Linn Energy (LINE)

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090611&id=10003095

Some apparent neutral news here on my largest holding Linn Energy (NASDAQ:LINE). Mark Ellis will take the helm in January and replace Michael Linn as CEO. Ellis is currently President and COO of the company. Linn will stay on as Executive Chairman of the Board.

Not bad news by any stretch as Linn has done a fantastic job running this company and will not go completely hands off. When Ellis takes the helm in January he will have about 3 years in the COO position behind him, so hopefully some good experience. Ellis has been in the industry for many years and has served in leadership roles in some large multi-national companies.

I am excited to see what direction Ellis steers the company towards. LINE is a very solid stock with a great dividend ($0.63/share last quarter) which yields just about 12.5% at the present time. Michael Linn has said the dividend is secure for the next three years as they are hedged near 100% for the next three years.

Overall not a bad spot for profits. I bought in at $16.39 a little over a month ago and the stock is hovering around $20. No complaints here!

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Welcome to Crash's Business Briefs Blog. I will periodically create new entries about happenings in the business world. Most of the posts will be related to aviation, my investing activities, and my small business, CJ's Diecast.

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-Chris