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Fly News Breaks for December 6, 2018
SM
Dec 6, 2018 | 08:44 EDT
As reported earlier, MKM Partners analyst John Gerdes initiated SM Energy with a Buy rating and a price target of $31. The analyst cites his Q4 production forecast of 11.7MBOE/d coming at the higher end of the company's guidance of 11.3-11.7 MBOE/d while its full-cycle return of ~125% is slightly below the industry median cash recycle ratio. The analyst expects SM Energy's "continued transition to significantly higher oil cut Midland Basin development to increase that ratio to 130%-135% in the next 5 years.
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