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Stock Market & Financial Investment News

News Breaks
February 19, 2013
10:27 EDTLINELINN Energy responds to short seller allegations regarding hedging
LINN Energy (LINE) disclosed in a regulatory filing after the close Friday that the company was providing information about its hedging strategy and rationale in response to "inaccurate statements" made by "an anonymous short seller" The company's CEO, Mark Ellis, stated, “Since our IPO, hedging our oil and natural gas production has always been an important strategy for the company and our investors. Our hedge strategy has served LINN and our investors well through a variety of commodity price cycles. Hedging will continue to be an integral part of LINN’s strategy.” The company also stated that in evaluating the issue it has identified other publicly traded partnerships that purchase derivatives and "all of these companies account for derivatives the same way LINN does," adding that the company "has yet to identify any publicly traded partnerships that account for it differently." In addition to the short seller report that LINN responded to, Barron's stated in an article this weekend that the company's shares could be over-valued. In a note to investors this morning, Wells Fargo analyst Praneeth Satish said that the short-seller and Barron's reports overstate the impact of LINN's treatment of its derivative contracts on the company's financials. Satish added that the issue is not new, having been brought up previously as far back as 2010, and reiterated the firm's Outperform rating on the stock. In morning trading, LINN Energy shares fell 2.4% to $35.07.
News For LINE From The Last 14 Days
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August 31, 2015
18:36 EDTLINELINN Energy closes sale of remaining Permian Basin Wolfcamp acreage
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August 24, 2015
19:19 EDTLINELINN Energy, LinnCo appoint David Rottino CFO
LINN Energy (LINE) and LinnCo (LNCO) announced that David Rottino has been appointed as executive VP and CFO of both LINN and LinnCo, effective immediately. Rottino joined the company in June 2008 as senior VP and Chief Accounting Officer and has served as executive VP, Business Development and Chief Accounting Officer since January 2014. Kolja Rockov, executive VP and CFO, will be leaving the company to pursue other opportunities. This mutually agreed departure is not related to any disagreement with the company's policies or practices.
August 20, 2015
05:36 EDTLINELegacy Reserves downgraded to Neutral from Buy at UBS
UBS downgraded Legacy Reserve (LGCY) to Neutral after after stress testing upstream MLPs to reflect scenarios in which oil remains depressed and recovery is limited. The firm expects MLPs that are better capitalized, well hedged and less levered to crude oil to outperform. It lowered its price target for shares to $5.50 from $14. UBS coupled the downgrade with an upgrade of Mid-Con Energy (MCEP) to Buy. Other Buy-rated upstream MLPs at the firm are Vanguard Natural (VNR), Memorial Production (MEMP) and Eagle Rock Energy (EROC). Sell-rated names are LINN Energy (LINE) and LinnCo (LNCO).

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