Intrinsic value of SM Energy - SM

Previous Close

$26.62

  Intrinsic Value

$5.39

stock screener

  Rating & Target

str. sell

-80%

Previous close

$26.62

 
Intrinsic value

$5.39

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of SM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,152
  1,178
  1,208
  1,242
  1,280
  1,321
  1,366
  1,415
  1,468
  1,524
  1,584
  1,648
  1,717
  1,790
  1,867
  1,949
  2,035
  2,127
  2,224
  2,326
  2,433
  2,547
  2,667
  2,793
  2,926
  3,066
  3,214
  3,369
  3,532
  3,703
Variable operating expenses, $m
  1,917
  1,961
  2,012
  2,068
  2,131
  2,200
  2,275
  2,356
  2,443
  2,537
  2,637
  2,745
  2,859
  2,980
  3,108
  3,244
  3,389
  3,541
  3,702
  3,872
  4,052
  4,241
  4,441
  4,651
  4,872
  5,105
  5,351
  5,609
  5,881
  6,166
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,917
  1,961
  2,012
  2,068
  2,131
  2,200
  2,275
  2,356
  2,443
  2,537
  2,637
  2,745
  2,859
  2,980
  3,108
  3,244
  3,389
  3,541
  3,702
  3,872
  4,052
  4,241
  4,441
  4,651
  4,872
  5,105
  5,351
  5,609
  5,881
  6,166
Operating income, $m
  -766
  -783
  -804
  -826
  -851
  -879
  -909
  -941
  -976
  -1,013
  -1,053
  -1,096
  -1,142
  -1,190
  -1,241
  -1,296
  -1,353
  -1,414
  -1,479
  -1,547
  -1,618
  -1,694
  -1,774
  -1,858
  -1,946
  -2,039
  -2,137
  -2,240
  -2,349
  -2,463
EBITDA, $m
  -173
  -176
  -181
  -186
  -192
  -198
  -205
  -212
  -220
  -228
  -237
  -247
  -257
  -268
  -280
  -292
  -305
  -319
  -333
  -348
  -365
  -382
  -400
  -418
  -438
  -459
  -481
  -505
  -529
  -555
Interest expense (income), $m
  130
  180
  185
  190
  196
  203
  211
  220
  229
  239
  250
  262
  274
  288
  302
  317
  333
  350
  368
  387
  407
  428
  450
  474
  499
  525
  553
  582
  612
  644
  678
Earnings before tax, $m
  -946
  -968
  -994
  -1,023
  -1,055
  -1,090
  -1,128
  -1,170
  -1,215
  -1,264
  -1,315
  -1,370
  -1,429
  -1,492
  -1,558
  -1,629
  -1,703
  -1,782
  -1,865
  -1,953
  -2,046
  -2,144
  -2,248
  -2,356
  -2,471
  -2,592
  -2,719
  -2,852
  -2,993
  -3,141
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -946
  -968
  -994
  -1,023
  -1,055
  -1,090
  -1,128
  -1,170
  -1,215
  -1,264
  -1,315
  -1,370
  -1,429
  -1,492
  -1,558
  -1,629
  -1,703
  -1,782
  -1,865
  -1,953
  -2,046
  -2,144
  -2,248
  -2,356
  -2,471
  -2,592
  -2,719
  -2,852
  -2,993
  -3,141

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,293
  6,438
  6,603
  6,789
  6,995
  7,220
  7,466
  7,732
  8,019
  8,327
  8,656
  9,008
  9,382
  9,779
  10,201
  10,648
  11,121
  11,622
  12,150
  12,709
  13,298
  13,919
  14,574
  15,264
  15,990
  16,755
  17,561
  18,408
  19,300
  20,237
Adjusted assets (=assets-cash), $m
  6,293
  6,438
  6,603
  6,789
  6,995
  7,220
  7,466
  7,732
  8,019
  8,327
  8,656
  9,008
  9,382
  9,779
  10,201
  10,648
  11,121
  11,622
  12,150
  12,709
  13,298
  13,919
  14,574
  15,264
  15,990
  16,755
  17,561
  18,408
  19,300
  20,237
Revenue / Adjusted assets
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
Average production assets, $m
  5,933
  6,069
  6,225
  6,401
  6,595
  6,807
  7,039
  7,290
  7,561
  7,851
  8,161
  8,492
  8,845
  9,220
  9,618
  10,039
  10,485
  10,957
  11,456
  11,982
  12,537
  13,123
  13,740
  14,391
  15,076
  15,797
  16,557
  17,355
  18,196
  19,080
Working capital, $m
  -394
  -403
  -413
  -425
  -438
  -452
  -467
  -484
  -502
  -521
  -542
  -564
  -587
  -612
  -638
  -666
  -696
  -727
  -760
  -795
  -832
  -871
  -912
  -955
  -1,001
  -1,049
  -1,099
  -1,152
  -1,208
  -1,267
Total debt, $m
  2,978
  3,067
  3,168
  3,282
  3,408
  3,546
  3,696
  3,859
  4,035
  4,223
  4,425
  4,640
  4,869
  5,112
  5,370
  5,644
  5,933
  6,239
  6,563
  6,905
  7,265
  7,645
  8,046
  8,468
  8,913
  9,381
  9,874
  10,393
  10,938
  11,512
Total liabilities, $m
  3,851
  3,940
  4,041
  4,155
  4,281
  4,419
  4,569
  4,732
  4,908
  5,096
  5,298
  5,513
  5,742
  5,985
  6,243
  6,517
  6,806
  7,112
  7,436
  7,778
  8,138
  8,518
  8,919
  9,341
  9,786
  10,254
  10,747
  11,266
  11,811
  12,385
Total equity, $m
  2,442
  2,498
  2,562
  2,634
  2,714
  2,801
  2,897
  3,000
  3,111
  3,231
  3,359
  3,495
  3,640
  3,794
  3,958
  4,131
  4,315
  4,509
  4,714
  4,931
  5,160
  5,401
  5,655
  5,922
  6,204
  6,501
  6,814
  7,142
  7,488
  7,852
Total liabilities and equity, $m
  6,293
  6,438
  6,603
  6,789
  6,995
  7,220
  7,466
  7,732
  8,019
  8,327
  8,657
  9,008
  9,382
  9,779
  10,201
  10,648
  11,121
  11,621
  12,150
  12,709
  13,298
  13,919
  14,574
  15,263
  15,990
  16,755
  17,561
  18,408
  19,299
  20,237
Debt-to-equity ratio
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.380
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.440
  1.440
  1.450
  1.460
  1.460
  1.470
Adjusted equity ratio
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -946
  -968
  -994
  -1,023
  -1,055
  -1,090
  -1,128
  -1,170
  -1,215
  -1,264
  -1,315
  -1,370
  -1,429
  -1,492
  -1,558
  -1,629
  -1,703
  -1,782
  -1,865
  -1,953
  -2,046
  -2,144
  -2,248
  -2,356
  -2,471
  -2,592
  -2,719
  -2,852
  -2,993
  -3,141
Depreciation, amort., depletion, $m
  593
  607
  623
  640
  659
  681
  704
  729
  756
  785
  816
  849
  885
  922
  962
  1,004
  1,049
  1,096
  1,146
  1,198
  1,254
  1,312
  1,374
  1,439
  1,508
  1,580
  1,656
  1,736
  1,820
  1,908
Funds from operations, $m
  -353
  -361
  -371
  -383
  -395
  -409
  -425
  -441
  -459
  -478
  -499
  -521
  -545
  -570
  -597
  -625
  -655
  -686
  -720
  -755
  -793
  -832
  -874
  -917
  -963
  -1,012
  -1,063
  -1,117
  -1,173
  -1,233
Change in working capital, $m
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
Cash from operations, $m
  -345
  -352
  -361
  -371
  -382
  -395
  -409
  -424
  -441
  -459
  -479
  -499
  -521
  -545
  -570
  -597
  -625
  -655
  -687
  -720
  -756
  -793
  -833
  -874
  -918
  -964
  -1,013
  -1,064
  -1,118
  -1,174
Maintenance CAPEX, $m
  -582
  -593
  -607
  -623
  -640
  -659
  -681
  -704
  -729
  -756
  -785
  -816
  -849
  -885
  -922
  -962
  -1,004
  -1,049
  -1,096
  -1,146
  -1,198
  -1,254
  -1,312
  -1,374
  -1,439
  -1,508
  -1,580
  -1,656
  -1,736
  -1,820
New CAPEX, $m
  -115
  -136
  -156
  -175
  -194
  -213
  -232
  -251
  -270
  -290
  -310
  -331
  -353
  -375
  -398
  -421
  -446
  -472
  -499
  -526
  -555
  -586
  -617
  -650
  -685
  -721
  -759
  -799
  -841
  -884
Cash from investing activities, $m
  -697
  -729
  -763
  -798
  -834
  -872
  -913
  -955
  -999
  -1,046
  -1,095
  -1,147
  -1,202
  -1,260
  -1,320
  -1,383
  -1,450
  -1,521
  -1,595
  -1,672
  -1,753
  -1,840
  -1,929
  -2,024
  -2,124
  -2,229
  -2,339
  -2,455
  -2,577
  -2,704
Free cash flow, $m
  -1,042
  -1,082
  -1,124
  -1,169
  -1,216
  -1,267
  -1,322
  -1,379
  -1,441
  -1,505
  -1,574
  -1,647
  -1,723
  -1,804
  -1,890
  -1,980
  -2,075
  -2,175
  -2,281
  -2,392
  -2,509
  -2,633
  -2,762
  -2,899
  -3,042
  -3,193
  -3,352
  -3,518
  -3,694
  -3,878
Issuance/(repayment) of debt, $m
  69
  89
  101
  114
  126
  138
  150
  163
  175
  188
  201
  215
  229
  243
  258
  274
  290
  306
  324
  342
  361
  380
  401
  422
  445
  468
  493
  519
  546
  574
Issuance/(repurchase) of shares, $m
  993
  1,024
  1,058
  1,095
  1,135
  1,178
  1,224
  1,273
  1,326
  1,383
  1,443
  1,507
  1,574
  1,646
  1,722
  1,802
  1,887
  1,976
  2,071
  2,170
  2,275
  2,385
  2,502
  2,624
  2,753
  2,889
  3,031
  3,181
  3,339
  3,505
Cash from financing (excl. dividends), $m  
  1,062
  1,113
  1,159
  1,209
  1,261
  1,316
  1,374
  1,436
  1,501
  1,571
  1,644
  1,722
  1,803
  1,889
  1,980
  2,076
  2,177
  2,282
  2,395
  2,512
  2,636
  2,765
  2,903
  3,046
  3,198
  3,357
  3,524
  3,700
  3,885
  4,079
Total cash flow (excl. dividends), $m
  20
  31
  35
  40
  44
  48
  53
  57
  61
  66
  70
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
  201
Retained Cash Flow (-), $m
  -993
  -1,024
  -1,058
  -1,095
  -1,135
  -1,178
  -1,224
  -1,273
  -1,326
  -1,383
  -1,443
  -1,507
  -1,574
  -1,646
  -1,722
  -1,802
  -1,887
  -1,976
  -2,071
  -2,170
  -2,275
  -2,385
  -2,502
  -2,624
  -2,753
  -2,889
  -3,031
  -3,181
  -3,339
  -3,505
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  23
  23
  24
  24
  25
  26
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
  53
  56
  59
  61
  64
  67
  71
Cash available for distribution, $m
  -972
  -993
  -1,022
  -1,055
  -1,090
  -1,129
  -1,171
  -1,216
  -1,265
  -1,317
  -1,373
  -1,432
  -1,494
  -1,561
  -1,632
  -1,707
  -1,786
  -1,869
  -1,957
  -2,051
  -2,149
  -2,252
  -2,361
  -2,476
  -2,597
  -2,725
  -2,859
  -3,000
  -3,148
  -3,304
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  -907
  -859
  -813
  -766
  -717
  -666
  -615
  -562
  -509
  -457
  -405
  -355
  -308
  -263
  -221
  -183
  -149
  -120
  -94
  -72
  -55
  -40
  -29
  -20
  -14
  -9
  -6
  -4
  -2
  -1
Current shareholders' claim on cash, %
  74.9
  55.9
  41.6
  30.9
  22.9
  16.9
  12.5
  9.2
  6.8
  5.0
  3.7
  2.7
  2.0
  1.4
  1.1
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

SM Energy Company is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and condensate, natural gas and natural gas liquids in onshore North America. It operates in the exploration and production segment of the oil and gas industry within the United States. Its operations are concentrated in onshore operating areas in the United States, which include South Texas and Gulf Coast Region, Rocky Mountain Region and Permian Region. It has working interests in approximately 1,027 gross productive oil wells and approximately 1,882 gross productive gas wells. Its South Texas and Gulf Coast Region has both operated and non-operated Eagle Ford shale program. It has approximately 124,000 net acres in Divide County, North Dakota, and approximately 156,000 net acres in the Powder River Basin. Its Permian Region closed multiple transactions in the Midland Basin in west Texas acquiring approximately 62,000 net acres.

FINANCIAL RATIOS  of  SM Energy (SM)

Valuation Ratios
P/E Ratio -3.9
Price to Sales 2.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow -38.5
Growth Rates
Sales Growth Rate -22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.8%
Cap. Spend. - 3 Yr. Gr. Rate -16.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 116.1%
Total Debt to Equity 116.1%
Interest Coverage -8
Management Effectiveness
Return On Assets -11.3%
Ret/ On Assets - 3 Yr. Avg. -1.5%
Return On Total Capital -15.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2.8%
Return On Equity -34.9%
Return On Equity - 3 Yr. Avg. -7.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 49.4%
Gross Margin - 3 Yr. Avg. 57.7%
EBITDA Margin -23.8%
EBITDA Margin - 3 Yr. Avg. 24.6%
Operating Margin -88.5%
Oper. Margin - 3 Yr. Avg. -27.2%
Pre-Tax Margin -101.9%
Pre-Tax Margin - 3 Yr. Avg. -35.8%
Net Profit Margin -64.2%
Net Profit Margin - 3 Yr. Avg. -22.5%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio -1.1%

SM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SM stock intrinsic value calculation we used $1129 million for the last fiscal year's total revenue generated by SM Energy. The default revenue input number comes from 2017 income statement of SM Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.2%, whose default value for SM is calculated based on our internal credit rating of SM Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of SM Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SM stock the variable cost ratio is equal to 166.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.2% for SM Energy.

Corporate tax rate of 27% is the nominal tax rate for SM Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SM stock is equal to 2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SM are equal to 515.2%.

Life of production assets of 10 years is the average useful life of capital assets used in SM Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SM is equal to -34.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2395 million for SM Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 111 million for SM Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of SM Energy at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ As America's hiring spree continues, these Denver companies are leading the charge   [Jul-16-18 04:35PM  American City Business Journals]
▶ How this Denver-based oil and gas company's Midland wells are beating expectations   [Jul-03-18 01:09PM  American City Business Journals]
▶ Data dive: A look at CEO-worker pay ratios at Colorado public companies   [Jul-02-18 07:30AM  American City Business Journals]
▶ SM Energy To Redeem Senior Notes Due 2021   [Jun-14-18 04:30PM  PR Newswire]
▶ Why Oil and Gas Stocks Are Slumping Today   [04:35PM  Motley Fool]
▶ SM Energy: 1Q Earnings Snapshot   [May-03-18 05:26PM  Associated Press]
▶ When Will SM Energy Company (NYSE:SM) Become Profitable?   [Apr-22-18 11:46AM  Simply Wall St.]
▶ Stock Market News For Apr 18, 2018   [Apr-18-18 10:17AM  Zacks]
▶ Edited Transcript of SM presentation 7-Mar-17 6:40pm GMT   [Apr-10-18 03:26PM  Thomson Reuters StreetEvents]
▶ Edited Transcript of SM presentation 9-Apr-18 6:05pm GMT   [07:16AM  Thomson Reuters StreetEvents]
▶ SM Energy Declares Semi-annual Cash Dividend   [Mar-29-18 04:45PM  PR Newswire]
▶ After-hours buzz: RHT, ANAB & more   [Mar-26-18 05:34PM  CNBC]
▶ Here's Why SM Energy Stock Is Down 12% After Earnings   [Feb-22-18 02:07PM  Motley Fool]
▶ SM Energy Company to Host Earnings Call   [08:40AM  ACCESSWIRE]
▶ SM Energy reports 4Q loss   [Feb-21-18 06:05PM  Associated Press]
▶ Live From NAPE: Oil and Gas Drillers Excited About $60 Oil   [Feb-08-18 02:20PM  TheStreet.com]
▶ SE Asia Stocks-Pause after recent gains   [Jan-23-18 11:32PM  Reuters]
▶ US Crude Oil Inventories Fell 10% in the Last 10 Weeks   [Jan-19-18 09:01AM  Market Realist]
▶ These Energy Stocks Rose with Oil Prices Last Week   [Jan-17-18 09:03AM  Market Realist]
▶ Denver energy company is selling Wyoming assets for $500 million   [09:54AM  American City Business Journals]
▶ Stock Market News For Jan 10, 2018   [Jan-10-18 10:24AM  Zacks]
▶ OPECs Compliance towards Production Cuts   [09:40AM  Market Realist]
▶ Stocks To Watch: SM Energy Sees RS Rating Jump To 83   [Jan-08-18 03:00AM  Investor's Business Daily]
▶ OPECs Plan for a Production Cut Exit Strategy   [Jan-04-18 12:20PM  Market Realist]
▶ SM Energy Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ OPECs Spare Crude Oil Production Capacity near 7-Month High   [Dec-28-17 08:18AM  Market Realist]
▶ SM Energy Sees RS Rating Climb To 78   [Dec-22-17 03:00AM  Investor's Business Daily]
▶ US Crude Oil Inventories Fell almost 19% from Their Peak   [Dec-21-17 09:13AM  Market Realist]
▶ Irans Crude Oil Production Is near a 9-Year High   [Dec-20-17 08:25AM  Market Realist]
▶ Where Whiting Petroleum Stands Next to Peers   [Dec-14-17 12:26PM  Market Realist]
▶ SM Energy Co. Value Analysis (NYSE:SM) : December 4, 2017   [Dec-04-17 11:33AM  Capital Cube]
▶ Stocks Flashing Renewed Technical Strength: SM Energy   [03:00AM  Investor's Business Daily]
▶ US Dollar Helped the Crude Oil Bull Market   [Nov-07-17 12:00PM  Market Realist]
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