Southwestern Energy initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Roger Read initiated coverage of Southwestern Energy with an Equal Weight rating and $6.50 price target. The company has constructed a significant gas and gas-liquids resource base with its existing operations and a series of acquisitions in the Marcellus and Haynesville Shales, but the expected oversupply conditions in U.S. gas warrant a neutral stance, the analyst tells investors in a research note.