Berry Petroleum BRY shares have tumbled more than 5 percent following a report late Monday the SEC is inquiring into the potential Berry, LinnCo LINE LNCO deal.
Despite the inquiry, Susquehanna analyst Duane Grubert issued a mid-day upgrade on Berry. The analyst now rates Berry shares a Positive; Grubert maintains a $51 price target on the stock.
Grubert believes Berry shares are "very well supported" at the $40 level should the deal turn sour. Barry could be worth $51/share as a "standalone" exploration and production company, according to Grubert.
Shares of LinnCo and Linn Energy are down 12 percent and nearly 15 percent, respectively.
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