Stock Update (NASDAQ:LINE): Linn Energy LLC Announces Suspension of LINN’S Distribution and LinnCo LLC’s Dividend
Linn Energy LLC (NASDAQ:LINE) and LinnCo LLC (NASDAQ:LNCO) announced that the Board of Directors has approved management’s recommendation to suspend LINN’s distribution and LinnCo’s dividend effective September 30, 2015. LINN’s Board of Directors will evaluate the Company’s ability to reinstate the distribution and dividend on an ongoing basis. (Original Source)
Shares of Linn Energy are down 5.96% to $3.00 in after-hours trading. LINE has a 1-year high of $28.75 and a 1-year low of $2.01. The stock’s 50-day moving average is $2.96 and its 200-day moving average is $7.55.
On the ratings front, Linn Energy has been the subject of a number of recent research reports. In a report released today, Stifel Nicolaus analyst Brian Brungardt downgraded LINE to Hold. Separately, on September 30, Barclays’ Jeffrey Robertson maintained a Hold rating on the stock and has a price target of $1.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Brungardt and Jeffrey Robertson have a total average return of -62.6% and 3.5% respectively. Brungardt has a success rate of 0.0% and is ranked #3762 out of 3770 analysts, while Robertson has a success rate of 45.0% and is ranked #998.
Overall, 2 research analysts have rated the stock with a Sell rating, 4 research analysts have assigned a Hold rating and one research analyst has given a a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $3.88 which is 21.6% above where the stock opened today.
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.