Every Monday we feature “A Stock to Sell” as our daily post. With every stock or investment we recommend as a sell, we give you a full explanation of why we advise against investing in it at this time.
Linn Energy (symbol LINE on Nasdaq; www.linnenergy.com) acquires and develops oil and gas properties in the Mid-Continent region in the southern U.S., the Permian Basin (Texas and New Mexico) and the Hugoton Basin (Texas and Kansas), as well as in California, Michigan and Illinois.
In December 2013, Linn bought Berry Petroleum for $4.3 billion in stock. The move added long-lasting, mature properties and boosted Linn’s growth prospects. Berry’s reserves were roughly 75% oil.
Linn’s shares have dropped lately, along with oil and gas prices, despite the fact that its average daily oil and gas production rose 51% in the third quarter of 2014 from a year earlier.
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Energy stocks: Oil price drop prompts cuts in capital budget and dividend
In response to the oil price drop, Linn has cut its 2015 capital budget by 53%, to $730 million from $1.55 billion in 2014.
The company is also lowering its annual dividend to $1.25 a share from $2.90 in 2014. That gives the stock a 9.5% yield, but the dividend could be cut again if oil prices remain low or drop further.
Linn’s long-term debt of $11.0 billion is a very high 250% of its $4.4-billion market cap, and that adds a lot of risk.
We don’t recommend Linn Energy. If you own the shares, we think you should sell.
Tomorrow we explain the smart buy and sell decisions Transcontinental has made to stay ahead in the publishing and printing business.
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