SM Energy Upgraded to “Buy” at Societe Generale (SM)
SM Energy (NYSE:SM) was upgraded by Societe Generale from a “hold” rating to a “buy” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $92.00 price target on the stock, up from their previous price target of $67.00. Societe Generale’s price objective would indicate a potential upside of 21.64% from the stock’s previous close.
The analysts wrote, “Upgrading to BUY from HOLD and increasing our TP to $92 We believe the market’s 3Q13 pivot toward higher beta oil/liquids leverage will continue for the remainder of the year. With an improving, albeit uneven, global macro picture and a more accommodative Fed policy, the market preference for risk-on, cyclical stocks like SM with favourable growth profiles, higher operating leverage, and operational catalysts will be a key 2H13 theme in our view.”
SM Energy (NYSE:SM) traded down 1.11% on Friday, hitting $74.79. 334,104 shares of the company’s stock traded hands. SM Energy has a 52 week low of $45.25 and a 52 week high of $77.17. The stock has a 50-day moving average of $70.03 and a 200-day moving average of $63.45. The company’s market cap is $5.006 billion.
A number of other analysts have also recently weighed in on SM. Analysts at Zacks upgraded shares of SM Energy (NYSE:SM) from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday. They now have a $89.00 price target on the stock. Separately, analysts at Citigroup Inc. initiated coverage on shares of SM Energy (NYSE:SM) in a research note to investors on Wednesday, August 21st. They set a “neutral” rating on the stock. Finally, analysts at TheStreet upgraded shares of SM Energy (NYSE:SM) to a “buy” rating in a research note to investors on Monday, August 5th.
Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. SM Energy presently has a consensus rating of “Buy” and an average target price of $80.38.
SM Energy Company (NYSE:SM) is an independent energy company.
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