UPDATE: Societe Generale Initiates Southwestern Energy at Buy on Asset Value

Societe Generale initiated coverage on Southwestern Energy

with a Buy rating and a $41 price target. Societe Generale said, "We initiate coverage of Southwestern Energy (SWN) with a BUY rating and a target price (TP) of $41 (based on a risked net asset value calculation, supported by a multiples analysis), representing a 23.8% TSR with a reward to risk ratio of 1.8x. We consider the risk profile to be greater for SWN vs either RRC or EQT and therefore would consider our recommendation geared to investors looking for a way to invest in the natural gas price recovery." Southwestern Energy closed at $33.12 on Tuesday.