Linn reported a net loss of $784.55 million, or $3.15 a share, wider than net loss of $187.5 million, or 83 cents a share, in the same period one year earlier. The figures included non-cash impairment charges of $790 million, or $3.16 a share, and non-cash changes in fair value of unsettled commodity derivatives of approximately $44 million, or 18 cents a share.
Revenue also increased year over year to $629.21 million from $571.23 million.
Analysts polled by Thomson Reuters expected earnings of 27 cents a share on revenue of $627.29 million. These estimates usually exclude items.
Howard Weil also downgraded Linn to "sector outperform" from "focus stock" on Thursday. The firm noted that the quarter did not meet its expectations.
TheStreet Ratings team rates LINN ENERGY LLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate LINN ENERGY LLC (LINE) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."