NEW YORK (TheStreet) -- Linn Energy (LINE) closed down 26.32% to $4.76, on heavy trading volume on Thursday after the company reported 2015 second quarter earnings that failed to meet estimates today before the market open.
The company reported a loss of $1.12 per unit on revenue of $322 million for the three months ended June 30.
Analysts had estimated a loss of 2 cents per share on revenue of $769.34 million.
Last year, Linn Energy posted a loss of 64 cents per unit on revenue of $597 million for the second quarter.
CEO Mark Ellis said he will recommend that the board suspend distributions after the 2015 third quarter to save about $450 million in cash.
Additionally, Linn Energy was downgraded to "market perform" from "outperform" at Raymond James this morning.
Separately, TheStreet Ratings team rates LINN ENERGY LLC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate LINN ENERGY LLC (LINE) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and weak operating cash flow."
You can view the full analysis from the report here: LINE Ratings Report