SM Energy's Near-Term Focus Centers On Debt Reduction Over Stock Buybacks: Analyst
1. J.P. Morgan maintains a Neutral rating on SM with a $41.00 price forecast. 2. SM's first-quarter oil volume estimates are minorly above guidance at 103.0 MBo/d. 3. Second-quarter production expected to rise by 6% to 106.9 MBo/d. 4. First-quarter CFPS forecast estimated at $4.37, slightly above consensus. 5. SM prioritizes debt reduction over buybacks, aiming leverage below 1x by 2025.