Boston, MA 03/19/2014 (wallstreetpr) – Southwestern Energy Company (NYSE:SWN) has seen its dense wells, report good financial results for the fourth quarter of 2013 having drilled 12 wells in the area with three of the wells expected to cater for drilling and completion investments.Southwestern Energy has already invested $84 million in the LSBD exploration and plans to invest a further $178 million in 2014.
One of the drilled wells is reported to have a peak daily production of 600 barrels of condensate and 1.3 Mmcf of natural gas and is poised to have a high rate return. Southwestern Energy has shut the well awaiting for opening next month after completion of a pipeline that is being constructed.
Southwestern Energy Company (NYSE:SWN) has already drilled three wells since the sharp well, the Hollis 27-22-4 No. 1, the McMahen 19-21 No. 1-7 near Walkerville in Columbia County, and the Plum Creek 13-23-2 No. 1 . All this wells have been drilled 9 to 58 miles away from the Sharp well.
Southwestern Energy Share price target raised to $46
Southwestern Energy Company (NYSE:SWN) has seen its share price target raised by analyst Robert W Baird form $40 to a high of $46. Analysts at Ladenburg Thalmann currently rate the company’s stock as “Buy” with share price target of $52 up from $48. Analysts at BMO on the other hand upgraded Southwestern Energy to an “Outperform” up from an underweight with a share price target of $36.
Southwestern Energy currently commands a consensus rating of a “Buy” with a price target of $43.64, the company last reported its quarterly earnings on February 27, 2014. Earnings per share clocked in at $0.54 beating consensus estimates of $0.53 by $0.1. Total revenue for the quarter came in at $649.37 million lower, compared to consensus estimates of $865.53 million. Its revenue for the quarter was also up by 16.1%.
Southwestern Energy Company (NYSE:SWN) was up on Tuesday trading session by 3.64% closing the day at a high of $45.31
