UPDATE: Morgan Stanley Reiterates on Southwestern Energy Company as Marcellus EURs are Below Expectations

In a report published Friday, Morgan Stanley analyst Drew Venker reiterated an Underweight rating on Southwestern Energy Company (NYSE: SWN), but lowered the price target from $36.00 to $33.00.

In the report, Morgan Stanley noted, “Southwestern reported Marcellus EURs that were below our estimates. We are lowering our price target to $33 to reflect an average EUR of 7 Bcf vs. our prior assumption of 8 Bcf. Brown Dense activity update was light since newly completed wells are still cleaning up.”

Southwestern Energy Company closed on Thursday at $43.14.