Wells Fargo Cuts SM Energy (SM) to Market Perform Following Q1 Earnings
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Price: $33.75 +4.10%
Rating Summary:
23 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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An analyst at Wells Fargo downgraded shares of SM Energy (NYSE: SM) form Outperform to Market Perform. The firm boosted its valuation range on the stock from $78-$84 to $68-$75.
The lowered investment rating follows Q1 results from SM Energy Monday after the market closed.
Wells Fargo argues that without a joint venture, the company's "funding gap of nearly $800 million versus anticipated capex" would be an "overhang."
Shares of SM Energy are down 7.4 percent to $69.20 Tuesday afternoon.
For more ratings news on SM Energy click here and for the rating history of SM Energy click here.
The lowered investment rating follows Q1 results from SM Energy Monday after the market closed.
Wells Fargo argues that without a joint venture, the company's "funding gap of nearly $800 million versus anticipated capex" would be an "overhang."
Shares of SM Energy are down 7.4 percent to $69.20 Tuesday afternoon.
For more ratings news on SM Energy click here and for the rating history of SM Energy click here.
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