Wells Fargo analyst Hanwen Chang initiated coverage of SM Energy with an Equal Weight rating and $40 price target. The analyst says SM’s dual-basin assets offer diversification from headwinds such as local pricing blowouts, pipeline constraints, and regulatory concerns. However, the company’s relatively low valuation multiples could constrain its ability to pursue accretive transactions and/or large-scale acquisitions of public or private companies, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SM:
- SM Energy sees 2023 production 55.1-55.4 MMBoe, or 151-152 MBoe/d
- SM Energy reports Q3 adjusted EPS $1.73, consensus $1.53
- SM ENERGY REPORTS THIRD QUARTER 2023 RESULTS AND ANNOUNCES 20% INCREASE IN FIXED DIVIDEND
- Is SM a Buy, Before Earnings?
- SM Energy price target raised to $40 from $32 at Susquehanna