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Fri, Feb. 12, 2:17 PM
- Linn Energy (LINE +1.8%) and LinnCo (LNCO -3.1%) are downgraded to Sell from Neutral at Citigroup, where oil and gas analyst Faisel Khan believes Linn likely will file for Chapter 11 bankruptcy after the next round of borrowing base redetermination and/or post a covenant breach.
- Citi says Linn’s hedges protecting cash flows against the steep declines in oil are starting to roll off, and that cash flows could turn negative next year.
- Khan adds that recoveries in bankruptcy for unsecured bondholders likely will be low, which is reflected in the company’s bond prices that are trading at pennies to a dollar.
Mon, Feb. 8, 5:45 PM
- The MLP sector needs to "absorb more pain" before it can represent a "compelling investment," Hedgeye's Kevin Kaiser said in a Barron's weekend profile of the controversial analyst, adding that the "pain" can come in but one form: a reduction in distributions that investors cherish.
- The longtime MLP bear disagrees with the analysts and MLP investors who think the sector is deeply undervalued now that the benchmark Alerian MLP index is down 45%, countering that “we’re in the early innings of the MLP down-cycle. We had a 15-year up-cycle, and now we’re a year and a half into the downturn.”
- Kaiser first gained Wall Street attention as the only bear among more than 20 analysts that covered Kinder Morgan (NYSE:KMI); while most of the damage has been done, Kaiser thinks KMI could fall further, to below $10, as he sees KMI still overleveraged with $41B of net debt, more than 5x annual cash flow.
- On Linn Energy (LINE, LNCO) and Chesapeake Energy (NYSE:CHK), "we said those stocks could be going to zero, and I think we’re going to be right," Kaiser adds.
- ETFs: AMLP, AMJ, KYN, MLPL, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, FEI, JMF, MLPN, SRF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR, AMZA, GER, ZMLP, CEN, AMU, YMLI, SMM, MIE, DSE, FPL, ENFR, ATMP, JMLP, MLPC, MLPW
Fri, Feb. 5, 6:15 PM
- Linn Energy (LINE, LNCO) CEO Mark Ellis is eligible for a $6.9M cash award this year, even as the company says it is considering all strategic options including a bankruptcy filing.
- In the same 8-K filing where Linn said it took out a new $919M loan from Wells Fargo, the company gave Ellis a new annual bonus target of $6.9M, up from his previous incentive bonuses of just over $1M/year; CFO David Rottino and COO Arden Walker each received $2.7M bonus targets.
- "Retaining key leadership and our talented employees is a top priority for Linn Energy as we engage in this process and maintaining continuity of leadership will help secure the best possible outcome for the company.” Linn says.
Fri, Feb. 5, 12:40 PM
Fri, Feb. 5, 9:17 AM
Fri, Feb. 5, 8:05 AM
- Linn Energy (NASDAQ:LINE) -45% premarket after saying it would explore strategic alternatives to shore up its balance sheet and that it exhausted its credit facility by drawing down the remaining $919M.
- Stifel downgrades LINE and LinnCo (NASDAQ:LNCO) to Sell from Hold with a zero valuation, seeing a growing likelihood of a reorganization process or outright sale of the company, with no residual value under a reorganization as it estimates the partnership has ~$10B of debt outstanding vs. an estimated 2015 PV-10 valuation of $6.4B.
- Hedgeye's Kevin Kaiser believes the announcement means Linn likely will file for bankruptcy protection soon.
- LINE traded at more than $40/unit in 2012 and at $30-plus as recently September 2014 before oil prices began plummeting; units closed yesterday at $1.20.
- LNCO -53% premarket.
Thu, Feb. 4, 5:38 PM
- Linn Energy (LINE, LNCO) says it has started a process to explore strategic alternatives to strengthen its balance sheet and maximize the value of the company, and has hired Lazard as its financial adviser.
- LINN also says it recently borrowed $919M from its credit facility, which is the remaining undrawn amount that was available.
- LINE -8.3%, LNCO -10% AH.
Thu, Jan. 28, 9:23 AM
- Gainers: NEOS +59%. DNR +17%. BCEI +16%. UA +16%. FB +14%. INO +13%. ATHX +12%. PBR +12%. WLL +11%. MRO +10%. [[PBR-A]] +10%. TRXC +9%. CHK +9%. MLNX +9%. LINE +9%. MT +9%. SDRL +8%. HOG +8%. ETE +8%. STO +8%. CRUS 7%. KMI 7%. BBL 6%. HCA 6%. MJN 6%. CJES 6%. PYPL 6%.
- Losers: NOW -22%. OSIS -22%. EBAY -11%. INVN -10%. URI -10%. INCY -9%. JNPR -10%. OAS -7%.
Fri, Jan. 22, 9:21 AM
Wed, Jan. 13, 9:17 AM
Dec. 30, 2015, 12:46 PM
- Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
- After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
- The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
- Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Dec. 30, 2015, 9:15 AM
Dec. 29, 2015, 9:20 AM
Dec. 23, 2015, 12:46 PM
Dec. 23, 2015, 9:12 AM
Dec. 8, 2015, 9:15 AM
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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