KeyBanc Upgrades SM Energy (SM) to Overweight
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KeyBanc upgraded SM Energy (NYSE: SM) from Sector Weight to Overweight with a price target of $40. The company recently announced an agreement to acquire assets in the Permian.
"We are upgrading shares of SM following a rather transformative expansion in the Permian Basin in which it paid $980M for 25K net acres and 4,900 BOED in Howard County, which has emerged as another core area of the Midland Basin. SM had discussed on its 2Q16 earnings conference call that it was evaluating deals in the Permian and that it was interested in improving the overall quality of the Company's inventory, which we believe was accomplished with this acquisition. The ability to increase its allocation of capital to the Permian going forward should improve the overall returns profile of the Company, while driving oil production, margins and cash flow higher," said analyst Chris Stevens.
Shares of SM Energy closed at $30.35 yesterday.
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