SM ENERGY CO
boothcheck covers SM ENERGY CO (SM) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 11, 2026.
• 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: 2026-09-04 (items 1.02); 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).
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.