"KeyBanc's revised oil deck reflects a materially stronger crude environment than previously modeled, with dislocations in global crude and refined products expected to persist into summer."
"The gap between guidance assumptions and realized prices is where free cash flow upside lives, as SM Energy's 2026 guidance was built on a $60/Bbl WTI assumption."
"SM Energy stock has had a strong 2026, up 59% year-to-date through April 1, but the most recent week showed a -6% pullback as oil and equities sold off together."
KeyBanc Capital Markets increased SM Energy's price target from $29 to $39 while maintaining an Overweight rating. The firm believes the recent selloff in crude and equity markets is a temporary noise. SM Energy's 2026 guidance is based on a $60/Bbl WTI assumption, while current prices are significantly higher. The company is also integrating its merger with Civitas Resources and is on track to meet its divestiture target. Year-to-date, SM Energy stock has risen 59%, despite a recent pullback.
Read at 24/7 Wall St.
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