Berry Petroleum risk elevated, says Sterne Agee
Sterne Agee said Berry Petroleum's (BRY) risk/reward is elevated following news the SEC has commenced a non-public inquiry into LINN Energy (LINE) and LinnCo (LNCO). The firm sees 15% upside for Berry Petroleum if the deal closes this quarter and 17% downside if the deal breaks. Given the balanced range of outcomes, the analyst maintains its Neutral rating on shares.
Raymond James downgraded LINN Energy based on the uncertainty of the SEC inquiry. Price target lowered to $40 from $44.
JPMorgan downgraded LINN Energy (LINE) and LinnCo (LNCO) after the companies disclosed an informal SEC inquiry.
LINN, LinnCo downgraded to Market Perform at Wells Fargo
Wells Fargo downgraded both LINN Energy (LINE) and LinnCo (LNCO) citing increased uncertainty around the timing of the Berry Petroleum (BRY) merger following the informal SEC inquiry. The firm lowered its price target range for LINE by $7 to $33-$37 and its price target range for LinnCo by $7 to $35-$39. Note both stocks were also downgraded this morning at JPMorgan.