UBS Maintains a 'Buy' on Southwestern Energy (SWN); Reiterated 2012 Production Target but 2013+ Growth Appears at Risk

UBS maintains a 'Buy' on Southwestern Energy (NYSE: SWN) price target lowered from $38 to $36.

Analyst, William A. Featherston, said, "Q1 EPS/CFPS of $0.31/$1.02 were above our estimate of $0.29/$0.98 but slightly below consensus of $0.32/$1.05. Production of 133.4 Bcfe rose 15% YoY and 1% QoQ, in the middle of the 132-134 Bcfe guidance range. Realized gas prices fell 15% YoY to $3.49/Mcf, but were 2% above UBSe. Pre-tax per-unit expenses inched up 2% YoY to $2.63/Mcfe and were 50% below the peer average." (UBS lowers FY12 EPS estimate from $4.10 to $4.05 and FY13 from $5.20 to $4.90)

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 $30.96 yesterday.

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