A worker at a Southwestern Energy Co. site in Pennsylvania in 2011. Raymond James analysts didn’t downgrade the company’s shares until January, months after the stock–and oil prices–had begun to slide. Photo: Bloomberg News In late November, as collapsing oil prices pummeled energy-company shares, a Raymond James & Associates analyst told investors that energy stocks were still a good bet. With a barrel of crude having dropped nearly 30% since June, Pavel Molchanov reasoned, the worst of the selloff was likely history. He issued a report contending oil prices and energy stocks were “within weeks of bottoming.” He and his colleagues maintained the equivalent of a “buy” recommendation on Houston energy producer Southwestern Energy Co. , also down about 30% since June. More than two months after Mr. Molchanov made that call, it is clear he and many other analysts were wrong. Nymex crude prices and Southwestern Energy’s […]