Southwestern Shares Upgraded
by January 7, 2002 12:00 am 62 views
Friedman Billings Ramsey said Dec. 27 that it has upgraded shares of Southwestern Energy Co. to “buy” from “accumulate.”
The firm said it is positive on the energy Houston-headquartered company’s exposure to significant unrisked reserves through ongoing Gulf Coast exploration drilling and its attractive valuation. The firm maintained a price target of $15.
Last week, Southwestern Energy said 2002 net income will be about $16 million, or 65 cents per share, which is lower than last year and below Wall Street analysts’ estimates.
In fiscal 2000, Southwestern Energy’s net earnings were 82 cents per share and analysts polled by First Call/Thomson Financial expect 2001 earnings of $1.45 and 2002 earnings of 78 cents per share.