SM Energy
Explores, develops, and produces oil and gas across four U.S. shale basins.
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Profile
Explores for, develops, and produces crude oil, natural gas, and natural gas liquids across the Permian, DJ, South Texas, and Uinta basins. Revenue comes from hydrocarbon sales across an oil-weighted portfolio, while results remain tied to commodity prices, well performance, and transportation and processing capacity.
Explores for, develops, and produces crude oil, natural gas, and natural gas liquids from onshore U.S. properties. The portfolio spans the Permian Basin's Midland and Delaware sub-basins, the DJ Basin in Colorado, South Texas, and the Uinta Basin in Utah.
Uses horizontal drilling, hydraulic fracturing, and multi-formation development across the acreage. The acquired Civitas assets broadened the Permian and DJ positions, while a subsequent divestiture reduced the southern Maverick Basin footprint without removing South Texas from the portfolio.
Production is oil-weighted, with gas streams processed for natural gas liquids. Results depend on commodity prices, drilling and completion performance, access to gathering, processing, and transportation capacity, and federal, state, tribal, and local permitting and environmental rules.
Company facts
Key statistics
Year to date +91.5% · Average volume (30d) 3.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | UBS | Downgrade | Buy | Neutral | ||
| Aug 25, 2026 | Barclays | Initiate | Overweight | |||
| Aug 25, 2026 | UBS | Initiate | Buy | |||
| Aug 13, 2026 | Wells Fargo | Upgrade | Equal Weight | Overweight | ||
| Aug 12, 2026 | Wells Fargo | Upgrade | Equal-Weight | Overweight | $29 | $47 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $1.96 | $2.19 | +11.7% | $2.02B | $2.50B | +23.5% | −1.10% |
| May 6, 2026Q1 FY26 | $1.13 | $1.55 | +37.2% | $1.42B | $1.48B | +4.3% | +1.93% |
| Feb 25, 2026Q4 FY25 | $0.83 | $0.83 | +0.2% | $764.6M | $705.0M | −7.8% | −4.17% |
| Nov 4, 2025Q3 FY25 | $1.25 | $1.33 | +6.4% | $833.7M | $811.0M | −2.7% | −4.49% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $839.6M | $785.1M | $811.0M | $718.3M | $1.48B | $2.50B | |
| Gross profit | $344.6M | $268.1M | $256.6M | $135.7M | $1.05B | $1.94B | |
| Operating income | $276.3M | $294.9M | $246.5M | $4.3M | −$298.0M | $1.50B | |
| Net income | $182.3M | $201.7M | $155.1M | $109.0M | −$335.0M | $1.07B | |
| Diluted EPS | $1.59 | $1.76 | $1.35 | $0.95 | −$2.91 | $4.46 | |
| Gross margin | 41.0% | 34.1% | 31.6% | 18.9% | 71.1% | 77.8% | |
| Operating margin | 32.9% | 37.6% | 30.4% | 0.6% | -20.1% | 59.8% |
Fiscal years (4-quarter sums)FY21 $2.62B · FY22 $3.35B · FY23 $2.36B · FY24 $2.67B · FY25 $3.15B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $620.0M · Total debt $7.04B · Total assets $18.86B · Shareholders' equity $7.81B
Dividends
Raised for 5 straight years — most recently to $0.22 from $0.20 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 8, 2026 | Jun 8 | Jun 22 | $0.22 | |
| Mar 9, 2026 | Mar 9 | Mar 23 | $0.22 | raised from $0.20 |
| Dec 26, 2025 | Dec 26 | Jan 9 | $0.20 | |
| Oct 17, 2025 | Oct 17 | Nov 3 | $0.20 | |
| Jul 18, 2025 | Jul 18 | Aug 4 | $0.20 | |
| Apr 17, 2025 | Apr 18 | May 5 | $0.20 | |
| Jan 24, 2025 | Jan 24 | Feb 3 | $0.20 | |
| Oct 25, 2024 | Oct 25 | Nov 4 | $0.20 | raised from $0.18 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 239.75M · Float 237.43M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 39.28M | 16.38% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 15.43M | 6.43% | 13F | Aug 13, 2026 |
| Canada Pension Plan Investment Board | 14.49M | 6.05% | 13F | Aug 14, 2026 |
| CPPIB Crestone Peak Resources Canada Inc. | 14.49M | 6.10% | 13G | May 15, 2026 |
| Aristeia Capital, L.L.C. | 13.00M | 5.47% | 13G | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | James Barker Lebeck | officer: EVP, GC & Corp Secretary | −17,500 | $37.02 |
| May 21, 2026 | Ramiro G. Peru | director | −24,553 | $33.98 |
Peers
- Diamondback Energy
Permian pure-play leader with deepest Midland Basin inventory at lowest cost.
- EOG Resources
Eagle Ford pioneer at 1.22 MMBoe/d; dominant in South Texas and Delaware Basin.
- Permian Resources
Second-largest Permian pure-play, Delaware Basin low-cost leader at ~413 MBoe/d.
- Ovintiv
Midland Basin operator with ~193,000 net acres, pivoting to Permian and Montney.
- Matador Resources
Delaware Basin pure-play with ~212,500 net acres and ~211,000 Boe/d production.
- APA
Permian-anchored global E&P with ~450,000 net Midland+Delaware acres.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| SM Energy | $36.27 | −1.01% | $8.78B | 9.5 | 5.3 | 1.6 | +218.4% |
| Diamondback Energy | $197.67 | −0.03% | $55.61B | 38.6 | 10.7 | 3.3 | +32.1% |
| EOG Resources | $143.49 | +0.12% | $76.35B | 11.2 | 9.5 | 2.9 | +60.5% |
| Permian Resources | $22.86 | +0.82% | $19.01B | 15.0 | 10.3 | 3.3 | +55.2% |
| Ovintiv | $64.59 | −0.02% | $17.87B | 18.6 | 9.2 | 1.9 | +30.0% |
| Matador Resources | $56.39 | +0.04% | $7.00B | 9.7 | 7.3 | 1.8 | +28.2% |
| APA | $42.61 | +0.18% | $15.04B | 9.0 | 9.5 | 1.7 | +10.2% |
| Median | 13.1 | 9.5 | 2.4 | +31.0% |