Since Sand follows CHK's every move, here is some news for him:
EQT Corporation today announced that it has signed a definitive agreement for the purchase of roughly 99,000 net acres in southwestern Pennsylvania and 10 horizontal Marcellus wells, located in Washington County, PA, from Chesapeake Energy Corporation and its partners for approximately $113 million, subject to closing conditions. The acreage includes 67,000 Marcellus acres and 32,000 dry Utica acres. Of the total purchase price, $60 million is allocated to the undeveloped acreage, while the remaining $53 million is for the existing Marcellus wells. The transaction is expected to close on May 30, 2013.
The acquisition includes approximately 25,000 acres within EQT's core Marcellus development areas of Washington, Greene, and Allegheny counties. This core acreage is conducive to development through the Company's preferred use of multi-well pad drilling and extended laterals. The remaining 42,000 Marcellus acres are unlikely to be developed due to near-term lease expirations or a scattered footprint.
John, I sold out of Linn after the Hedgeye article came out (at about the same price it is now). I figured then where was smoke there's fire, especially after the numerous attacks from more than one source.
I don't know why Barron's has a near-vendetta now against Line; it is somewhat unusual for them (or any popular media) to print articles as they did in close succession unless they really thought there was some truth to the allegations. That said, Barron's has also been wrong before, but they are right more often.
I do not get into price targets on here because as you have probably seen if you're wrong on either side of the call you get criticized pretty rapidly. Not that it bothers me, it just doesn't serve a useful purpose in my opinion, yet some here continue to pound away regardless, so I just don't do it.
However, price weakness, in addition to being ex-dividend tomorrow, I think would not be out of the ordinary. Personally, I am waiting to see what the pricing of LNCO will be after the share offering for Berry before I venture back in...if I do at all.