SM Energy Co. (SM) - Bull of the Day
September 19 2011 - 8:00PM
Zacks
SM Energy Co. (SM) reported stellar second-quarter 2011
results, buoyed by higher production, divestitures and higher price
realization. The company also experienced a considerable 58% jump
in production volume during the quarter, exceeding its target
range.
Furthermore, SM Energy remains upbeat regarding production for
this year and the next, given impressive performances by three
Galvan Ranch Eagle Ford wells and additional capacity coming online
through 2012. We believe that the company's emerging core portfolio
is a catalyst for visible organic growth over the next several
years.
Considering these factors, we are upgrading our recommendation
to Outperform from Neutral. Our $92 price objective reflects a
multiple of 13.0x the trailing the 12-month cash flow.
SM ENERGY CO (SM): Free Stock Analysis Report
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