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.
Published first on TheFly
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