Southwestern Energy Co.NYSE
Southwestern Energy: Not Out Of The Woods Yet
Richard Zeits • 10 Comments
Richard Zeits • 10 Comments
Thu, Dec. 1, 10:21 AM
- The price of oil pushed through $50 per barrel today, and is currently posting a 2.9% advance on the session at $50.91.
- The S&P 500 is flat and Nasdaq is down 0.45%, but the XLE has tacked on another 1.8% to yesterday's big rise.
- Mid-cap movers: Enerplus (ERF +8.2%), Southwestern Energy (SWN +7.9%), Range Resources (RRC +5.3%), Weatherford (WFT +7.1%), Ensco (ESV +8.2%), Crescent Point (CPG +6.3%).
- Among the large players: Exxon (XOM +1.1%), Chevron (CVX +2%), Shell (RDS.A +2.2%), (RDS.B +2.3%), BP (BP +2.4%), ConocoPhillips (COP +2%), Marathon (MRO +3.1%), Halliburton (HAL +2.3%)
Mon, Nov. 28, 11:22 AM
- Southwestern Energy (SWN +3.4%) shoots higher after BMO Capital upgrades shares to Outperform from Market Perform with an $18 price target, based on valuation compared with other natural gas-focused drillers and the fundamental strength of the company's near-term business prospects.
- BMO says it sees SWN as affording relatively inexpensively priced exposure to natural gas, backed by a strong balance sheet thanks in part to proceeds from asset sales and equity raises.
- BMO believes SWN is generating some of the best debt-adjusted production and cash flow growth in the group, which contributes to improved corporate-level returns and a stronger balance sheet.
Mon, Nov. 14, 2:10 PM
Tue, Nov. 8, 2:02 PM
Fri, Oct. 21, 2:02 PM
Thu, Oct. 20, 5:02 PM
Wed, Oct. 19, 5:35 PM
Fri, Jul. 22, 1:58 PM
- Southwestern Energy (SWN +9.5%) is surging after reporting a lighter than expected Q2 loss and raising its full-year production guidance.
- After halting exploration in H1 as it focused on strengthening its balance sheet, SWN says it is now operating a rig in northeast Appalachia and plans to increase its company-wide rig count to five by the end of Q3.
- SWN raises its FY 2016 production forecast by ~5% to to 865B-875B cfe, mostly the result of the strong portfolio performance.
- “The company is now prepared to return to growth," says RBC analyst Scott Hanold.
- J.P. Morgan upgrades shares to Neutral from Underweight, citing the company's "strong" Q2 report.
Fri, Jul. 22, 9:11 AM
Thu, Jul. 21, 5:35 PM
Wed, Jul. 20, 5:35 PM
Tue, Jul. 12, 10:49 AM
- Southwestern Energy (SWN +8.4%) does not explicitly endorse new Obama administration regulations aimed at curbing the escape of methane gas from new wells and equipment, but it is among several prominent companies that agree that more methane controls are necessary, NY Times reports.
- SWN is helping to lead an industry group, One Future, which aims to reduce methane leakage to less than 1% of total U.S. gas production; other members of the group include Apache (APA +4.1%), BHP Billiton (BHP +3.1%), Hess (HES +4.1%) and Kinder Morgan (KMI +2.4%).
- SWN says the $14M it has spent on equipment, studies and other efforts to stem gas leaks has nearly paid for itself with the methane captured and sold.
- Others in the industry say new, more efficient extraction methods make additional oversight unnecessary and expensive, particularly given the sharp drop in natural gas prices in recent years.
Wed, Jun. 29, 10:25 AM
- Southwestern Energy (SWN -5.8%) upsizes and prices its common stock offering to 86M shares, now expecting gross proceeds of ~$1.1B; trading is resumed after a brief halt; the offering was upsized from the previously announced offering of 75M shares.
- SWN says the proceeds from the offering will be used to repay $375M of a $750M term loan, with the remaining proceeds to fund tender offers to purchase some of its senior notes.
- Analysts at Wells Fargo like the move, even as it acknowledges equity dilution to current shareholders, as SWN’s balance sheet and liquidity are much better positioned than a week ago.
Wed, Jun. 29, 7:44 AM
- Southwestern Energy (NYSE:SWN) -4.2% premarket after announcing a public offering of 75M common shares, with an underwriters option to purchase up to an additional 11.25M shares.
- SWN says it plans to use the proceeds to repay half of a $750M term loan and to buy back some of its senior notes.
- With 392.7M shares outstanding, the offering would increase the total by 19%.
Tue, Jun. 28, 5:23 PM
- Southwestern Energy (NYSE:SWN) surged 12% in today's trade after reaching deals with its lender extending maturities and modifying other terms of its $2B revolving line of credit and a $750M term loan.
- SWN restructured its $2B credit facility into a $1.191B secured term loan and a $743M revolving credit facility due in December 2020 and extended its $750M term loan by two years to December 2020, provided that at least $375M is paid by June 2017.
- Jefferies analysts remain concerned, saying the move will increase SWN's annual interest expense by $35M and provide only $800M of available liquidity less a bank requirement to always have $300M-$500M on its balance sheet; the firm rates shares at Underperform with a $5 price target.
Tue, Jun. 28, 2:02 PM