UPDATE: Pritchard Capital Partners Lowers PT to $32 on Swift Energy Company; Liquids Pricing Outlook

Pritchard Capital Partners cuts its price target from $39 to $32 on Buy-rated Swift Energy Company SFY on tempering liquids pricing expectations. Pritchard Capital Partners notes, "We have lowered our expectations on the company's oil and NGL price realizations, and we are lowering our price target to $32 from $39. Our target is 90% of our NAV to take into account unforeseen execution issues. It has an implied 2013 EBITDA multiple of 5.2x. This assumes that net debt at the end of 2012 will be $917 million, the diluted share count will be 43.5 million and 2013 EBITDA will be $448.2 million assuming a $3.30/Mcf Henry Hub and $95/bbl WTI." SFY closed at $25.00 on Monday.