It was not a particularly great day in the market for the Southeastern Energy Company (NYSE:SWN) on Tuesday as it suffered from a selloff and went down by as much as 3%. As it happens, the company was actually in the news yesterday and actually made a fairly positive announcement.
Trading Data
On Tuesday, SWN stock fell 3.28% to $4.43 with 13.87 million share, compared to its average volume of 24.40 million shares. The stock moved within a range of $4.3800 – 4.6050 after opening trade at $4.60.
Southwestern Energy Expands Leading RSG Well Certification and Monitoring Program Across Entire Operations
Southeastern Energy Company announced yesterday that it was going to bring about an expansion to the certification and continuous monitoring of its production processes which are conducted across the company. The monitoring is meant for monitoring of the production of its RSG or responsibly sourced gas.
In this regard, it ought to be noted that the expansion of the programme is a follow up of what the company had already installed in Appalachia. While the announcement was an important one, it did not have much of an impact on investors. The move could well be a long term boost for the company but at this point in time Southeastern investors are possibly not happy about the added expenses. It now remains to be seen if the stock can actually make a recovery or if it continues to slide amidst negative sentiments.
Key Quote
“Southwestern Energy’s commitment to obtain third-party certification for our entire portfolio across Appalachia and Haynesville allows our stakeholders to receive independent verification that all of SWN’s production meets and exceeds the highest and most rigorous RSG standards,” said Bill Way, Southwestern Energy President and Chief Executive Officer.
Technical Data
SWN stock is trading below the 20-Day and 50-Day Moving averages of $4.51 and $4.64 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.93.
