UBS Cuts Price Target on LinnCo (LNCO) Following Announced Asset Sales

UBS reiterates a Sell rating on Linn Co, LLC (NASDAQ: LNCO), and cut the price target to $8.00 (from $9.00) following announced asset sales. LINN announced that the sale of its remaining Wolfcamp Acreage, and closed strategic alliances with Quantum Energy Partners and GSO.

Analyst Shneur Gershuni commented, "LINE announced this morning that it has closed on its strategic alliances with Quantum Energy Partners and GSO Partners to complete its prior announced AcquisitionCo and DrillCo, respectively. LINE also announced this morning that it has signed a definitive agreement to sell its remaining position in the Permian Basin for a contracted price of $281MM, expected to close in 3Q15. Properties sold include ~6,400 net acres of Wolfcamp drilling & ~2.0 MBoe/d of current production. We believe LINE has made a very good deal to selling 1% of ‘15 production for $280MM. With the $280MM LINN will be able to pay down debt & lower its high leverage ratio."

For an analyst ratings summary and ratings history on Linn Co, LLC click here. For more ratings news on Linn Co, LLC click here.

Shares of Linn Co, LLC closed at $9.53 yesterday.

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