NEW YORK (TheStreet) -- Shares of Linn Co (LNCO) jumped, closing up 11.68% to $12.14 in regular trading session Wednesday on heavy volume, after oil company LINN Energy (LINE) -- which it owns, said it is delaying a 2015 budget and reducing debt as its investors worry about payouts, Bloomberg reports.
LINN Energy plans to use proceeds from assets sold in Texas and Oklahoma to lower its debt by 16%, Bloomberg added.
Additionally, U.S. stocks got a boost this afternoon following the Federal Reserve's retained "considerable time" language in its policy statement, and adding the word "patient," as the central bank prepares to raise interest rates in 2015.
About 8.75 million shares of Linn Co traded hands today, compared to its average volume of about 3.8 million shares a day.
Separately, TheStreet Ratings team rates LINNCO LLC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate LINNCO LLC (LNCO) 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 disappointing return on equity and generally disappointing historical performance in the stock itself."