UPDATE: Stifel Nicolaus Downgrades Southwestern Energy Company to Hold

Stifel Nicolaus lowers its rating on Southwestern Energy Company

to Hold form Buy basd on poor results from the Brown Dense initial well test. Stifel Nicolaus says, "The Buy rating and the premium valuation on the name was based on the fact that the company was testing a new play that could have added an oil leg to this gas name. Yesterday after the close, along with earnings, the company announced poor results for the first well in the new play. This meaningfully diminishes the key near-term upside and the key reason to be in the name, in our view." SWN closed at $35.33 a share yesterday.