# SM Energy Company (SM)

> Source: Nexqual · https://nexqual.com/SM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SM Energy Company (SM), nexqual.com/SM" · informational, not investment advice.

**Price:** USD 38.42 (-0.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 38.61 · day 37.61–39.26 · 52w 17.45–41.56 · market cap $9.14B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.50B, net income $1.00B (18.2% margin) (SEC filings).
- Valuation: P/E 9.1x (avg 4.9x at the last 3 fiscal year-ends), net debt $6.00B.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.6M; 3 not under a Rule 10b5-1 plan ($1.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (18 analysts), mean target USD 46.22 (range 35–60).
- Total return with dividends: 1Y +84.3% vs S&P 500 +14.9%; 5Y +38.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.98, revenue estimate $2.05B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.62B | $3.36B | $2.37B | $2.69B | $3.15B | $5.50B |
| Operating income | $209M | $1.58B | $987M | $1.08B | $1.00B | $1.63B |
| Net income | $36.2M | $1.11B | $818M | $770M | $648M | $1.00B |
| EPS (diluted) | $0.29 | $8.96 | $6.86 | $6.67 | $5.64 | — |
| Operating margin | 8.0% | 47.0% | 41.6% | 40.0% | 31.7% | 29.6% |
| Net margin | 1.4% | 33.1% | 34.5% | 28.6% | 20.5% | 18.2% |
| Revenue growth | +132.8% | +28.1% | -29.3% | +13.3% | +17.2% | — |
| Cash + short-term investments | $333M | $445M | $616M | $0K | $368M | — |
| Total debt | $2.08B | $1.57B | $1.58B | $2.71B | $2.30B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.1x · P/S 1.7x · EV/Sales 2.8x · P/B 1.2x · Earnings yield 10.94% · Dividend yield (paid, TTM) 1.98% · Net debt $6.00B · EV $15.1B
P/E at fiscal year-ends: Dec 2025 3.3x, Dec 2024 5.8x, Dec 2023 5.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Venkatraman Ashwin | Director | 3,650 | $140K | 22.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-21 | Lebeck James Barker | EVP, GC & Corp Secretary | 17,500 | $648K | 54.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-21 | Peru Ramiro G | Director | 24,553 | $834K | 27.1% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 18 analysts; mean target USD 46.22 (low 35, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Susquehanna | Target raised | Neutral | $32 → $44 |
| 2026-10-15 | Scotiabank | Initiated | Sector Perform | $39 |
| 2026-10-07 | Truist Securities | Target raised | Buy | $43 → $48 |
| 2026-09-15 | Keybanc | Target raised | Overweight | $39 → $46 |
| 2026-09-14 | UBS | Target raised | Buy | $36 → $48 |
| 2026-09-03 | Seaport Global | Initiated | Sell | $35 |
| 2026-08-13 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $32 → $47 |
| 2026-08-10 | Truist Securities | Target raised | Buy | $37 → $43 |
| 2026-07-21 | Raymond James | Target lowered | Outperform | $55 → $48 |
| 2026-07-21 | Susquehanna | Target raised | Neutral | $31 → $32 |
| 2026-07-15 | UBS | Initiated | Buy | $36 |
| 2026-07-07 | Truist Securities | Target lowered | Buy | $39 → $37 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +84.3% | +38.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +84.7% | +6.6% |
| Volatility (annualized) | 51.5% | 53.8% |
| Max drawdown | -25.6% (May 2026→Jul 2026) | -64.5% (Apr 2024→Jan 2026) |

## Peers (Oil & Gas E&P)
CHRD (Chord Energy Corporation) USD 150.48 -0.25% · RRC (Range Resources Corporation) USD 43.86 +2.14% · VIST (Vista Energy S.A.B. de C.V.) USD 70.61 -1.16% · MTDR (Matador Resources Company) USD 56.79 -1.66% · AR (Antero Resources Corporation) USD 39.04 +1.38% · MGY (Magnolia Oil & Gas Corporation) USD 25.27 -0.63%

## More
Full page: https://nexqual.com/SM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SM's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/893538/000089353826000032/sm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Civitas Resources | "On November 2, 2025, we entered into the Merger Agreement with Civitas." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Crude Oil | $2.03B | 94.0% | +210.3% |
| Natural Gas Liquids (NGL) | $115.0M | 5.3% | +113.0% |
| Natural Gas | $15.0M | 0.7% | -80.8% |
| Total revenue | $2.16B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Midland Basin | $1.11B | 51.5% | +224.6% |
| DJ Basin | $579.0M | 26.9% | — |
| Uinta Basin | $286.0M | 13.3% | +23.3% |
| South Texas | $181.0M | 8.4% | -14.2% |
| Total revenue | $2.16B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 28%, 6% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.98 | $1.64 | +20.4% | $2.05B | 18 |
| Next quarter (ends 2026-12-31) | $2.19 | $1.64 | +33.4% | $2.13B | 17 |
| Current fiscal year (ends 2026-12-31) | $8.08 | $6.89 | +17.3% | $7.86B | 18 |
| Next fiscal year (ends 2027-12-31) | $8.51 | $7.34 | +16.0% | $7.88B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±12.1%; last 8 reports averaged ±5.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 53.3% | ±12.1% |
| 2026-12-18 | 56 | 51.5% | ±16.2% |
| 2027-01-15 | 84 | 48.9% | ±18.7% |
| 2027-02-19 | 119 | 50.5% | ±22.6% |
| 2027-05-21 | 210 | 51.0% | ±30.1% |