Shares of Southwestern Energy (SWN) were higher during the trading session Monday as BMO Capital Markets upgraded its shares to outperform from market perform. Analyst Dan McSpirit says the ratings change is prompted by valuation and supported by fundamentals. He says the oil and gas exploration and production company affords inexpensive price exposure to the gas trade, especially as the winter heating season starts to take hold. The BMO analyst also believes Southwestern is backed by a strong balance sheet, thanks in part to proceeds from asset sales and equity raises. BMO maintained its $18 price target.
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