Stephens cuts PT on SM Energy on reduced activity and lower capex in 2026
ReutersNov 26, 2025 12:50 PM
Brokerage Stephens cuts price target on U.S.-based oil and gas firm SM Energy SM.N to $48 from $57
New price target represents a 159.5% upside to the stock's last close
Earlier this month, SM Energy and Civitas Resources CIVI.N said they would merge in a $12.8 billion deal
Brokerage says SM expects less drilling activity and lower capex in 2026 compared to the combined 2025 levels of SM and CIVI
Brokerage says the merger reduces Net Asset Value (NAV) per share, which weighs on valuation
7 of 13 brokerages rate the stock "buy" or higher, 5 "hold" and 1 "sell", media PT is $35.5 - data compiled by LSEG
Up to last close, shares down 52.3% YTD
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