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Linn Energy, LLC Message Board

diet_coke1x 1 post  |  Last Activity: Jan 19, 2016 9:07 AM Member since: Nov 9, 2007
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  • Recent trading volatility verging on the absurd: Can we please get back to the basics? After being material laggards over the last several
    months, and especially YTD, the group of Energy Transfer Equity (ETE), Energy Transfer Partners (ETP), The Williams Companies Inc. (WMB),
    and Williams Partners (WPZ) was on a trading rollercoaster last week, despite minimal traditional commentary. Consider the first 10 days of
    trading in 2016 for WMB: 1) six out of the 10 days were downward moves of at least 8%, and 2) one of the four up days was a +34% move
    that added $3.5 billion to the market cap on no news. Or simply look at the incredible single-day gains from Thursday across the group: WMB
    +34.4%, ETE +23.1%, WPZ +17.5%, and ETP +7.1%, compared to the S&P only gaining 1.7% (the AMZ index, heavily weighted towards
    ETP/WPZ, gained 5.8%). Again, all of this volatility is on essentially no news outside of oil making a push well below $30/bbl. Said most simply,
    it’s apparent that midstream investors largely decided that the headwinds we described recently had more than appropriately weighed on the
    stocks in recent weeks. WMB had been disproportionately hit given the wide spread to the implied deal price (+50% as of last Wednesday’s
    close, ~34% as of Friday) – Thursday’s adjustment was run over by macro headwinds to close the week. In this report, we attempt to move
    past the wild pricing changes as of late and stay grounded in the numerous fundamental issues behind the combination.

    Sentiment: Strong Buy

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