SM Energy (SM)
Market Price (7/25/2026): $33.19 | Market Cap: $6.6 BilSector: Energy | Industry: Oil & Gas Exploration & Production
SM Energy (SM)
Market Price (7/25/2026): $33.19Market Cap: $6.6 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.2 Bil Attractive yieldDividend Yield is 2.3%, FCF Yield is 8.4% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies. | Trading close to highsDist 52W High is -4.0% Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -59% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 114% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 51x Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52% Key risksSM key risks include [1] significant integration and execution risks related to its Uinta Basin acquisition and pending merger with Civitas Resources, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.2 Bil |
| Attractive yieldDividend Yield is 2.3%, FCF Yield is 8.4% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies. |
| Trading close to highsDist 52W High is -4.0% |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -59% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 114% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 51x |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52% |
| Key risksSM key risks include [1] significant integration and execution risks related to its Uinta Basin acquisition and pending merger with Civitas Resources, Show more. |
Qualitative Assessment
AI Analysis | Feedback
SM Energy (SM) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. SM Energy exceeded expectations in fiscal Q1 2026 and raised its full-year production outlook.
The company reported its fiscal Q1 2026 results on May 6, 2026, with an adjusted net income of $1.55 per diluted share, surpassing the consensus estimate of $1.13 to $1.16. Revenue also outperformed projections, reaching $1.48 billion against a forecast of $1.41 billion to $1.42 billion. Following strong operational execution, SM Energy increased its full-year 2026 production guidance to 410–430 MBoe/d (from 400–420 MBoe/d) and oil production guidance to 222–228 MBbl/d (from 216–226 MBbl/d), while maintaining its capital expenditure guidance for the year.
2. The successful integration of the Civitas merger led to increased synergy targets.
Following the closing of the Civitas Resources, Inc. merger on January 30, 2026, SM Energy updated its total annualized run-rate synergy target to $375 million, an increase from the initial $200–$300 million target. Approximately $300 million of these synergies have been actioned to date, with the estimated present value of total synergies rising to approximately $1.8 billion.
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SM Energy (SM) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. SM Energy exceeded expectations in fiscal Q1 2026 and raised its full-year production outlook.
The company reported its fiscal Q1 2026 results on May 6, 2026, with an adjusted net income of $1.55 per diluted share, surpassing the consensus estimate of $1.13 to $1.16. Revenue also outperformed projections, reaching $1.48 billion against a forecast of $1.41 billion to $1.42 billion. Following strong operational execution, SM Energy increased its full-year 2026 production guidance to 410–430 MBoe/d (from 400–420 MBoe/d) and oil production guidance to 222–228 MBbl/d (from 216–226 MBbl/d), while maintaining its capital expenditure guidance for the year.
2. The successful integration of the Civitas merger led to increased synergy targets.
Following the closing of the Civitas Resources, Inc. merger on January 30, 2026, SM Energy updated its total annualized run-rate synergy target to $375 million, an increase from the initial $200–$300 million target. Approximately $300 million of these synergies have been actioned to date, with the estimated present value of total synergies rising to approximately $1.8 billion.
3. Strategic balance sheet improvements were achieved through asset divestiture and debt refinancing.
On April 30, 2026, SM Energy finalized the $950 million sale of certain South Texas assets, which largely met its $1.0 billion-plus asset sales target and strengthened its financial position. The proceeds from this divestiture were allocated to debt reduction. Additionally, the company refinanced nearly $900 million of high-coupon debt at 8.375% with $1.0 billion of new 6.625% Senior Notes due 2034, which is expected to reduce annualized interest expense. These actions resulted in an approximate $700 million reduction in absolute debt since the Civitas merger, moving pro forma leverage into the low-1x area.
4. Analyst sentiment turned increasingly positive, with multiple upgrades and price target increases.
During this period, several analyst firms revised their ratings and price targets for SM Energy. UBS Group upgraded the stock to a "strong-buy" rating on July 15, 2026. Roth Capital upgraded SM Energy from "neutral" to "buy" and increased its price target from $30.00 to $32.00 on June 22, 2026. Raymond James Financial also upgraded the company from an "underperform" to an "outperform" rating, setting a price objective of $55.00 on May 20, 2026. The average 12-month price target across brokerages reached $36.93 to $37.64, with a consensus rating of "Moderate Buy" or "Buy."
5. Crude oil prices experienced a notable rebound towards the end of the period.
While there was some volatility, Brent crude oil prices showed a significant upward trend, rising 21.36% over the month leading up to July 22, 2026, to reach $93.54 per barrel. Earlier in the period, the EIA's April 2026 outlook indicated a nearly 46% increase in oil price forecasts for 2026 compared to January, with Brent expected to average $96/bbl and surpassing $100/barrel in April 2026. Although prices dipped in June, they rebounded in early July due to renewed hostilities, benefiting energy producers.
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Stock Movement Drivers
Fundamental Drivers
The 7.2% change in SM stock from 3/31/2026 to 7/24/2026 was primarily driven by a 809.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.97 | 33.19 | 7.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,138 | 3,775 | 20.3% |
| Net Income Margin (%) | 20.6% | 3.5% | -83.2% |
| P/E Multiple | 5.6 | 50.5 | 809.2% |
| Shares Outstanding (Mil) | 116 | 199 | -41.6% |
| Cumulative Contribution | 7.2% |
Market Drivers
3/31/2026 to 7/24/2026| Return | Correlation | |
|---|---|---|
| SM | 7.2% | |
| Market (SPY) | 13.6% | -45.9% |
| Sector (XLE) | -2.7% | 86.2% |
Fundamental Drivers
The 80.2% change in SM stock from 12/31/2025 to 7/24/2026 was primarily driven by a 1636.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.41 | 33.19 | 80.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,272 | 3,775 | 15.4% |
| Net Income Margin (%) | 22.2% | 3.5% | -84.4% |
| P/E Multiple | 2.9 | 50.5 | 1636.4% |
| Shares Outstanding (Mil) | 115 | 199 | -42.3% |
| Cumulative Contribution | 80.2% |
Market Drivers
12/31/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| SM | 80.2% | |
| Market (SPY) | 8.7% | -28.8% |
| Sector (XLE) | 34.2% | 72.9% |
Fundamental Drivers
The 40.2% change in SM stock from 6/30/2025 to 7/24/2026 was primarily driven by a 1423.0% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.68 | 33.19 | 40.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,951 | 3,775 | 27.9% |
| Net Income Margin (%) | 27.8% | 3.5% | -87.5% |
| P/E Multiple | 3.3 | 50.5 | 1423.0% |
| Shares Outstanding (Mil) | 115 | 199 | -42.2% |
| Cumulative Contribution | 40.2% |
Market Drivers
6/30/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| SM | 40.2% | |
| Market (SPY) | 20.6% | -10.4% |
| Sector (XLE) | 43.9% | 75.3% |
Fundamental Drivers
The 13.9% change in SM stock from 6/30/2023 to 7/24/2026 was primarily driven by a 1697.3% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.15 | 33.19 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,058 | 3,775 | 23.5% |
| Net Income Margin (%) | 41.3% | 3.5% | -91.6% |
| P/E Multiple | 2.8 | 50.5 | 1697.3% |
| Shares Outstanding (Mil) | 122 | 199 | -38.9% |
| Cumulative Contribution | 13.9% |
Market Drivers
6/30/2023 to 7/24/2026| Return | Correlation | |
|---|---|---|
| SM | 13.9% | |
| Market (SPY) | 72.6% | 32.3% |
| Sector (XLE) | 60.6% | 78.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SM Return | 382% | 19% | 13% | 2% | -50% | 82% | 503% |
| Peers Return | 183% | 55% | 10% | -3% | -3% | 34% | 511% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| SM Win Rate | 75% | 58% | 50% | 50% | 33% | 57% | |
| Peers Win Rate | 75% | 58% | 53% | 42% | 58% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| SM Max Drawdown | -43% | -44% | -27% | -30% | -59% | -26% | |
| Peers Max Drawdown | -29% | -36% | -27% | -31% | -32% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FANG, MTDR, PR, DVN, COP. See SM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/24/2026 (YTD)
How Low Can It Go
| Event | SM | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.3% | -7.8% |
| % Gain to Breakeven | 12.8% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.4% | -6.7% |
| % Gain to Breakeven | 30.6% | 7.1% |
| Time to Breakeven | 116 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -88.9% | -33.7% |
| % Gain to Breakeven | 800.0% | 50.9% |
| Time to Breakeven | 285 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -59.6% | -19.2% |
| % Gain to Breakeven | 147.6% | 23.8% |
| Time to Breakeven | 1037 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -61.2% | -3.7% |
| % Gain to Breakeven | 158.0% | 3.9% |
| Time to Breakeven | 1593 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -79.7% | -12.2% |
| % Gain to Breakeven | 392.6% | 13.9% |
| Time to Breakeven | 181 days | 62 days |
In The Past
SM Energy's stock fell -11.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | SM | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.4% | -6.7% |
| % Gain to Breakeven | 30.6% | 7.1% |
| Time to Breakeven | 116 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -88.9% | -33.7% |
| % Gain to Breakeven | 800.0% | 50.9% |
| Time to Breakeven | 285 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -59.6% | -19.2% |
| % Gain to Breakeven | 147.6% | 23.8% |
| Time to Breakeven | 1037 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -61.2% | -3.7% |
| % Gain to Breakeven | 158.0% | 3.9% |
| Time to Breakeven | 1593 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -79.7% | -12.2% |
| % Gain to Breakeven | 392.6% | 13.9% |
| Time to Breakeven | 181 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.8% | -17.9% |
| % Gain to Breakeven | 38.5% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -70.3% | -53.4% |
| % Gain to Breakeven | 236.2% | 114.4% |
| Time to Breakeven | 402 days | 1085 days |
In The Past
SM Energy's stock fell -11.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SM Energy (SM)
SM Energy Company (SM) is an independent energy company focused on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids. The company's operations are exclusively located within the state of Texas, specifically targeting the resource-rich Midland Basin and South Texas. This strategic geographic focus enables SM Energy to concentrate its expertise and resources on established, high-potential energy regions.
The primary products offered by SM Energy are crude oil, natural gas, and natural gas liquids (NGLs), which are crucial commodities for various energy sectors. The company's business model involves extracting these resources from its extensive portfolio of wells and selling them into the broader energy markets. As of early 2022, SM Energy held significant estimated proved reserves totaling 492.0 million barrels of oil equivalent, underpinned by working interests in over 1,300 productive oil and gas wells. Its main customers typically include refineries, natural gas pipeline operators, and NGL processors, supplying essential raw materials to meet energy demand.
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Here are 1-3 brief analogies for SM Energy (SM):
- Pioneer Natural Resources for the broader Texas oil and gas patch.
- A Texas-focused version of EOG Resources, dedicated to oil and gas exploration and production.
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- Oil: A hydrocarbon liquid extracted from the earth.
- Natural Gas: A gaseous hydrocarbon fuel extracted from the earth.
- Natural Gas Liquids (NGLs): Hydrocarbon components of natural gas that are separated and exist as liquids at surface conditions.
AI Analysis | Feedback
SM Energy (SM) is an independent energy company engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids. As such, it sells its products primarily to other companies within the energy industry, rather than directly to individual consumers.
Due to the commodity nature of its products (crude oil, natural gas, and natural gas liquids) and the established infrastructure for their sale, SM Energy typically sells to a diverse group of purchasers. Public disclosures (such as the company's 10-K filings) generally indicate that SM Energy does not have any single customer that accounts for 10% or more of its total revenues.
Therefore, while specific major customer names are not publicly disclosed, the categories of companies that purchase SM Energy's production include:
- Midstream Companies: These companies purchase crude oil and natural gas for gathering, processing (separating natural gas from natural gas liquids), and transportation through pipelines.
- Refineries and Downstream Processors: Purchasers of crude oil that refine it into various petroleum products like gasoline, diesel, and jet fuel.
- Commodity Marketers and Traders: Companies that specialize in buying and selling large volumes of crude oil, natural gas, and natural gas liquids on the open market, connecting producers to end-users or other intermediaries.
- Petrochemical Companies: Industrial entities that purchase natural gas liquids (such as ethane, propane, and butane) as feedstocks for the production of plastics and other chemicals.
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Elizabeth Anne McDonald, President, Chief Executive Officer and Director
Elizabeth Anne McDonald was appointed President in September 2025, with the intent to promote her to Chief Executive Officer upon Herbert S. Vogel's retirement on March 1, 2026. The Chairman of the Board highlighted her background, leadership strength, and commitment to SM Energy's long-term values. As of March 2026, she is listed as President, Chief Executive Officer and Director.
A. Wade Pursell, Executive Vice President and Chief Financial Officer
A. Wade Pursell joined SM Energy as Executive Vice President and Chief Financial Officer in September 2008. He has over 37 years of experience in the oil and gas industry. Before joining SM Energy, Mr. Pursell held various roles at Helix Energy Solutions Group, Inc., including Executive Vice President and Chief Financial Officer, and Vice President-Finance and Chief Accounting Officer. Prior to Helix, he was with Arthur Andersen LLP from 1988 to 1997, where he served as an Experienced Manager specializing in the offshore services industry. He is a Certified Public Accountant.
James B. Lebeck, Executive Vice President, Chief Corporate Development Officer, General Counsel and Corporate Secretary
James B. Lebeck serves as Executive Vice President, Chief Corporate Development Officer, General Counsel and Corporate Secretary at SM Energy Company.
Blake D. Mckenna, Executive Vice President and Chief Operating Officer
Blake D. Mckenna holds the position of Executive Vice President and Chief Operating Officer at SM Energy Company.
Alan D. Bennett, Vice President, Controller and Principal Accounting Officer
Alan D. Bennett is the Vice President, Controller and Principal Accounting Officer for SM Energy Company.
AI Analysis | Feedback
The key risks to SM Energy's business are primarily driven by the inherent volatility of the energy sector and recent strategic initiatives.
- Commodity Price Volatility: SM Energy's financial performance is highly susceptible to fluctuations in the prices of oil, natural gas, and natural gas liquids (NGLs). Significant and sustained declines in these commodity prices could severely impact the company's revenue, cash flow, profitability, and ability to service its debt and fund future operations.
- Integration and Execution Risk Related to the Civitas Merger: SM Energy recently completed a merger with Civitas Resources in January 2026. The success of this acquisition hinges on the company's ability to effectively integrate Civitas's operations and realize the anticipated cost synergies of $200–$300 million annually. Failure to achieve successful integration could lead to operational disruptions, unexpected liabilities, and a weakening of the overall investment thesis.
- Debt Burden and Financial Leverage: The company carries a notable debt load, and while it has taken steps to reduce this burden through measures like asset divestitures and senior notes offerings, a high leverage ratio remains a key risk. This risk can be amplified by adverse movements in commodity prices or difficulties in achieving expected synergies from the Civitas merger, potentially affecting SM Energy's capacity to manage its debt and invest in future growth.
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The accelerated global transition towards renewable energy sources and electrification, driven by technological advancements and shifting climate policies, poses a clear emerging threat to SM Energy. As an independent company focused solely on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids, a significant and sustained decline in demand for fossil fuels could render its core assets less valuable or even stranded, fundamentally impacting its long-term viability and profitability.
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SM Energy Company primarily operates in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids within Texas, specifically in the Midland Basin and South Texas. The addressable markets for their main products can be identified by examining the market sizes for crude oil, natural gas, and natural gas liquids in Texas and the broader U.S. market, given Texas's significant contribution to national production.
Oil and Natural Gas Market
Texas is a dominant force in the U.S. oil and natural gas market. In 2025, Texas produced a record 2.1 billion barrels of crude oil and 13.5 trillion cubic feet of natural gas. More specifically, in May 2025, Texas crude oil production stood at 5.7 million barrels per day, and marketed natural gas production reached a record 34.4 billion cubic feet per day. From January through May 2025, Texas was responsible for 42.2% of the total U.S. crude oil production and 29.2% of the U.S. marketed natural gas production.
The overall U.S. oil and gas market was valued at USD 474.5 billion in 2025 and is projected to reach USD 717.39 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.7% from 2026 to 2034.
Natural Gas Liquids (NGLs) Market
Texas also demonstrates strong production in Natural Gas Liquids (NGLs). In May 2025, Texas's NGL production was 4.0 million barrels per day.
The U.S. natural gas liquid market was estimated at USD 5.9 billion in 2024 and is projected to grow to USD 10.6 billion by 2035, exhibiting a CAGR of 5.4% during the forecast period of 2025-2035. North America, with the U.S. holding a 92.8% share in 2024, is a significant player in the NGL market. The North America Natural Gas Liquids (NGL) Market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion by 2033, with a CAGR of 5.57%. Furthermore, U.S. NGL production is forecast to increase from 6.85 million barrels per day in 2024 to 6.92 million barrels per day in 2025, largely driven by the Permian Basin, a region where SM Energy operates.
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SM Energy (NYSE: SM) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and operational plans:
- Significant Production Volume Increases, particularly Oil: The company anticipates substantial growth in its overall production, with a particular focus on oil. For 2025, SM Energy projects a net production increase exceeding 20% and oil production growth surpassing 30%. This is expected to result in an average production of 200,000 to 215,000 barrels of oil equivalent per day (BOE/d), with oil comprising 51% to 52% of this total.
- Integration and Development of Uinta Basin Assets: The acquisition of approximately 63,300 net acres in the Uinta Basin in late 2024 is a significant driver of the expected production growth. This expansion boosted SM Energy's drilling locations by about 40% by year-end 2024 compared to year-end 2023, and its integration is a primary factor behind the projected year-over-year production increases in 2025.
- Operational Efficiency and Technological Advancements: SM Energy is committed to enhancing its operational efficiency and reducing costs through technology and advanced techniques. This includes superior well performance, continuous improvement in drilling speed and completion efficiency (such as a 10% reduction in drilling and completion costs per foot in the Midland Basin between 2022 and 2024), and the application of advanced analytics. These efficiencies contribute to maximizing asset value and improving overall profitability.
- Organic Growth in Core Operating Regions: Beyond acquisitions, the company is focused on optimizing and expanding its existing high-return assets in the Midland Basin and South Texas. This organic growth strategy emphasizes continued development in plays like the South Texas Austin Chalk and the Woodford-Barnett, utilizing multi-well pads and longer laterals to improve capital efficiency and well economics.
- Strategic Capital Allocation Towards High-Return Projects: SM Energy's capital allocation strategy prioritizes high-return wells and optimizes capital spending. The 2025 operational plan targets an increase in net completions and overall production, aligning capital with projects that offer the highest internal rates of return (IRR).
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Share Repurchases
- SM Energy authorized a $500 million share repurchase program in September 2022, which was reauthorized and extended through December 31, 2027, in June 2024.
- From 2022 to 2024, SM Energy executed $370 million of the authorized program, repurchasing over 10 million shares.
- The company plans to allocate approximately 20% of post-dividend free cash flow to share repurchases in 2026, with approximately $488 million remaining available under the current authorization.
Share Issuance
- In January 2026, SM Energy completed an all-stock merger with Civitas Resources, where Civitas stockholders received 1.45 shares of SM Energy common stock for each Civitas share, resulting in the issuance of approximately 126.3 million shares of SM Energy common stock.
Outbound Investments
- In late 2024, SM Energy acquired approximately 63,300 net acres in the Uinta Basin in Utah, significantly boosting its drilling locations by about 40%.
- The company completed a merger with Civitas Resources in January 2026, creating a combined entity with an expanded portfolio of approximately 823,000 net acres across premier U.S. shale basins.
- SM Energy has an announced target to divest $1.0 billion or more in assets, including the recently announced agreement to sell $950 million of certain South Texas assets, expected to close in the second quarter of 2026.
Capital Expenditures
- SM Energy's capital expenditures, adjusted for accruals, totaled $1.40 billion in 2025.
- For 2026, expected capital expenditures are projected to be between $2.65 billion and $2.85 billion, with $2.3 billion to $2.5 billion allocated to drilling, completion, and well connection activities.
- The primary focus of 2026 capital allocation is approximately 45% to the Permian Basin, 20% each to the DJ and Uinta basins, and 15% to South Texas, with plans to drill approximately 245 net wells and turn-in-line approximately 295 net wells.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.92 |
| Mkt Cap | 22.5 |
| Rev LTM | 10,092 |
| Op Inc LTM | 2,465 |
| FCF LTM | 447 |
| FCF 3Y Avg | 374 |
| CFO LTM | 4,974 |
| CFO 3Y Avg | 4,907 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.1% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | -1.9% |
| QoQ Delta Rev Chg LTM | -0.5% |
| Op Inc Chg LTM | -19.8% |
| Op Inc Chg 3Y Avg | -12.4% |
| Op Mgn LTM | 27.9% |
| Op Mgn 3Y Avg | 35.7% |
| QoQ Delta Op Mgn LTM | -1.3% |
| CFO/Rev LTM | 56.0% |
| CFO/Rev 3Y Avg | 61.5% |
| FCF/Rev LTM | 8.4% |
| FCF/Rev 3Y Avg | 8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.5 |
| P/S | 2.1 |
| P/Op Inc | 9.2 |
| P/EBIT | 12.8 |
| P/E | 23.4 |
| P/CFO | 4.6 |
| Total Yield | 7.1% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 4.5% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 12.0% |
| 3M Rtn | 2.3% |
| 6M Rtn | 29.3% |
| 12M Rtn | 34.4% |
| 3Y Rtn | 7.8% |
| 1M Excs Rtn | 11.3% |
| 3M Excs Rtn | -4.0% |
| 6M Excs Rtn | 24.0% |
| 12M Excs Rtn | 18.3% |
| 3Y Excs Rtn | -50.3% |
Comparison Analyses
Price Behavior
| Market Price | $33.19 | |
| Market Cap ($ Bil) | 6.6 | |
| First Trading Date | 12/21/1992 | |
| Distance from 52W High | -4.0% | |
| 50 Days | 200 Days | |
| DMA Price | $30.29 | $24.49 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 9.6% | 35.5% |
| 3M | 1YR | |
| Volatility | 53.8% | 50.2% |
| Downside Capture | -246.73 | -96.64 |
| Upside Capture | -133.14 | -52.19 |
| Correlation (SPY) | -37.5% | -11.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.89 | -1.26 | -1.66 | -1.00 | -0.32 | 1.05 |
| Up Beta | -4.25 | -3.93 | -3.22 | -2.50 | -0.96 | 1.35 |
| Down Beta | 0.15 | 0.23 | 0.74 | 0.45 | 0.79 | 1.77 |
| Up Capture | -123% | -124% | -98% | -33% | -22% | 13% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 20 | 32 | 69 | 126 | 399 |
| Down Capture | 46% | -71% | -203% | -240% | -111% | 78% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 13 | 21 | 31 | 56 | 125 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SM | |
|---|---|---|---|---|
| SM | 25.5% | 50.1% | 0.62 | - |
| Sector ETF (XLE) | 40.8% | 20.9% | 1.54 | 74.8% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | -11.7% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | -10.2% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | 54.4% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | -6.2% |
| Bitcoin (BTCUSD) | -45.4% | 42.9% | -1.29 | 9.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SM | |
|---|---|---|---|---|
| SM | 13.9% | 53.6% | 0.44 | - |
| Sector ETF (XLE) | 23.9% | 25.8% | 0.82 | 79.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 37.9% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 4.4% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 60.1% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 24.9% |
| Bitcoin (BTCUSD) | 15.7% | 53.4% | 0.47 | 19.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SM | |
|---|---|---|---|---|
| SM | 3.8% | 79.6% | 0.41 | - |
| Sector ETF (XLE) | 9.9% | 29.5% | 0.37 | 72.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 37.8% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | -0.6% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 54.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 28.9% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 13.4% |
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Earnings Returns History
Updated 7/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.9% | 9.2% | 12.8% |
| 2/25/2026 | -4.2% | 11.3% | 49.5% |
| 11/3/2025 | -7.4% | -12.5% | -3.3% |
| 7/31/2025 | -3.4% | -5.1% | 3.5% |
| 5/1/2025 | -3.6% | -3.5% | 1.1% |
| 2/19/2025 | -4.4% | -16.6% | -20.3% |
| 10/31/2024 | -4.0% | 3.1% | 5.4% |
| 8/7/2024 | 10.9% | 15.3% | 3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 13 | 10 | 8 |
| Median Positive | 4.7% | 9.2% | 13.0% |
| Median Negative | -4.2% | -5.5% | -10.7% |
| Max Positive | 10.9% | 26.5% | 187.8% |
| Max Negative | -21.1% | -16.6% | -25.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.9% | 9.2% | 12.8% |
| 2/25/2026 | -4.2% | 11.3% | 49.5% |
| 11/3/2025 | -7.4% | -12.5% | -3.3% |
| 7/31/2025 | -3.4% | -5.1% | 3.5% |
| 5/1/2025 | -3.6% | -3.5% | 1.1% |
| 2/19/2025 | -4.4% | -16.6% | -20.3% |
| 10/31/2024 | -4.0% | 3.1% | 5.4% |
| 8/7/2024 | 10.9% | 15.3% | 3.0% |
| 5/2/2024 | 5.0% | 6.7% | -0.5% |
| 2/21/2024 | 4.7% | 9.2% | 23.6% |
| 11/2/2023 | -1.6% | -11.8% | -9.3% |
| 8/2/2023 | 4.7% | 11.7% | 18.8% |
| 4/27/2023 | 4.6% | -5.8% | 2.5% |
| 2/22/2023 | 1.2% | 5.2% | -12.0% |
| 11/3/2022 | 2.9% | -0.6% | -12.6% |
| 8/3/2022 | -0.6% | 3.2% | 13.2% |
| 4/28/2022 | -1.1% | 5.3% | 38.4% |
| 2/24/2022 | -6.4% | 9.4% | 22.1% |
| 10/28/2021 | 6.9% | 10.7% | -5.9% |
| 7/29/2021 | 1.0% | -2.2% | 2.8% |
| 4/29/2021 | -11.2% | -4.6% | 11.8% |
| 2/17/2021 | -21.1% | 3.8% | 13.9% |
| 10/29/2020 | 9.5% | 26.5% | 187.8% |
| 7/30/2020 | -15.2% | -16.4% | -25.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 13 | 10 | 8 |
| Median Positive | 4.7% | 9.2% | 13.0% |
| Median Negative | -4.2% | -5.5% | -10.7% |
| Max Positive | 10.9% | 26.5% | 187.8% |
| Max Negative | -21.1% | -16.6% | -25.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Production | 0.43 Mil | 0.44 Mil | 0.45 Mil | ||||
| 2026 Total Production | 0.41 Mil | 0.42 Mil | 0.43 Mil | ||||
| 2026 Capital Expenditures | 2.65 Bil | 2.75 Bil | 2.85 Bil | ||||
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Divestiture Target | 1.00 Bil | ||||||
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Production | 0.21 Mil | 0.21 Mil | 0.21 Mil | -1.4% | Lower New | Guidance: 0.21 Mil for Q3 2025 | |
| Q4 2025 Capital Expenditures | 225.00 Mil | 235.00 Mil | 245.00 Mil | -24.2% | Lower New | Guidance: 310.00 Mil for Q3 2025 | |
| 2025 Production | 0.21 Mil | 0.21 Mil | 0.21 Mil | 0 | Affirmed | Guidance: 0.21 Mil for 2025 | |
| 2025 Capital Expenditures | 1.38 Bil | 1.39 Bil | 1.40 Bil | 0.7% | Raised | Guidance: 1.38 Bil for 2025 | |
| 2025 LOE | 5.85 | ||||||
| 2025 Transportation | 3.8 | 3.9 | 4 | ||||
| 2025 Production and ad valorem taxes | 2.25 | 2.38 | 2.5 | ||||
| 2025 Exploration expense | 65.00 Mil | ||||||
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Peru, Ramiro G | Direct | Sell | 5222026 | 33.98 | 24,553 | 834,311 | 2,241,457 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Peru, Ramiro G | Direct | Sell | 5222026 | 33.98 | 24,553 | 834,311 | 2,241,457 | Form |
Investor Activity (13F)
Updated Jul 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fearnley Asset Management AS | $43.3 Mil | 14.2% | 19 | ADD +682.0% | 13F |
| Webs Creek Capital Management LP | $40.1 Mil | 6.9% | 14 | New | 13F |
| Corigliano Investment Advisers, LLC | $17.5 Mil | 6.8% | 37 | ADD +21.0% | 13F |
| Aegis Financial Corp | $17.2 Mil | 3.0% | 37 | New | 13F |
| Goehring & Rozencwajg Associates, LLC | $15.2 Mil | 0.8% | 43 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Webs Creek Capital Management LP | $40.1 Mil | 6.9% | 14 | New | 13F |
| Aegis Financial Corp | $17.2 Mil | 3.0% | 37 | New | 13F |
| Goehring & Rozencwajg Associates, LLC | $15.2 Mil | 0.8% | 43 | New | 13F |
| Fearnley Asset Management AS | $43.3 Mil | 14.2% | 19 | ADD +682.0% | 13F |
| Corigliano Investment Advisers, LLC | $17.5 Mil | 6.8% | 37 | ADD +21.0% | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fearnley Asset Management AS | $43.3 Mil | 14.2% | 19 | ADD +682.0% | 13F |
| Webs Creek Capital Management LP | $40.1 Mil | 6.9% | 14 | New | 13F |
| Corigliano Investment Advisers, LLC | $17.5 Mil | 6.8% | 37 | ADD +21.0% | 13F |
| Aegis Financial Corp | $17.2 Mil | 3.0% | 37 | New | 13F |
| Goehring & Rozencwajg Associates, LLC | $15.2 Mil | 0.8% | 43 | New | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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