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SM

SM Energy

$10.95

0.56 (5.39%)

06:44
06/18/19
06/18
06:44
06/18/19
06:44

SM Energy raises Q2 production guidance to 132-134 MBoe/d from 126-131 MBoe/d

SM Energy announced that Q2 production is exceeding expectations and the company is raising guidance for Q2 and full year production volumes by 0.4 MMBoe, at the mid-point, due to better than expected well performance and completion timing. Q2 and full year production is expected to be approximately 43%-44% oil. The company also announced 30-day peak IP rates on two wells testing new intervals, the Dean and the Wolfcamp D in the RockStar area of the Permian Basin, which produced approximately 1,550 Boe/d and 1,400 Boe/d, respectively. In addition, at the previously reported Watson State Austin Chalk test in South Texas, the well reached a 30-day peak IP rate of nearly 3,200 Boe/d. These intervals have the potential to add significantly to the company's inventory in the Midland Basin and South Texas, respectively. Q2 production guidance is revised upward to 132-134 MBoe/d, up from 126-131 MBoe/d. Oil as a percent of the commodity mix is expected to remain at 43%-44% as both the Permian Basin and South Texas areas are contributing higher volumes. FY19 production guidance is increased to 124.4-132.6 MBoe/d, up from 123.3-131.5 MBoe/d. Oil as a percent of the commodity mix is expected to remain at approximately 43%-44%.

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    Nov

SM SM Energy
$10.95

0.56 (5.39%)

04/17/19
SUSQ
04/17/19
DOWNGRADE
Target $20
SUSQ
Neutral
SM Energy downgraded to Neutral on 2020 risk at Susquehanna
As previously reported, Susquehanna analyst Biju Perincheril downgraded SM Energy to Neutral from Positive, stating that he sees risk to 2020 consensus oil estimates and noting that his oil production estimates are 2% below consensus for 2019 and 8% below consensus for 2020. Some weakening in well productivity is likely as SM transitions more to multi-zone and multi-pad developments and this is not fully reflected in consensus, contends Perincheril. He trimmed his price target on the shares to $20 from $21.
05/23/19
SOCO
05/23/19
UPGRADE
SOCO
Overweight
SM Energy upgraded to Overweight from Equalweight at Capital One
05/23/19
SOCO
05/23/19
UPGRADE
SOCO
Overweight
Capital One upgrades 11 E&P companies to reflect more bullish stance
Exploration and Production equities have significantly lagged the price of oil over the past two years, which creates a "rather compelling" setup, Capital One analysts tell investors in a research note. The firm sees valuation support for the E&P sector with enterprise value to EBITDA multiples having "compressed significantly." It points out that its coverage universe currently has 50% upside to net asset value at the median. To reflect a more bullish stance on the sector, Capital One upgraded Bonanza Creek (BCEI), Berry Petroleum (BRY), Callon Petroleum (CPE), Marathon Oil (MRO), Noble Energy (NBL), Penn Virginia (PVAC), SM Energy (SM) and Cimarex Energy (XEC) to Overweight from Equal Weight. The firm also upgraded Comstock Resources (CRK), Laredo Petroleum (LPI) and W&T Offshore (WTI) to Equal Weight from Underweight. Capital One's price targets are as follows: Berry Petroleum - $44, Berry Petroleum - $18, Callon Petroleum - $13, Marathon Oil - $21, Noble Energy - $32, Penn Virginia - $75, SM Energy - $27, Cimarex Energy - $7, Laredo Petroleum - $5, W&T Offshore - $6.
06/17/19
SPHN
06/17/19
INITIATION
Target $20
SPHN
Overweight
SM Energy assumed with an Overweight at Stephens
Stephens analyst Gail Nicholson assumed coverage of SM Energy with an Overweight rating, unchanged from that of the prior analyst, and a $20 price target, down from the firm's previous $26 target. In a note prior to the open, Nicholson said SM offers exposure to a high-quality Permian position along with improving Eagle Ford economics, adding that she thinks the company can improve its debt leverage.

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