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Fly News Breaks for August 9, 2019
SWN
Aug 9, 2019 | 16:27 EDT
MUFG analyst Michael McAllister lowered his price target on Southwestern Energy to $3.50 and kept his Neutral rating after its Q2 earnings miss. The analyst notes that the "sharp" decline in natural gas prices should preserve the company's original 2019 plan for capacity as it forecasts a drop from 6 rigs to 2 by the end of Q3. With natural gas prices tipped to remain below $3 in the futures market until 2024, McAllister sees Southwestern Energy being several years away from benefiting from its investments.
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