UPDATE: Sterne Agee Downgrades Southwestern Energy Company to Neutral, Removes PT on Reasons for Concern

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In a report published Thursday, Sterne Agee analyst Tim Rezvan downgraded the rating on
Southwestern Energy CompanySWN
from Buy to Neutral, and removed the $39.00 price target. In the report, Sterne Agee noted, "Given equity dilution and the sharp increase in debt in early 2015, we revise our outlook on SWN shares. Our concern is heightened by a deteriorating U.S. natural gas price outlook that makes us believe our $2.70/mcf outlook for 2015 (19% below Street consensus) may prove too optimistic. Despite the recent selloff in SWN shares (-15.4% since February 25, versus -6.5% for XOP), we can't recommend investors initiate positions or add to current ones, so we move to the sidelines in front of another oversupplied Appalachia gas market this summer." Southwestern Energy Company closed on Wednesday at $23.66.
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Posted In: Analyst ColorDowngradesAnalyst RatingsSterne AgeeTim Rezvan
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