|February 19, 2013|
|10:27 EDT||LINE||LINN 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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|April 7, 2014|
|07:43 EDT||LINE||Independent Petroleum Association of America to hold a conference|
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|April 4, 2014|
|10:02 EDT||LINE||On The Fly: Analyst Downgrade Summary|
Antero Resources (AR) downgraded to Buy from Strong Buy at ISI Group... Cobalt (CIE) downgraded to Buy from Strong Buy at ISI Group... Franklin Resources (BEN) downgraded to Market Perform at Keefe Bruyette... Hasbro (HAS) downgraded to Hold from Buy at Needham... PPL Corp. (PPL) downgraded to Neutral from Outperform at Macquarie... Sonic (SONC) downgraded to Neutral from Buy at Buckingham... Vodafone (VOD) downgraded to Neutral from Buy at Nomura... AutoZone (AZO) downgraded to Neutral from Outperform at RW Baird... Advance Auto Parts (AAP) downgraded to Neutral from Outperform at RW Baird... LinnCo (LNCO) downgraded to Neutral from Buy at Citigroup... LINN Energy (LINE) downgraded to Neutral from Buy at Citigroup... General Mills (GIS) downgraded to Hold from Buy at Argus.
|07:42 EDT||LINE||LinnCo downgraded to Neutral from Buy at Citigroup|
Citigroup downgraded LinnCo (LNCO) to Neutral after resuming coverage of the stock and lowered its price target for shares to $31.50 from $41. Note Citi also downgraded LINN Energy (LINE) to Neutral.
|07:41 EDT||LINE||LINN Energy downgraded to Neutral from Buy at Citigroup|
Citigroup downgraded LINN Energy to Neutral after resuming coverage of the stock citing a lack of distribution growth. Citi lowered its price target for shares to $32 from $41.50.