Southwestern Energy up after brokerage upgrades rating, hikes PT

SHW AG

26/02/2024 12:47

** Shares of natural gas producer Southwestern Energy
 SWN.N  up 0.43% at $6.94 premarket, rising as high as 1.3%
earlier
    ** Brokerage Mizuho Securities upgrades to "neutral" from
"underperform"; hikes Price Target(PT) to $9 from $6
    ** New PT represents a 30% upside to stock's last close
    ** Mizuho says it is adjusting PT to reflect proposed
exchange ratios pending co's acquisition by Chesapeake Energy
 CHK.O 
    ** Standalone PT for SWN is $6, but if deal breaks, stock
could trade below the level given weak gas prices
    ** Earlier this year, CHK said it will buy SWH in a $7.4 bln
all-stock-deal
    ** SWN shareholders to receive 0.0867 shares of CHK common
stock for each share of SWN common stock outstanding
    ** SHW stock has gained 5.5% so far this year

 (Reporting by Vallari Srivastava)
 ((Srivastava.Vallari@thomsonreuters.com;))