Linn Energy (NASDAQ:LINE) On A Buying Spree
Modern Energy Roundup - March 9, 2012
Written by Green Chip Stocks
- Linn Energy (NASDAQ:LINE) announced this morning that it's buying $175 million worth of natural gas assets in East Texas. The 20,000 acre property has about 430 wells in place that are producing roughly 24 million cubic feet equivalent per day. About 97 percent of this is natural gas. This latest announcement comes just a couple of weeks after the company announced it was ponying up $1.2 billion for BP's natural gas assets in Kansas. As I've mentioned in the past, Linn Energy is on a major buying spree right now. And with a fat 7% dividend, it's also a favorite for energy investors.
- Ocean Power Technologies (NASDAQ:OPTT) announced earnings this morning. For Q3, the company's operating loss fell 33%, but revenue also declined from $1.5 million to $0.9 million. Although it should be noted that contract backlogs did increase from $5.8 million to $7.8 million. Overall, OPTT remains a highly speculative play, but if you are looking to play this burgeoning industry, OPTT is pretty much the only pure play in this sector. The potential for marine energy is quite impressive. Particularly because it can provide baseload power generation. Intermittent power generation is not a problem. Just exercise some caution, because it's also still in its very early stages of development.
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