In a report published Friday, Imperial Capital analyst Bob Christensen reiterated an Outperform rating on Southwestern Energy Company SWN, but lowered the price target from $43.00 to $42.00.
In the report, Imperial Capital noted, “We are maintaining our Outperform rating on SWN shares, but are lowering our one-year price target to $42 from $43, about 77% above the recent share price. On 1/15/15, SWN issued $2.1bn of equity and equity linked securities (interest in convertible mandatory preferred stock) in an upsized offering to help finance its $5.4bn acquisition of its third low cost natural gas growth area in the Southwest Marcellus and Utica shales in West Virginia. The equity offering included 26mn shares of common stock priced at $23 per share and 30mn of depositary shares, each representing a 1/20th interest in a mandatory convertible 6.25% Series B preferred stock with a $50 liquidation preference per depository share.”
Southwestern Energy closed on Thursday at $23.78.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in