy LLC Announces Pricing of Its Public Offering of 16,000,000 Units

LINN Energy LLC (NASDAQ:LINE) announced the pricing of its public offering of 16,000,000 of its units representing limited liability company interests at a price to the public of $11.79 per unit. The underwriters have a 30-day option to purchase up to an additional 2,400,000 units from the Company at the public offering price less the underwriting discount. The offering is expected to settle and close on May 22, 2015, subject to customary closing conditions.

The Company expects to receive net proceeds from the offering of approximately $181 million (or approximately $208 million if the underwriters exercise their option to purchase additional units in full). Net proceeds from the offering are expected to be used to repay debt under LINN Energy’s Credit Facility, which debt was primarily incurred to fund the open market repurchases of LINN and Berry’s senior notes. (Original Source)

Shares of Linn Energy opened today at $11.28 and are currently trading down at $11.2734. LINE has a 1-year high of $32.74 and a 1-year low of $9.05. The stock’s 50-day moving average is $12.62 and its 200-day moving average is $13.28.

On the ratings front, Linn Energy has been the subject of a number of recent research reports. In a report released yesterday, Goldman Sachs analyst Theodore Durbin assigned a Sell rating on LINE. Separately, on March 30, UBS’s Shneur Gershuni downgraded the stock to Sell .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Theodore Durbin and Shneur Gershuni have a total average return of 11.5% and -5.8% respectively. Durbin has a success rate of 67.6% and is ranked #796 out of 3606 analysts, while Gershuni has a success rate of 50.0% and is ranked #3323.

The street is mostly Neutral on LINE stock. Out of 5 analysts who cover the stock, 3 suggest a Hold rating and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $10.50, which represents a potential downside of 6.9% from where the stock is currently trading.

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.

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