SM ENERGY CO
In the published model solve dated 2026-Q2, anchored at $29.00, SM ENERGY CO (SM) is priced for +16.4% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 11, 2026 from SEC EDGAR filings.
• SM Energy tripled its scale by absorbing Civitas in an all-stock merger completed January 30, 2026, creating an 823,000-net-acre producer across the Permian, DJ, Uinta, and South Texas that beat its first combined quarter (adjusted EPS $1.55 versus $1.13 consensus) and raised the synergy target to $375 million. • The biggest risk is the $7.4 billion of net debt riding on commodity prices, with reserves marked at $65.34 SEC oil pricing (FY2025 10-K, accession 0000893538-26-000032) and trailing
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496 institutional managers reported holding SM in 13F filings for the quarter ended 2026-03-31. 210 opened new positions that quarter. Held by BlackRock, Vanguard Group, CPP Investment Board, among others. On the short side, 13.4M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (3.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
SM's share count grew 68.1% over the past five years even with $384.37M spent on repurchases. It pays a dividend, and has paid one every year in our records (17 and counting), raised 5 years straight; the current rate is $0.80 a share annually. Cash returned over the past three years: $294.27M in dividends and $218.30M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at SM over the trailing three years: 2025: 6 buys totaling $440k. 23 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
SM's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | +3.4% | -2.2% |
| 2023-11-04 | +2.3% | -5.5% |
| 2024-02-23 | +6.5% | +22.7% |
| 2024-05-04 | +6.4% | -13.0% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
SM's latest 8-K filings: 2026-08-05 (items 2.02, 7.01, 9.01); 2026-07-16 (items 2.02); 2026-06-01 (items 1.02); 2026-05-22 (items 5.02, 5.07, 9.01); 2026-05-12 (items 1.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.