Company Update (NASDAQ:LINE): Linn Energy LLC Announces Public Offering of Units
Linn Energy LLC (NASDAQ:LINE) announced that it plans to conduct a public offering of 16,000,000 of its units representing limited liability company interests pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission. LINN Energy expects to grant the underwriters a 30-day option to purchase up to an additional 2,400,000 units. 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 closed today at $12.41, up $0.24 or 1.9%. 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 $13.36.
On the ratings front, Linn Energy has been the subject of a number of recent research reports. In a report released today, 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 TipRanks.com, 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 12.5% and -5.9% respectively. Durbin has a success rate of 74.2% and is ranked #734 out of 3604 analysts, while Gershuni has a success rate of 52.9% and is ranked #3317.
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 reflects a potential downside of -16.1% from last closing price.
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.