Zacks cut shares of SM Energy (NYSE: SM) from an outperform rating to a neutral rating in a research report sent to investors on Friday morning, Analyst Ratings Network reports. The firm currently has $67.00 price target on the stock.
Zacks’ analyst wrote, “We are downgrading our recommendation on SM Energy Company to Neutral from Outperform. SM Energy reported a strong first quarter, with production at the top end of the guidance and increased downspacing in the Eagle Ford. But the company’s earnings outlook has dampened due to the current volatile gas price scenario as its portfolio comprises 52% natural gas. Moreover, SM Energy’s diverse asset mix, promising organic production growth outlook, ample liquidity and years of drilling inventory in the Eagle Ford, Bakken, Niobrara, Haynesville and Granite Wash are already reflected in its current price and we see no other positives that it can reap rewards from.”
Zacks has also taken action a number of other energy stocks recently. The firm upgraded shares of Saratoga Resources Inc. from an underperform rating to a neutral rating. The firm now has a $1.70 price target on that stock. Also, Zacks upgraded shares of Golar LNG Ltd. from an underperform rating to a neutral rating. Zacks now has a $33.60 price target on that stock. Finally, Zacks downgraded shares of Abraxas Petroleum Corp. from an outperform rating to a neutral rating. Their analysts now have a $2.60 price target on that stock.
Shares of SM Energy (NYSE: SM) traded down 0.86% during mid-day trading on Friday, hitting $63.55. SM Energy has a 52 week low of $39.44 and a 52 week high of $65.55. The stock’s 50-day moving average is currently $62.06. The company’s market cap is $4.212 billion.
Other equities research analysts have also recently issued reports about the stock. Analysts at BMO Capital Markets raised their price target on shares of SM Energy from $65.00 to $70.00 in a research note to investors on Thursday, July 11th. They now have a market perform rating on the stock. Separately, analysts at Topeka Capital Markets raised their price target on shares of SM Energy from $62.00 to $64.00 in a research note to investors on Wednesday, July 10th. They now have a hold rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of SM Energy from $56.00 to $84.00 in a research note to investors on Friday, June 21st. They now have a buy rating on the stock.
Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. SM Energy has a consensus rating of Buy and a consensus target price of $73.87.
SM Energy Company (NYSE: SM) is an independent energy company.
To view Zacks’ full report, visit www.zacks.com