Mizuho raised the firm’s price target on SM Energy to $62 from $57 and keeps a Buy rating on the shares. The firm updated its commodity price outlook through 2026 following the Q1 earnings season, while increasing net asset value-based price targets by 7%. It sees strength in global oil prices near-term, given higher non-OECD demand and more modest supply gains but maintains a long term $75 per barrel midcycle Brent outlook.
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Read More on SM:
- SM Energy price target raised to $54 from $50 at RBC Capital
- SM Energy sees Q2 CapEx $315M-$325M
- SM Energy sees FY24 CapEx $1.14B-$1.18B
- SM ENERGY REPORTS FIRST QUARTER 2024 RESULTS; EXCELLENT OPERATIONAL EXECUTION BOOSTS BOTTOM LINE RESULTS AND SUPPORTS HIGHER PRODUCTION, LOWER CAPITAL GUIDANCE
- SM Energy reports Q1 adjusted EPS $1.41, consensus $1.28
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