NEW YORK (TheStreet) -- Shares of LINN Energy (LINE) are soaring, up 7.48% to $13.48 in Wednesday morning trading, after the company is delaying a 2015 budget and reducing debt as investors worry about payouts, Bloomberg reports.
The oil company now plans to use proceeds from assets sold in Texas and Oklahoma to cut its debt by 16%, according to Bloomberg.
Additionally, U.S. stocks are trading in the green as investors bet that the Federal Reserve would support the economy while readying for an interest-rate hike, CNBC reports.
The Federal Open Market Committee wraps up its two day meeting this afternoon, with expectations that the Fed will drop the "considerable time" language from its statement while preparing to start raising rates sometime in 2015, CNBC added.
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 some concerns, 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 generally high debt management risk, disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."