SM ENERGY REPORTS THIRD QUARTER 2024 RESULTS HIGHLIGHTING EXCELLENT OPERATIONAL EXECUTION THAT DELIVERED INCREASED OIL PRODUCTION ON LOWER CAPITAL

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Go back to SM ENERGY REPORTS THIRD QUARTER 2024 RESULTS HIGHLIGHTING EXCELLENT OPERATIONAL EXECUTION THAT DELIVERED INCREASED OIL PRODUCTION ON LOWER CAPITAL

SM Energy (SM) PT Lowered to $51 at JPMorgan

November 4, 2024 5:18 AM EST

JPMorgan analyst Arun Jayaram lowered the price target on SM Energy (NYSE: SM) to $51.00 (from $54.00) while maintaining a Overweight rating.

The analyst comments "SM shares underperformed the XOP by 297 bps on Friday driven by a disappointing 4Q guide (oil 6% below expectations) and higher opex guidance than expected. SM cited 6 fewer wells TILd than expected in the Uinta prior to close, with 3 of those wells delayed in order to extend laterals to 15k. The delays have resulted in less production online... More