Linn Energy LLC, $11.90, symbol LINE on Nasdaq (Units outstanding: 331.9 million; Market cap: $3.3 billion; www.linnenergy.com), acquires and develops oil and gas properties in the U.S.
In December 2013, Linn bought Berry Petroleum for $4.3 billion. The move added long-lasting assets and significantly enhanced Linn’s growth prospects. Berry’s reserves were roughly 75% oil.
Linn’s shares have dropped lately, along with oil and gas prices. That’s despite the fact that the company’s overall production jumped 51% from a year earlier.
As well, Linn has hedged (or presold at prices higher than today’s) about 90% to 100% of its expected natural gas production in 2015 and 2016. It has also hedged about 60% to 70% of its 2015 oil production and 50% to 60% of its 2016 crude output.
Linn’s long-term debt of $6.8 billion is a high 206% of its $3.3-billion market cap, which adds a lot of risk.
The company pays a monthly distribution of $0.2416 and yields a very high 24.4%. Its distribution…
Privacy Policy and Terms of Use
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