KLR Group Upgrades Southwestern Energy (SWN) to Buy
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KLR Group upgraded Southwestern Energy (NYSE: SWN) from Accumulate to Buy with a price target of $14.00.
Analyst John Gerdes commented, We are upgrading SWN from Accumulate to Buy. Our SWN target price of $14 per share is unchanged. SWN has depreciated more than 30% in the past month, underperforming the sector by ~30%, and now reflects sufficient equity value upside (40%+) to merit an upgrade to Buy.
Our 4Q/16 production outlook of ~204 Bcfe is ~1% above company guidance (192-202 Bcfe). Southwestern’s production should trough this quarter, exit the year in the lower half of guidance (2.2-2.3 Bcfepd) and incline going forward."
Shares of Southwestern Energy closed at $9.78 yesterday.
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