RBC Capital analyst Scott Hanold raised the firm’s price target on SM Energy to $46 from $41 and keeps a Sector Perform rating on the shares. The company’s “relatively robust” operational and financial performance in Q2 appears to have some momentum into the second half of the year, the analyst tells investors in a research note. SM Energy is now benefiting from improved infrastructure in the South Texas Austin Chalk along with increasing Permian completions, and the company’s free cash flow should accelerate in the second half of the year due to tapering capital spending, the firm adds.
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Read More on SM:
- SM Energy price target raised to $48 from $41 at Mizuho
- SM Energy upgraded to Overweight from Neutral at JPMorgan
- SM Energy management to meet with KeyBanc
- SM Energy provided guidance for FY23
- SM Energy reports Q2 adjusted EPS $1.28, consensus $1.09
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