Southwestern Energy assumed with Neutral from Buy at Mizuho

Mizuho analyst Nitin Kumar downgraded Southwestern Energy to Neutral from Buy with a price target of $9, down from $11. Though the company has scaled up in the "geographically advantaged" Haynesville, its leverage and associated hedge position is likely to be a drag on potential cash returns for shareholders until 2024, according to Kumar, who prefers more clarity on the gas outlook and debt reduction before revisiting the investment case.