KLR Group Raises price Target on Southwestern Energy (SWN) to $15; Reiterates Hold

KLR Group reiterated a Hold rating on Southwestern Energy (NYSE: SWN), and raised the price target to $15.00 (from $13.00). The company resumed development activity with plans to increase activity to five rigs by the end of the 3Q. SWN's second half drilling activity comprises two rigs respectively in Northeast and Southwest Appalachia and one rig in the Fayetteville.

Analyst John Gerdes commented, "We are increasing our SWN target price $2 to $15 per share due to a slightly lower weighted average cost-of-capital (approaching large-cap classification) and fractionally higher long-term gas price realization with the roll off of Fayetteville firm transport commitments after ’18. Our ’16 production outlook of ~885 Bcfe is ~1% above guidance (865-875 Bcfe)."

For an analyst ratings summary and ratings history on Southwestern Energy click here. For more ratings news on Southwestern Energy click here.

Shares of Southwestern Energy closed at $13.91 yesterday.

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