Monday, August 2, 2010

Barclays (NYSE:BCS) Keeps Linn Energy (Nasdaq:LINE) at "Overweight"

Barclays (NYSE:BCS) kept its rating on Linn Energy (Nasdaq:LINE) at "Overweight," noting the company continues to move along nicely.

The price target for Linn was increased from $30 to $33 a share.

"LINE continues to make progress in growing production and strengthening
distribution coverage ratios through a mix of acquisitions and drilling. Positive results from the Granite Wash could offer some upside to management's guidance later this year," said Barclays.

"We are revising our FY10 EBITDA/DCF per unit estimates to $4.80/$3.10 from $4.55/$2.95 and our FY11 EBITDA/DCF per unit estimates to $5.00/$2.90 from $4.60/$2.55."

Linn Energy closed Friday at $30.69, gaining $0.55, or 1.82 percent. Trading volume was below its 3-month average of 1,372,460.

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