SM Energy (SM)


Market Price (11/8/2026): $30.0 | Market Cap: $7.1 BilSector: Energy | Industry: Oil & Gas Exploration & Production

SM Energy (SM)


Market Price (11/8/2026): $30.0
Market Cap: $7.1 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 15%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 99%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 3.3 Bil

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.

Weak multi-year price returns
2Y Excs Rtn is -50%, 3Y Excs Rtn is -92%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87%

Key risks
SM key risks include [1] significant integration and execution risks related to its Uinta Basin acquisition and pending merger with Civitas Resources, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 15%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 99%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 3.3 Bil
3 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.
4 Weak multi-year price returns
2Y Excs Rtn is -50%, 3Y Excs Rtn is -92%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87%
6 Key risks
SM key risks include [1] significant integration and execution risks related to its Uinta Basin acquisition and pending merger with Civitas Resources, Show more.

SM in ETFs

Weight = SM's share of each fund

VTI0.01%
ITOT0.01%
IWM0.25%
IJR0.55%
VYM0.03%
VB0.10%
XOP2.7%
IJS1.0%
+17 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/4/2026

SM Energy (SM) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. SM Energy reported a miss on adjusted earnings per share (EPS) for fiscal Q3 2026 (ended September 30, 2026), alongside a significant Show more
Updated on 11/4/2026

SM Energy (SM) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. SM Energy reported a miss on adjusted earnings per share (EPS) for fiscal Q3 2026 (ended September 30, 2026), alongside a significant decline in GAAP net income. Adjusted diluted EPS was $1.95, falling short of analysts' consensus estimates of $2.01 to $2.03. The company's GAAP net income was $93 million, or $0.39 per diluted share, a substantial decrease from $155 million, or $1.35 per diluted share, in fiscal Q3 2025. This GAAP decline included a $477 million non-cash loss from changes in the fair value of commodity derivative contracts. Despite exceeding revenue expectations with $2.17 billion, these profitability shortfalls weighed on investor sentiment.

2. The company lowered its full-year 2026 oil production guidance due to operational challenges. SM Energy modestly reduced its full-year 2026 oil production outlook to 220-222 MBbl/d. This adjustment was attributed to transitory factors, including Permian Basin downtime and Uinta Basin takeaway constraints, which collectively reduced oil volumes by approximately 4,000 barrels per day in fiscal Q3 2026. While these issues are expected to be resolved in early 2027, the near-term reduction in guidance likely contributed to a negative perception of operational efficiency and growth prospects.

3. SM Energy experienced a notable contraction in its operating margin during fiscal Q3 2026. The operating margin declined to 10.9% in the quarter, a significant drop from 30.4% in the comparable prior-year period. This indicates increased cost pressures or less favorable pricing dynamics impacting the company's core operations, even amidst higher revenue, suggesting a less efficient operational environment.

4. A volatile crude oil and natural gas price environment created macroeconomic headwinds. Throughout the period since July 31, 2026, crude oil prices remained elevated but also experienced significant volatility, influenced by geopolitical tensions, including the US-Iran conflict and Houthi attacks on Saudi Arabia. Average national gasoline prices were high in August, ranging from $4.06 to $4.10 per gallon, and continued to be elevated through October, reaching around $4.28 to $4.35 per gallon. The uncertainty surrounding sustained high energy prices and the tightness in the diesel market, despite general strength, likely contributed to investor caution for energy producers.

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Stock Movement Drivers

Fundamental Drivers

The -7.5% change in SM stock from 7/31/2026 to 11/7/2026 was primarily driven by a -84.6% change in the company's P/E Multiple.
(LTM values as of)731202611072026Change
Stock Price ($)32.3329.92-7.5%
Change Contribution By: 
Total Revenues ($ Mil)3,7756,49572.1%
Net Income Margin (%)3.5%14.4%316.2%
P/E Multiple49.17.6-84.6%
Shares Outstanding (Mil)199237-16.0%
Cumulative Contribution-7.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
SM-7.5% 
Market (SPY)-1.6%-22.6%
Sector (XLE)3.5%85.3%

Fundamental Drivers

The -2.3% change in SM stock from 4/30/2026 to 11/7/2026 was primarily driven by a -51.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)430202611072026Change
Stock Price ($)30.6429.92-2.3%
Change Contribution By: 
Total Revenues ($ Mil)3,1386,495107.0%
Net Income Margin (%)20.7%14.4%-30.1%
P/E Multiple5.47.639.0%
Shares Outstanding (Mil)115237-51.5%
Cumulative Contribution-2.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
SM-2.3% 
Market (SPY)2.6%-29.7%
Sector (XLE)4.0%85.2%

Fundamental Drivers

The 47.9% change in SM stock from 10/31/2025 to 11/7/2026 was primarily driven by a 164.0% change in the company's P/E Multiple.
(LTM values as of)1031202511072026Change
Stock Price ($)20.2329.9247.9%
Change Contribution By: 
Total Revenues ($ Mil)3,1036,495109.3%
Net Income Margin (%)26.2%14.4%-44.8%
P/E Multiple2.97.6164.0%
Shares Outstanding (Mil)115237-51.5%
Cumulative Contribution47.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
SM47.9% 
Market (SPY)8.7%-23.1%
Sector (XLE)43.0%77.5%

Fundamental Drivers

The -19.6% change in SM stock from 10/31/2023 to 11/7/2026 was primarily driven by a -65.3% change in the company's Net Income Margin (%).
(LTM values as of)1031202311072026Change
Stock Price ($)37.2329.92-19.6%
Change Contribution By: 
Total Revenues ($ Mil)2,6146,495148.5%
Net Income Margin (%)41.6%14.4%-65.3%
P/E Multiple4.17.685.0%
Shares Outstanding (Mil)119237-49.6%
Cumulative Contribution-19.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
SM-19.6% 
Market (SPY)81.9%27.2%
Sector (XLE)58.1%80.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SM Return382%19%13%2%-50%63%441%
Peers Return183%55%10%-3%-3%33%507%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
SM Win Rate75%58%50%50%33%55% 
Peers Win Rate75%58%53%42%58%60% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
SM Max Drawdown-43%-44%-27%-30%-59%-28% 
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 11/6/2026 (YTD)

How Low Can It Go

EventSMS&P 500
2025 US Tariff Shock
  % Loss-47.5%-18.8%
  % Gain to Breakeven90.4%23.1%
  Time to Breakeven499 days79 days
2024 Yen Carry Trade Unwind
  % Loss-11.3%-7.8%
  % Gain to Breakeven12.8%8.5%
  Time to Breakeven7 days18 days
2023 SVB Regional Banking Crisis
  % Loss-23.4%-6.7%
  % Gain to Breakeven30.6%7.1%
  Time to Breakeven116 days31 days
2020 COVID-19 Crash
  % Loss-88.9%-33.7%
  % Gain to Breakeven800.0%50.9%
  Time to Breakeven285 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-59.6%-19.2%
  % Gain to Breakeven147.6%23.8%
  Time to Breakeven1037 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-61.2%-3.7%
  % Gain to Breakeven158.0%3.9%
  Time to Breakeven1593 days6 days

Compare to FANG, MTDR, PR, DVN, COP

In The Past

SM Energy's stock fell -47.5% during the 2025 US Tariff Shock. Such a loss loss requires a 90.4% 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.

EventSMS&P 500
2025 US Tariff Shock
  % Loss-47.5%-18.8%
  % Gain to Breakeven90.4%23.1%
  Time to Breakeven499 days79 days
2023 SVB Regional Banking Crisis
  % Loss-23.4%-6.7%
  % Gain to Breakeven30.6%7.1%
  Time to Breakeven116 days31 days
2020 COVID-19 Crash
  % Loss-88.9%-33.7%
  % Gain to Breakeven800.0%50.9%
  Time to Breakeven285 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-59.6%-19.2%
  % Gain to Breakeven147.6%23.8%
  Time to Breakeven1037 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-61.2%-3.7%
  % Gain to Breakeven158.0%3.9%
  Time to Breakeven1593 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-79.7%-12.2%
  % Gain to Breakeven392.6%13.9%
  Time to Breakeven181 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-27.8%-17.9%
  % Gain to Breakeven38.5%21.8%
  Time to Breakeven21 days123 days
2008-2009 Global Financial Crisis
  % Loss-70.3%-53.4%
  % Gain to Breakeven236.2%114.4%
  Time to Breakeven402 days1085 days

Compare to FANG, MTDR, PR, DVN, COP

In The Past

SM Energy's stock fell -47.5% during the 2025 US Tariff Shock. Such a loss loss requires a 90.4% 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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AI Analysis | Feedback

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.

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

SM Energy (NYSE: SM) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and operational plans:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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).

AI Analysis | Feedback

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.

Better Bets vs. SM Energy (SM)

Peer Outperformance in Oil & Gas Exploration & Production

SM has trailed 74% of its 50 Oil & Gas Exploration & Production peers over 5Y. Among the peers that beat it is EXE. Oil & Gas Exploration & Production ranks 6th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Exploration & Production constituents that SM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
92%
of 60 industry peers · 69.0% return
3Y
36%
of 56 industry peers · -10.9% return
5Y
26%
of 50 industry peers · -10.6% return
Oil & Gas Exploration & Production peers with revenue growth within 4pp of SM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
SM SM Energy 44.4% 7.6x 69.0%-10.9%-10.6% —
EXE Expand Energy 45.9% 7.1x -23.1%13.1%62.2% +73pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Exploration & Production is SM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Oil & Gas Refining & Marketing 11 65.4%112.0%278.8% MPC 533% · VLO 419% · PBF 415%
Oil & Gas Storage & Transportation 18 34.6%103.3%157.7% INSW 781% · TRGP 420% · DHT 399%
Integrated Oil & Gas 7 39.5%72.0%148.8% IMO 316% · SU 222% · XOM 204%
Oil & Gas Equipment & Services 33 14.9%19.1%54.7% FTI 775% · SEI 718% · TDW 460%
Oil & Gas Drilling 7 46.6%3.4%46.4% VAL 129% · NE 92% · RIG 46%
Oil & Gas Exploration & Production ← 51 23.2%5.8%36.3% BTE 759% · PR 230% · CNQ 186%
Coal & Consumable Fuels 14 -40.1%-3.2%29.1% CNR 267% · CCJ 168% · LEU 63%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SMFANGMTDRPRDVNCOPMedian
NameSM EnergyDiamondb.Matador .Permian .Devon En.ConocoPh. 
Mkt Price30.00179.7150.8521.7542.51136.5046.68
Mkt Cap7.150.36.318.248.5163.133.4
Rev LTM6,49518,4664,3156,37322,20567,74912,480
Op Inc LTM2,3997,3981,6673,0435,17216,7664,108
FCF LTM1,0474,025-6731,0301,87811,1141,462
FCF 3Y Avg2-923296551,3469,149342
CFO LTM3,31710,3592,4774,4809,67123,2427,075
CFO 3Y Avg2,3788,2702,4313,8147,72821,3695,771

Growth & Margins

SMFANGMTDRPRDVNCOPMedian
NameSM EnergyDiamondb.Matador .Permian .Devon En.ConocoPh. 
Rev Chg LTM98.5%20.8%12.8%22.8%27.1%13.3%21.8%
Rev Chg 3Y Avg44.4%32.8%17.2%35.1%13.4%4.6%25.0%
Rev Chg Q166.3%38.0%52.0%48.1%58.4%29.3%50.0%
QoQ Delta Rev Chg LTM26.2%8.7%12.4%11.1%12.9%7.0%11.7%
Op Inc Chg LTM135.1%42.6%23.5%50.0%29.4%33.6%38.1%
Op Inc Chg 3Y Avg45.2%18.4%11.3%35.8%2.9%4.1%14.9%
Op Mgn LTM36.9%40.1%38.6%47.8%23.3%24.7%37.8%
Op Mgn 3Y Avg35.6%40.2%38.7%44.0%25.4%23.6%37.2%
QoQ Delta Op Mgn LTM4.4%3.9%3.0%4.3%-0.5%2.8%3.5%
CFO/Rev LTM51.1%56.1%57.4%70.3%43.6%34.3%53.6%
CFO/Rev 3Y Avg61.7%57.7%64.0%69.8%41.8%35.2%59.7%
FCF/Rev LTM16.1%21.8%-15.6%16.2%8.5%16.4%16.1%
FCF/Rev 3Y Avg-3.5%-15.0%1.9%11.5%6.8%15.0%4.3%

Valuation

SMFANGMTDRPRDVNCOPMedian
NameSM EnergyDiamondb.Matador .Permian .Devon En.ConocoPh. 
Mkt Cap7.150.36.318.248.5163.133.4
P/S1.12.71.52.92.22.42.3
P/Op Inc3.06.83.86.09.49.76.4
P/EBIT4.416.65.28.19.68.78.4
P/E7.624.58.811.413.514.112.5
P/CFO2.14.92.54.15.07.04.5
Total Yield16.2%6.5%14.5%11.7%9.6%9.6%10.6%
Dividend Yield3.0%2.4%3.0%2.9%2.1%2.5%2.7%
FCF Yield 3Y Avg-9.9%-3.7%0.8%5.3%4.6%7.0%2.7%
D/E0.90.30.80.20.20.10.2
Net D/E0.90.30.80.20.20.10.2

Returns

SMFANGMTDRPRDVNCOPMedian
NameSM EnergyDiamondb.Matador .Permian .Devon En.ConocoPh. 
1M Rtn-19.1%-6.2%-6.7%-4.8%-13.1%1.7%-6.5%
3M Rtn4.5%-3.9%4.4%8.7%-0.5%16.8%4.5%
6M Rtn3.2%-3.7%-7.3%12.0%-5.5%21.6%-0.3%
12M Rtn69.4%28.1%33.4%69.7%29.4%62.2%47.8%
3Y Rtn-10.7%28.6%-1.7%86.3%6.1%30.5%17.4%
1M Excs Rtn-14.1%-1.2%-1.6%0.2%-8.1%6.7%-1.4%
3M Excs Rtn-0.1%-4.3%2.3%8.0%-0.8%16.5%1.1%
6M Excs Rtn3.5%-3.4%-7.0%12.3%-5.2%21.9%0.0%
12M Excs Rtn64.9%25.5%32.5%77.0%26.2%52.0%42.2%
3Y Excs Rtn-92.2%-48.6%-85.2%-2.6%-73.1%-46.2%-60.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Oil production revenue2,5612,1871,8142,2701,892
Gas production revenue353249328791525
Natural gas liquids (NGL) production revenue224235222285181
Other operating income1619101325
Total3,1542,6902,3743,3592,623


Price Behavior

Price Behavior
Market Price$29.92 
Market Cap ($ Bil)7.1 
First Trading Date12/21/1992 
Distance from 52W High-27.5% 
   50 Days200 Days
DMA Price$36.79$30.45
DMA Trendupup
Distance from DMA-18.7%-1.7%
 3M1YR
Volatility54.6%53.6%
Downside Capture-167.75-154.27
Upside Capture-190.69-72.94
Correlation (S&P 500)-22.9%-23.7%
SM Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-1.28-1.73-1.63-1.60-1.050.91
Up Beta-2.92-4.32-2.53-2.32-1.661.32
Down Beta0.33-0.77-0.56-0.340.111.79
Up Capture-31%-122%-88%-84%-34%4%
Bmk +ve Days12182862130427
Stock +ve Days13233365135396
Down Capture-331%-233%-330%-441%-523%33%
Bmk -ve Days10253664121325
Stock -ve Days9192959114351

[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
SM73.4%53.6%1.21-
Sector ETF (XLE)44.3%23.4%1.4978.5%
Equity (SPY)9.5%13.6%0.40-23.8%
Gold (GLD)1.6%28.7%0.05-16.0%
Commodities (DBC)38.4%21.2%1.4263.6%
Real Estate (VNQ)11.3%14.2%0.51-19.5%
Bitcoin (BTCUSD)-27.2%43.6%-0.61-3.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SM
SM-0.7%53.1%0.18-
Sector ETF (XLE)20.5%25.6%0.7179.9%
Equity (SPY)11.3%17.3%0.4834.6%
Gold (GLD)17.5%19.1%0.742.5%
Commodities (DBC)8.1%19.6%0.3061.0%
Real Estate (VNQ)1.3%18.9%-0.0422.9%
Bitcoin (BTCUSD)4.0%51.6%0.2618.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SM
SM-0.3%79.5%0.36-
Sector ETF (XLE)10.2%29.7%0.3872.7%
Equity (SPY)15.0%18.0%0.7036.9%
Gold (GLD)11.9%16.5%0.59-1.6%
Commodities (DBC)7.5%18.1%0.3354.3%
Real Estate (VNQ)5.9%20.7%0.2428.3%
Bitcoin (BTCUSD)60.0%66.3%1.0013.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity14.4 Mil
Short Interest: % Change Since 93020263.5%
Average Daily Volume2.4 Mil
Days-to-Cover Short Interest6.0 days
Basic Shares Quantity237.0 Mil
Short % of Basic Shares6.1%

Earnings Returns History

Updated 11/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/3/2026-15.3%  
8/5/2026-1.1%11.7%29.6%
5/6/20261.9%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%
...
SUMMARY STATS   
# Positive101416
# Negative1497
Median Positive4.6%9.2%13.0%
Median Negative-4.1%-5.1%-9.3%
Max Positive10.9%15.3%49.5%
Max Negative-21.1%-16.6%-20.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/3/2026-15.3%  
8/5/2026-1.1%11.7%29.6%
5/6/20261.9%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%
8/7/202410.9%15.3%3.0%
5/2/20245.0%6.7%-0.5%
2/21/20244.7%9.2%23.6%
11/2/2023-1.6%-11.8%-9.3%
8/2/20234.7%11.7%18.8%
4/27/20234.6%-5.8%2.5%
2/22/20231.2%5.2%-12.0%
11/3/20222.9%-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%
10/28/20216.9%10.7%-5.9%
7/29/20211.0%-2.2%2.8%
4/29/2021-11.2%-4.6%11.8%
2/17/2021-21.1%3.8%13.9%
SUMMARY STATS   
# Positive101416
# Negative1497
Median Positive4.6%9.2%13.0%
Median Negative-4.1%-5.1%-9.3%
Max Positive10.9%15.3%49.5%
Max Negative-21.1%-16.6%-20.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/03/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/20/202510-K
09/30/202411/01/202410-Q
06/30/202408/08/202410-Q
03/31/202405/03/202410-Q
12/31/202302/22/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202304/28/202310-Q
12/31/202202/23/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/03/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/20/202510-K
09/30/202411/01/202410-Q
06/30/202408/08/202410-Q
03/31/202405/03/202410-Q
12/31/202302/22/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202304/28/202310-Q
12/31/202202/23/202310-K
09/30/202211/04/202210-Q
06/30/202208/04/202210-Q
03/31/202204/29/202210-Q
12/31/202102/25/202210-K
09/30/202110/29/202110-Q
06/30/202107/30/202110-Q
03/31/202104/30/202110-Q
12/31/202002/18/202110-K
09/30/202010/30/202010-Q
06/30/202007/31/202010-Q
03/31/202004/29/202010-Q
12/31/201902/20/202010-K

Recent Forward Guidance

Updated 11/4/2026

Latest: Q3 2026 Earnings Reported 11/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Total Production (MMBoe)Reported4040.541   
Q4 2026 Total Production (MBoe/d)Reported435440445   
Q4 2026 Oil Production (MBbl/d)Reported229234239   
Q4 2026 Net Wells DrilledReported 55    
Q4 2026 Net Wells Turned-In-LineReported 80    
Q4 2026 Capital ExpendituresReported 610.00 Mil -20.3% Lower NewGuidance: 765.00 Mil for Q3 2026
2026 Total Production (MMBoe)Reported153153.5154   
2026 Total Production (MBoe/d)Reported420421422   
2026 Oil Production (MBbl/d)Reported220221222   
2026 One-Time Capital CostsReported 70.00 Mil    
2026 Net Wells DrilledReported 245    
2026 Net Wells Turned-In-LineReported 295    
2026 Avg. Well Cost ($/lateral ft)Reported 710    
2026 Transportation ($/Boe)Reported3.553.63.65   
2026 DD&A ($/Boe)Reported 14.5    
2026 Recurring G&AReported230.00 Mil240.00 Mil250.00 Mil   
2026 One-Time Transaction & Integration — CashReported 160.00 Mil    
2026 One-Time Transaction & Integration — Non-CashReported 20.00 Mil    
2026 Exploration ExpenseReported 100.00 Mil    
2026 Lease Operating Expense ($/Boe)Reported6.66.76.8   
2026 Production Taxes (% of oil, gas and NGL revenue)Reported 6.0%    
2026 Ad Valorem Taxes ($/Boe)Reported 0.5    
2026 Cash TaxesReported100.00 Mil110.00 Mil120.00 Mil   
2026 Capital ExpendituresReported 2.75 Bil 0.0% AffirmedGuidance: 2.75 Bil for 2026
2026 DC&E Capital ExpendituresReported 2.40 Bil    
2026 Facility, Land, and Other Capital ExpendituresReported 280.00 Mil    


Prior: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Total ProductionReported0.43 Mil0.43 Mil0.44 Mil-1.7% Lower NewGuidance: 0.44 Mil for Q2 2026
Q3 2026 Oil ProductionReported0.23 Mil0.23 Mil0.24 Mil   
Q3 2026 Capital ExpendituresReported740.00 Mil765.00 Mil790.00 Mil   
2026 Total ProductionReported0.42 Mil0.42 Mil0.42 Mil0.1% RaisedGuidance: 0.42 Mil for 2026
2026 Oil ProductionReported0.22 Mil0.22 Mil0.23 Mil   
2026 Capital ExpendituresReported2.65 Bil2.75 Bil2.85 Bil0 AffirmedGuidance: 2.75 Bil for 2026

Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Total ProductionReported0.43 Mil0.44 Mil0.45 Mil   
2026 Total ProductionReported0.41 Mil0.42 Mil0.43 Mil   
2026 Capital ExpendituresReported2.65 Bil2.75 Bil2.85 Bil   

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Divestiture TargetReported 1.00 Bil    

Insider Activity

Updated 9/11/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Venkatraman, Ashwin DirectSell911202638.283,650139,722479,457Form
2Lebeck, James BarkerEVP, GC & Corp SecretaryDirectSell824202637.0217,500647,850544,379Form
3Peru, Ramiro G DirectSell522202633.9824,553834,3112,241,457Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Venkatraman, Ashwin DirectSell911202638.283,650139,722479,457Form
2Lebeck, James BarkerEVP, GC & Corp SecretaryDirectSell824202637.0217,500647,850544,379Form
3Peru, Ramiro G DirectSell522202633.9824,553834,3112,241,457Form

Investor Activity (13F)

Updated Nov 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Fearnley Asset Management AS$43.3 Mil14.2%19ADD +682.0%13F
Webs Creek Capital Management LP$40.1 Mil6.9%14New13F
Corigliano Investment Advisers, LLC$17.5 Mil6.8%37ADD +21.0%13F
Aegis Financial Corp$17.2 Mil3.0%37New13F
Goehring & Rozencwajg Associates, LLC$15.2 Mil0.8%43New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Webs Creek Capital Management LP$40.1 Mil6.9%14New13F
Aegis Financial Corp$17.2 Mil3.0%37New13F
Goehring & Rozencwajg Associates, LLC$15.2 Mil0.8%43New13F
Fearnley Asset Management AS$43.3 Mil14.2%19ADD +682.0%13F
Corigliano Investment Advisers, LLC$17.5 Mil6.8%37ADD +21.0%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fearnley Asset Management AS$43.3 Mil14.2%19ADD +682.0%13F
Webs Creek Capital Management LP$40.1 Mil6.9%14New13F
Corigliano Investment Advisers, LLC$17.5 Mil6.8%37ADD +21.0%13F
Aegis Financial Corp$17.2 Mil3.0%37New13F
Goehring & Rozencwajg Associates, LLC$15.2 Mil0.8%43New13F
Core Cache Last Updated: 11/7/2026