Mizuho Securities Starts Southwestern Energy (SWN) at Buy

October 5, 2016 4:20 PM EDT
Get Alerts SWN Hot Sheet
Price: $11.20 -3.36%

Rating Summary:
    13 Buy, 26 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Mizuho Securities initiates coverage on Southwestern Energy (NYSE: SWN) with a Buy rating and a price target of $20.00.

Analyst Timothy Rezvan commented, "Street modeling appears overly bearish on SWN shares, now that Southwestern has fixed its balance sheet after its $5.4 billion entry into southwest Appalachia. Steady production declines since 4Q15 should trough by year-end '16. We expect $3+/mcf gas prices will drive organic deleveraging and deliver production and earnings growth in '17. Our work suggests SWN shares trade at less than 7x 2017E EV/EBITDA, and at <$14/shr, we see no value for Appalachia resource potential in SWN shares. Our bullish gas outlook into '17 and our conviction on poor consensus modeling drive our Buy rating."

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 $13.74 yesterday.

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