UPDATE: Pritchard Capital Partners Lowers PT to $32 on Swift Energy Company; Liquids Pricing Outlook

Pritchard Capital Partners cuts its price target from $39 to $32 on Buy-rated Swift Energy Company (NYSE: SFY) on tempering liquids pricing expectations.

Pritchard Capital Partners notes, "We have lowered our expectations on the company's oil and NGL price realizations, and we are lowering our price target to $32 from $39. Our target is 90% of our NAV to take into account unforeseen execution issues. It has an implied 2013 EBITDA multiple of 5.2x. This assumes that net debt at the end of 2012 will be $917 million, the diluted share count will be 43.5 million and 2013 EBITDA will be $448.2 million assuming a $3.30/Mcf Henry Hub and $95/bbl WTI."

SFY closed at $25.00 on Monday.